I have been provided a "work sheet" of sorts from my LO that contains all of my derogatory information from my credit report. It provides 2 lines for "Explanation" and 1 line for "Outcome".
I have a couple questions. Thank you for your time and advice/information.
1) I have a small Unpaid charge off (First Premier) that the LO told me not to pay at this time. It's for $485 and was charged off on 9/09.
- How do I explain this outside of "I was young and stupid and ignored this. Now that it's so old I'm just waiting for it to fall off" ... ?
2) I have a paid charge off from around the same time (2/10) from Credit One which got sold to LVNV (I settled with LVNV for less than full) coming in as 2 different issues.
- Same question as above for the Credit One line, and then for the LVNV "I paid this as soon as I was able" is the best I can think of.
3) I have 2 30 day lates from a Rogers Jeweler's account from 07/13 and 10/13 .. I was getting married at the time and things were hectic. In all the mayhem I forgot to make the payments on both those months. Right after I got married I paid this account off in full and closed it. Is that sufficient explanation?
I read the detailed LOE in the example thread, but that doesn't seem to be what my LO wants since she provided me with a worksheet. Please any help/advice you could give would be much appreciated.
I'd say screw the worksheet, create your own LOE. I've seen that worksheet and it doesn't give you a lot of room to explain. Just make sure you address all items listed on the worksheet.
You need to explain:
1. What happened
2. Why it happened
3. What steps you have taken to make sure it's not likely to happen again
I agree with Shane's recommendation ... craft your own explanation covering the three points he listed and you will be fine.