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My LO requests items to approve my loan?

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My LO requests items to approve my loan?

My LO is requesting and explanation of my other names showing on my credit report, and the 4 diffrent addresses on my credit report with my signature and an explanation of the 25 inquiries between all 3 reports and signatures. Will these items make or break my my loan? I have aquired over 10 credit/store cards to help my profile and have been doing a great job and even getting recent increases, here goes the process i guess..... 

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
3 REPLIES 3
Established Contributor

Re: My LO requests items to approve my loan?

Anything can make or break your loan, it depends on the UW. If everything is honestly listed on your application and credit report it should just be a matter of filing out a form and stating what happened with the inquiry. Our lender had a form I just filled in and signed.

If these are not on your list of debts then there could be further issue. Don't know about the addresses.
Message 2 of 4
Frequent Contributor

Re: My LO requests items to approve my loan?

25 inquiries - as stated in the other thread, just state if you got credit as a result or not, and if the new account is on your report already or not. I hope you included these in your list of liabilities.

 

Names - State whatever is true; keep it simple. Ex. 'My maiden name is Kalpernia.' 'I don't recognize and have never gone by this name.' 'This is my mother's name.' 'This was my name from my previous marriage(s).'

 

Addresses - State whatever is true; keep it simple. I had address variations pop up on my credit report, so I just said I never lived there, and it was fine. Ex. 'I live at 123 Any Street from 2005-2010.'  'I have never lived at 123 Anyy Street.'

 

Lenders have to have this information to 1. check for inconsistencies and undisclosed liabilities and 2. have record so the file is easily explainable to an investor buying it. They aren't looking for a book, just a simple, believable explanation. As long as you aren't hiding anything like debt under an old name, you will be fine.

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Message 3 of 4
Frequent Contributor

Re: My LO requests items to approve my loan?

Ty for explaining this and this is just the beginning, i sent over the true explanations regarding them but im mostly concerned with the 25 inquiries in the last 12 months that i have..... i wrote an explanation explaining i was trying to build my credit file and was recovering from rebuilding but was advised that i needed a variety or credit hence is why all the inquiries. I also advised them i had no pending credit approvals, have been educated on the rebuilding process and that i do not plan on getting and other credit in the near future. All that accts also have been in good standing with no negs....hopefully this helps

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 4 of 4
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