I am applying for my first Studio, its a low income housing complex that has a very intense screening process. They pull your credit report and it has to be at 650 or higher (Im at like 653 w/ Experian- but I dont know what bureau they use that might make my score a little lower. A coworker has suggested turning in a friendly statement of facts along w/ a copy of my experian report explaining any points they may possibly view as negative.
Please read the below and let me know if you think its too much? Its okay? Any advice much appreciated!
********************************************************
This is my personal statement regarding any possible negative points of my credit report in further detail.
Possible Negative Point 1- Large amount of money owed in total:
This is for one reason only and that is my student loan amount. I attend a private nursing school and have needed to take out a US Dept of Education loan on the tuition cost. I have been paying back interest that may be building up here and there, but the large amount of money I owe is due entirely to student loans. These are government funded loans and I am not scheduled to begin paying these back until 6 months after my graduation date.
My auto loan remaing balance is under 00, and per my credit report you can see that it will be paid off in full with 3 more months of regular payments.
Possible Negative Point 2- Low Credit Limit on Revolving Credit Card, and amount owed closer to the total limit:
I recently had a emergency large ticket item on my vehicle and had to turn to my credit card to help pay for the repair. Per my credit report you should see that I have only been over the limit once by error but have maintained this credit card in good standing and most often with very low balances since I received it when I turned 18 in 2006.
Things I would like to be considered:
I am 22 years old and am currently bulding my credit. I have never taken on a financial responsibility I wasn’t able to handle and my credit report should reflect that as well. I had a ,000 car loan that I obtained in May 2008 set to last for 4 years. Through timely payments and extra payments I will be done with this loan much ahead of schedule by the end of 2010.
I have also attached a copy of my Experian Credit Report in full detail as I obtain those free with a monthly subscription in case your source of credit reports don’t provide enough detail to support my facts above.
I appreciate you taking time reviewing my statement. I would very much like to be approved for this apartment and therefore felt the need to point out the reasons for any possible negative point of my credit report in further detail.
"My Name"
Related posts:
- How much does this affect my credit score? So If I have had four credit cards for about...
- math question need help? Time Remaining: 1. All of the following are cash-substitutes EXCEPT:...
Tue, Sep 7, 2010
September 7th, 2010 at 4:49 am
First, do not attach your credit report. If it gets stolen, someone can use it for identity theft. Even if it does not get stolen, they are not allowed to use it. The reports provided to consumers may not be used to make credit decisions. For them to use an Experian report, they need to get one themselves, from Experian, not from you.
Second, do not say "I have only been over the limit once". That is like saying "I have only robbed a bank once" or "I have only murdered a person once". Once is once too often. Unless you have never been over your limit, you have been over your limit too often.
Third, pay off the credit card. Not having a balance owed on the credit card will be much better than explaining why you have a large balance owed.
September 7th, 2010 at 4:49 am
No matter what is on your reports…keep in mind that the score you have for Experian is NOT the score they will pull. They will see your FICO scores and EX has not sold those to us consumers since Feb. 09.
What you have is a FAKO & means absolutely nothing.
You can get your TU & EQ FICO’s here —> http://www.myfico.com
September 7th, 2010 at 4:49 am
I wouldn’t send it in unless and until I had been rejected.
Even then, I would try to make it more positive.
To: Screening Board/Apt complex name.
Re: Appeal of application.
I am enclosing a copy of my Experian credit report. I am concerned that items on it have unnecessarily lowered my credit score.
I would like to address the items shown on it.
Loans.
I currently have 2 loans.
I have an automobile loan. I took out a $9000 loan in May of 2008. This was to be a 48 month loan, but I will have it paid by December of 2010 at the end of 30 months. The current balance is $1000. This will add $xxx to my available monthly budget.
I have student loans. These are deferred until 6 months after I leave school. At that time, I will owe approximately $xxx a month.
Credit.
I have had my credit card for 4 years. I have been over the limit once. I understand that part of my credit score is based on the percentage used of available credit. The reason I maxed out the card was due to an unexpected and unusually high repair bill to my car.
I appreciate you taking time reviewing my statement. I understand that the xxxx apartments takes credit worthiness seriously. I would very much like to be approved for this apartment.
"My Name"
September 7th, 2010 at 4:49 am
These statement mean very little to landlords. In fact, it may do more harm than good. They likely will not accept a credit report that you provide. It is too easy to fake these. Any monthly subscription you have doesn’t provide a real FICO score from Experian. They don’t sell these to consumers any longer. The only way to get your Experian FICO is to get a lender who uses Experian to pull your report and score to provide it.
Unless you have a lot of collection accounts or judgments related to lease default then I wouldn’t worry about it.
September 11th, 2010 at 9:23 pm
Please help support our sponsors
Click on their ads,
Please visit my other sites
http://www.howtostophairloss.net
http://www.ultimatehairlosstips.com
http://www.high-technology-market.com