Please review this and let me know what you think?:)?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 $1000, 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 $9,000 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.