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Need a LOE for 25 inquiries

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Re: Need a LOE for 25 inquiries

I Have to do the loan without my hubby on it but they are using his debts as the state of Tx requires it, our DTI is within normal range i was told front and back was good sooo no worries there. Mie payment on all my cards monthly combined is 250 but with 6 retail cards ive had and not ever even charged....i will be closing thise line when all this is over as they are obviously not needed. I was just trying to establish credit at the time and obviously went overboard. Lesson learned,

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 11 of 14
Frequent Contributor

Re: Need a LOE for 25 inquiries

Thanks Firemedii hopefully things will go over smooth with this, we still have 5 months to go sooooo we will see. My scores are still climbing and this time last yr i was in the low to mid 500's my current middle score is 655 so hoping all this hard work wont be screwed by inquiries. The LO and LO assist is helping either because i cant get them to answer the phone or give direct answers the couple of times i have talked with them, my husband is just advising me to give them time. We started 3 weeks ago when the builder (KB Homes) were in the middle of switching lenders so they are said to be overloaded and there are some delays. I spoke with my salesman and was told that i had no worries so im keeping the faith. Thanks for your reply it helps ease the anxiety hearing from this who really are familiar with the process 

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 12 of 14
Frequent Contributor

Re: Need a LOE for 25 inquiries

Hey there,

 

May I ask what is LOE? We are planning on selling our current home of 10 years to buy another once our discharge hits 2 years which will be in Sept 2017. I have already been in touch with a realtor and have discussed our situation. Since we have been building our scores and credit with credit cards, after reading this thread I am a bit concerned about the credit inquiries we have. Do they or will they hurt our chances in buying another home? I have 15 and my hubby has a few less. I guess now would be a good time to stop and just keep what we have since it will be 11 months before we do anything. The realtor said they would look at our credit sometime in May/June to see where our numbers are and then we can start looking for another home. Any help would be appreciated. Thanks

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Message 13 of 14
Frequent Contributor

Re: Need a LOE for 25 inquiries

Its a "letter of explanation" for all of the inquiries o have dated back 12 months.... they want to know why i applied for credit and if credit was actually recieved. Seems they are trying to match my inquires with my actual credit cards obtained to make sure my DTI has not or will not change. I recommend not oulling anything from here on out, im hoping our status doesnt change but i will keep everyone posted however i think i will be ok as long as i dont aquire any other HP or credit lines that arent already on my profile. Seems like they ask for these LOE a lot whether you have 2 inquiries or more.

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 14 of 14
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