topic Re: QUESTION: Do "general" personal statements and "account-specific" statements in Credit Cards

QUESTION: Do "general" personal statements and "account-specific" statements matter to lenders???

Anonymous — Sat, 04 Aug 2012 16:20:32 GMT

First, again, you guys rock. Every question I ask is answered completely. I'm certain other people have similar questions, so I thank all of you for responding.

As I mentioned in previous posts, I have one negative (derog) on my report. It is substantial and hurting my FICO. It is my student loan.

Prior to bringing the account current, it neared default. I had multiple 180 days late for consectutive months. However, I consistently made payments from July through January, while it was still showing LATE (not current). Account was finally brought current in January, 2012. This August will be SEVEN consectutive payments without a late (missed) payment.

I attempted unsuccessfully (GW) to get ACS to update payments made while I was trying to bring the account current.

I recently add a "ACCOUNT-SPECIFIC STATEMENT" on my Experian and am waiting for TU and Equifax to update. Basically, the statement says that I was making regular payments since JULY, 2011 although payment history only shows since FEBRUARY, 2012.

Now...

...As I have asked here already, I plan on applying for the "creme de la creme" CC's FEBRUARY, 2013 when I have TWELVE consectutive months of payment history on my student loan. I also have a well written GENERAL STATEMENT on all my credit reports with UPDATED Employment History.

DOES ANY OF THIS MATTER? Let's say, in February I decide to apply for Chase Saphire or some high end AMEX and I am DENIED. Per everything I've read here, when I apply I will have my FOUR current CC have only one report with a UTI of 7%. So, the ONLY thing dragging down my FICO will be the 180 days late derog on my student loan. Which, by FEBRUARY, 2013, will be 13 months old. I'm very very confident that I can have my FICO scores above 700 (all three CRA) by FEBRUARY, 2013.

So, does my "ACCOUNT-SPECIFIC STATEMENT", my "GENERAL STATEMENT" and my "UPDATED WORK HISTORY" (I'm an RN, btw, with two hospital jobs held since 2008) matter to lenders? If not calculated in FICO scoring, who do I talk to if I am denied?

Thanks to all

Re: QUESTION: Do "general" personal statements and "account-specific" statements

pizzadude — Sat, 04 Aug 2012 16:24:17 GMT

These types of statements will not impact your FICO score in any way.

If someone were to manually look at your credit reports they could see the statements. YMMV on whether individual creditors will take them into account when reviewing.

Re: QUESTION: Do "general" personal statements and "account-specific" statements

Revelate — Sat, 04 Aug 2012 17:40:05 GMT

Not sure I'd use them ever. My own personal feelings: 99% of the folks out there don't, and I'd rather not bring positive or negative attention to my credit report unduly.

Also, I speak extremely well on the phone (started my career working a few CS jobs), and while I write pretty well, I'd rather have the chance to help guide the conversation and it's incredibly difficult to affect emotions positively through writing. If a CSR or UW is just having a bad day, or has talked to a bunch of negative folks in a row (it happens, a lot in CS as nobody calls simply to say how well you're doing and the job isn't exactly peaches and roses anyway) they're just going to take whatever their current state is and view my statements in that light. No bueno.

On the other hand, if you can try to create a positive experience for the CSR (be the customer they enjoy talking to), you'll often get better cooperation. You are asking for a favor in this case, and anything in writing is a static block which may or may not help you, whereas with a phone call (most lenders recon) you can help move the conversation in towards the outcome you want.

If I had to put something in writing (Amex as an example) or if I just didn't do well on the phone, I'd probably to write it in a more appropriate form of "I was an idiot, I made these mistakes, this is what learned from them."

My thoughts anyway, PD is right to say it's very YMMV, but I think putting any statements on the report is probably less effective than what you can accomplish on a phone call; anything extra an UW has to read on a report, probably isn't a good thing (makes their job more difficult, namely longer processing your individual app). I don't want to be "that customer" and it's almost a certainty they've seen worse reports than yours anyway.