I'm trying to figure out how to write a LOE for an 8 month period of late payments on a furniture store account. The truth is, I never knew anything about credit until I was denied for a mortgage loan last June. After I was denied, I researched about credit to learn what to do to improve it and what not to do to prevent it from dropping. I have not had a late payment since last July and have paid over the minimum each month since. Can I write a letter of explanation simply stating this or should I come up with a more creative response? TIA
Your explanation is a good start, but you didn't explain why the reason the payments were late. "I didn't know about credit" explains that you didn't know the consequences of not making payments on time, but it doesn't explain why you didn't make the payments on time. Part of your explanation needs to be "The reason that the payment(s) weren't made on time is __________________".