javajunkiee
Carpal \'Tunnel
Reged: 06/01/08
Posts: 3155
Loc: SC
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Re: OT - Credit Report
06/16/08 05:51 PM
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Can I clarify something here please? There are two ways to get explanations for credit issues in front of a credit grantor. You can add a generic stmt to your file at the credit reporting agency, which is what I was referring to above with the Mars comment, and there is a credit explanation you can provide direct to a lender.
If any hiccups in your credit were explained sufficiently solely by the stmt appended to your credit file, you were very, very, lucky. In my experience, and the experience of a significant number of posters on the two credit based boards I'm on, those stmts alone are not enough to satisfy a mtg lender.
If you couple that stmt with a credit explanation letter, which goes into more detail and provides supporting documentation, your chances for approval are greatly increased. I have been approved using this method more than using the available field(s) for consumer stmts alone.
Your mileage may vary, but that doesn't mean either you, me or PM are wrong. Or right for that matter. Credit scores and credit approvals are like trying to hit a moving target; too many variables can affect the outcome. I do honestly believe however, that those stmts alone are fairly useless.
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Marriage doesn't come with a money-back guarantee.
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