Conditional Approval / Underwriter

[rightcoast]

Okay Fico! I have a conditional approval and could not have done it without my fellow members! 

I have a good question for you.

The underwriter is asking for:

·        Letter of Explanation regarding the inquiry for Capital One on 11/27/12.  If you received a credit card, please provide the account # and balance on card

I was denied a credit card at that time. Should I tell them I was Credit Card hunting or..... tell them I was applying for a Credit card and was denied??

[Mike_B03]

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@rightcoast wrote:

Okay Fico! I have a conditional approval and could not have done it without my fellow members! 

I have a good question for you.

The underwriter is asking for:

·        Letter of Explanation regarding the inquiry for Capital One on 11/27/12.  If you received a credit card, please provide the account # and balance on card

I was denied a credit card at that time. Should I tell them I was Credit Card hunting or..... tell them I was applying for a Credit card and was denied??

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I would say this:

"The reason the inquiry appears on my credit report is because I applied for a Capital One card however no new account was opened by Capital One and no  debt was incurred."

That's basically what I wrote in a letter for a card I was denied for and it was accepted by the underwriter.

[rightcoast]

Sounds good! I will do just that

Thanks!

[Adalen]

I told my loan officer something similar when we went over all of my accounts.  I think the biggest concern is the fact that there is no corresponding card reporting, so they want to verify if there is an additional balance that they're not aware of.

[MovingForward_2012]

Yep just write what Mike said to write. That is the standard response.