Letters of Explanation?

[nicktheman]

I need to supply letters of explanation for credit inquiries and derogatory credit.  Can anyone give me some feedback on these on whether these are fine or places I can tweak them?  Thank you!

Credit Inquiries

To Whom It May Concern,

I am writing this letter to explain the inquiries on my credit report. The credit inquires being reported on my credit report are mortgage related. I have been shopping for a home loan for the past four months. I want to find the best rate and loan program possible for me and my family.  The rest of the inquiries on my report were for an auto loan which was financed through American General.

None of the inquiries have resulted in any additional debt. Thank you for the opportunity to own my own home!

Sincerely,

Me

Derogatory Credit

To whom it may concern,

I am sending this correspondence to provide explanation for the derogatory items that appear on my credit report:

1. My HSBC Auto account shows multiple late payments which are due to the fact I was laid off from my position with Motorworld not long after I purchased my automobile.  I was able to work out a loan modification with HSBC for a lesser payment until I got back on my feet; however, the job I took with Vacation Charters ended up changing my salary to commission only not long after I started.  I made sure to pay whenever it was possible, but some months I ended up being late due to lack of sales.  I did end up paying off this loan, but with many late marks on my account. 

2. My AES/PHEAA student loan shows multiple late payments which are due to the fact I did not realize that the loan came out of deferment and was already being marked late before I found out.  I ended up paying the loan in full on 10/19/2007.

I understand the importance of establishing and maintaining a good credit profile and I now place a huge priority on paying my bills on time.  I admit I made some mistakes, but I promise I will not make the same mistake again.

If there are questions, please feel free to contact me at #.

Sincerely, 

Me

[TaylorsMom]

Those sound fine, our letter sounds a lot like this actually. The bank thought they did to, we're going with BoA.