04-26-2013 03:58 AM
I'm down to the last nitty gritty here. I just received another condition asking me for an LOE to explain the overdraft protection in the amount of .01 and .49 on two seperate days. I didn't incur any fees, it is just that there was a transfer from my savings to checking to in those amounts to cover the expenses of the day.
I mean, it was a penny on one day and less than 50 cents on the other. How do I explain that sufficiently?
Uy yuy yuy.....this never ends. Why is it 20 days after I submitted all my documentaion that this is coming up now?
Any help you could provide would be appreciated!!! Thank you!!
04-26-2013 04:48 AM - edited 04-26-2013 04:55 AM
You could write a one sentence letter stating exactly what you wrote in your post- you transferred a total of $.50 of your own money, from your savings account to cover daily expenses and avoid being assessed an overdraft fee.
My $.02 (or $.50..lol) is that I would push back to the LO and processor to go to the UW, or the UW's manager, to get that condition waived. The UW is being absolutely ridiculous, and shouldn't be wasting anyone's time over $.50.
04-26-2013 05:58 AM
04-26-2013 06:10 AM
It is what it is....regardless, how do I explain it? I can't even remember all the circumstances from those days. It is from October and November. This is deflating....all my excitement with moving has been replaced with uncertainty and anxiety. I just wish I knew everything they needed from the get-go....all these pop-ups at the last minute are killing me...
04-26-2013 07:10 AM
I do agree that this UW is somewhat picky. But from his or her prospective, any insufficient fund transaction or overdraft protection transfer means that the borrower is incapable of balancing his or her checkbook.
04-26-2013 04:24 PM - edited 04-26-2013 04:28 PM
Just state your miscalculated your checking balance by a few cents, and it was financially prudent for you to transfer the money from savings, instead of letting $.01 and $.49 cause you XX amount in overdraft fees.
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.
* 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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com 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.