explanation of credit inquiries

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An "Inquiry Letter" is a standard request from your Lender when applying for a mortgage loan. We need to verify that no new credit has been established as a result of the inquiry—credit that may not yet appear on your credit report. All debt must be disclosed when applying for a mortgage loan.

Credit Inquiry: A transaction whereby a bank or other credit-issuing institution views an individual’s credit report in connection with a loan or credit card application. The purpose of a credit.

Individuals are encouraged to regularly review any Explanation of Benefits. a free copy of the relevant credit report. Anyone who has questions or wants to learn additional information may contact.

– Example of a credit inquiry explanation letter: Any inquiries into my credit in the past 90/60/30 days have been mortgage/rent/student loan related. I have not opened any new accounts or applied. How to Write a Letter of Explanation for Credit Problems – A letter of explanation is a 100-word letter that sits on file at the three major.

Please answer the following questions regarding the recent credit inquiries OR other Mortgage lender activity: Did any of these inquiries result in an open account other than new loan w/ Pacific Banc? YES NO If the inquiry did result in an open account, please provide your most recent statement or internet printout indicating current balance

Credit Checks & Inquiries Will my FICO Scores drop if I apply for new credit?. If your [fico scores] change, they probably won’t drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report.

When explaining a credit inquiry, it is important to list the exact details that show up on the credit report so that it is easy for a underwriter to check it off.

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Explanation of Inquiry on Credit Report | StreetEasy – Many inquiries are unsolicited or undertaken without subject’s knowledge or consent. But in the worst case it could cause lender not to fund you, so be very So they ask about the inquiries because those show up immediately on the report; if you actually received credit as a result of the inquiry, that might.

score needed to buy a house home equity line vs mortgage Home Equity v. Mortgage Loan: Risks and Rewards – A home equity and mortgage loan both have pros and cons depending on your. The typical home equity loan is actually a home equity line of credit.When you’re buying a new home, there are a lot of things to consider, but whether your mortgage will be approved is the big one. Your credit score is something you’ll probably have heard mentioned, whether on a television advert, or through your bank, but it’s something you’ll need to take into consideration when looking to buy a house.