Credit Card Center Advertiser Disclosure

Regular Contributor
Posts: 124
Registered: ‎03-25-2008
0 Kudos

Letters of Explanation?

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!




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 #.







7/23/2009 eq 650 tu 676
7/13/2009 EQ 642 TU 658
6/15/2009 EQ 631 TU 629 EX 623 (Lender Pulled)
2/8/2009 EQ 609 TU 589
10/7/2007 EQ 498 TU 507
New Member
Posts: 2
Registered: ‎01-01-2009
0 Kudos

Re: Letters of Explanation?

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

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.