 abby
Joined: 11 May 2009
Posts: 1
1.00 Dollars($)
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Posted: Mon May 11, 2009 3:10 pm Post subject: Mortgage Approval Contingent Upon Explaining Hard Inquiry
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Hi,
I just received mortgage approval from a major bank at a very good rate. However, my ratios are extremely tight and the loans officer wasn't sure if I'd be approved.
When I received the commitment letter back from the bank, in the list of conditions, one of the conditions it listed was the following:
"Lender to receive an acceptable explanation of the credit report inquires evidencing no new debt. Inquiries were made by <collection>.”
I defaulted on a credit card four years ago - in some chaos after having my wallet stollen. It isn't for a large amount and I can pay it. But, I was scared to deal with the collection agencies - I don't trust them.
What is the best way to fix this problem without destroying my mortgage (and pending house sale)?
What do I say to the collection agency to ensure the derogatory item is deleted and how do I get a deletion letter?
What do I say to the lender? This is the most important question.
Other than this problem, I have no debt, my credit is excellent (very high score - over 750). Also, I can't do an FHA mortgage.
Also, will calling the collection agency somehow confirm the debt exists and further damage my credit report? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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