http://www.trulia.com/voices/Home_Buying/My_mortgage_lender_wants_a_letter_of_explanation_f-121258My mortgage lender wants a letter of explanation for inquiries on my credit report. There are seven. Two are for a credit cards which I got denied for. Do I leave that part out entirely or do I say they were for credit cards? I only applied for them to help increase my credit history to help me get a mortgage.en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-48170-308929/http://www.trulia.com/voices/profile/Real_Estate_Pro-48170-308929/good morning.....it is very typical for lender's/underwriters to request explainations of credit inquires.......the reason is that if you were granted credit from any co. the underwriter would want to know what the newly established credit limit is in order to consider a portion or percent of that against you in your debt ratio when qualifying you.....you may have obtained credit from them....the inquiry doesn't indicate if credit was granted or not.....i would suggest being upfront but perhaps not say you were denied...i would sign and date the letter of explaination to read that you did inquire about credit (listing each co. individually) , but have not and will not open any new account with their terms....with the companies in question....once you have a new mortgage on your credit report.....you will be getting plenty of new credit offers from credit card companies.........best of luck......bob mcclure- success mortgage partners- plymouth, michigan......Sun, 21 Jun 2009 07:37:08 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-53222-227547/http://www.trulia.com/voices/profile/Real_Estate_Pro-53222-227547/With a lender it is always better to tell it all up front. They are going over files with a fine tooth comb today. No longer are you getting a loan on credit scores only. Yes they are asking for explanations on credit, jobs or anything that might seem out of the ordinary. When you are working with a loan officer that is helping you with your credit they can guide you to the point you are ready to buy. Just because you want a home does not mean you are ready to buy.Sun, 21 Jun 2009 07:11:59 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Madison_WI-313232/http://www.trulia.com/voices/profile/Real_Estate_Pro-Madison_WI-313232/Hello Tbomb4000, I agree with Matt. Be totally upfront with your lender. Anything left out could come back later and mess things up! Donna & Dan Bunbury & Associates 608-770-1140Thu, 07 May 2009 19:36:04 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Leesburg_VA-289610/http://www.trulia.com/voices/profile/Real_Estate_Pro-Leesburg_VA-289610/Good answer, Matt! :-) Vicky ChrisnerThu, 07 May 2009 18:08:12 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Glendora_CA-611305/http://www.trulia.com/voices/profile/Real_Estate_Pro-Glendora_CA-611305/Hi Tbomb4000, This is not unusual for a lender to scrutinize your credit report. I would be honest with them in regards to the credit card inquiries and what your thinking was behind initially applying for them. Leaving that information out can only come back to bite you later with a rejection of financing. Good luck! MattThu, 07 May 2009 16:36:44 -0700