My first home loan and dealing with credit issues?

Question

hi - I've worked very hard to build my credit but I've been told what hurts me is that i do not have any. I make good money and pay everything cash. I just cannot stand the bills every month and because of this, I canceled everything years ago and just use cash. This apparetntly hurts me and i'm buying my first house and have placed a good down payment down already.

now, the loan company is asking me to write a letter addressing certain concerns they have. I am currently disputing a Verizon phone bill that was in "collections" as i was informed of recent (i say that because i haven't rec'd any correspondence from them at all!)

anyway, my question becomes this: what, if any, can i say in this letter to "sway" the underwriter in my favor a little if that is even possible. being they asked me to write a letter, i'm assuming they need to make a subjective decision at some point, that can be in my favor or not. hopefully someone has some insight to this...very nervous.

Answer 1

I've gone through the same thing. Just tell them the truth. You opened the account and forgot or neglected to pay it; it doesn't make you a bad person. Chances are this will not affect you getting the loan.

Answer 2

i'm no longer constructive if it makes you ineligible. although, i visit only contact the IRS and ask. they'd only want you to educate that you've under no circumstances fairly been a house proprietor. in case you could educate information that you've been no longer on a loan loan or the deed, and probable educate information that your father and mom were those paying the loan for the previous 3 years (copies of exams or economic company drafts would suffice) they'd make it easier to're taking the credit. The IRS is probable assuming that because you took out a HELOC that you took it out adverse for your own residence, really than somebody else's.

Answer 3

Try removing the item, then re-applying.


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