LOE for Last Lack of 3 Months Statements Due to Inactivity

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    We are gathering all of the required documentation for the Achieve the Dream event in Philly and we’ve kind of hit a snag with no statements, whether paper or electronic, for a couple of open bank and credit accounts with no balance and no activity. Will LOEs be sufficient for Bank or Credit accounts for those with the lack of last 3 Months of Statements due to inactivity? Do we need to get these from the financial institutions as we have been trying to do or can we simply write the LOEs?


    I would start with the LOE


    You can start with LOEs. They do a credit check anyways and shouldn’t ask you for statements where there is no balance honestly.


    I remember when I went to my first meeting the gentleman that did the presentation said if you have a bunch of bank accounts with no activity and no balances to consolidate to make it easier on you and the counselor. NACA will request statements on all open bank accounts. If theres no activity you would essentially be creating more work and review every month when you have to submit those statements.


    Sorry everyone. I’ve had issues logging back onto the blog so I haven’t replied. I do appreciate everyone’s input and realize I should have been clearer

    We have Credit cards with zero balances and no activity and some Bank accounts with, basically money parked in there for Bonuses that were offered, so ther is no activity. A lot of financial institutions save money by not rendering Statements, even electronic ones if no activity. We’re finally okay with the banks since they have provided Letters of Verification.

    On the other hand, the CCs that have had zero balances and no activity for several months are not as easy. Some CC companies simply do not provide Statements even when requested. Some have provided letters, others, I have save the online Chat. However, others I had to save a screenshot of the list of last statements, the online Account Summary as well as a LOE.

    I just want to make sure we’ve covered all the requirements before the 3 1/2 drive to Philly. @TTrumble or @JHarris981, I’d appreciate your input on this. Thank you!


    @ReadyNow sounds like you’re good to go with the bank statements/verification from the bank. Regarding credit cards: I was not required to submit credit card statements for zero balance accounts. They did not flag on the credit report as having a balance, so statements weren’t required. You only need to submit statements for active credit card balances. I would have been very hard pressed to get statements for the ones with $0 balances. Some of those I have not used in years and statements for those accounts have not been issued for years. I don’t think you’ll have to worry about those; I did not.


    Hello ReadyNow,

    If you have credit card accounts with zero balances, it’s absolutley normal for them to not send you a statement. When we pull the credit file, we will see the account and a glimpse of the account history, so we will know that you haven’t gotten statements for a while. An LOE will be more than sufficient.

    What we are looking for in terms of qualification are three ACTIVE trade lines, so the stuff you do receive a statement for each month will be of mmore interest to us, even if it’s a credit card, your car insurance or even the electric bill.

    Bravo for trying to be overprepared! See you in Philly!

    Tim Trumble
    Online Operations, NACA


    Hello Tim,
    Thank you again Tim for all of your information and support through all my questions. We definitely uploaded a mix of credit, including credit cards, car lease, as well as electric bills.
    We are already in Philly since we decided to try to beat the weekend rush and were actually the first Buyer to arrive (at 5:30 AM). We are sitting at the first table by the door; at the end; closest to the lawyers.
    We are so looking forward to meeting you. Wait until you see how over-prepared we are…Uploaded all docs into our Web file, brought hard copies, our Laptop, and a thumb drive. This is how committed and badly we want this to happen

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