I am being denied for credit. I have 2 rentals and 1 house, and a credit score of 675. I don't know what to do

Question

I own 2 rentals and 1 house. Income is commision about $60,000. I also have about 6 small credit cards totalling about $6000. I want to transfer balances but have been denied. Should I cancel all the cards to elimate the amount of revolving credit? Also, are the rental houses hurting me? Should I get an LLC? Any insight would be appreciated. Thanks

Answer 1

Have any of your credit cards or identification been stolen lately? I had my purse stolen a couple of years ago and after reporting it, I wasn't allowed to open any new cards because I had put a red flag on my identification card. I also had cards lower my limit for no reason. You should check with you bank for find out the reason.

Answer 2

make sure ur balance to limit on revolving debt is <45%
ie. credit limit is 1000, have balance under 450

tradelines
1-mtg
2-mtg
3-mtg (if fixed/ARMS are considered installment. HELOCs are revolving)

cc's1-x also = revolving. Yes, as u r aware the ratio of tradelines revolving/installment hurt ur score.

and yes 675 middle fico sucks. i advise add installement loans.
finance some computers separately, maybe a crappy car.

cancel only recently acquired cards, length of credit history is also important to preserve.

remember 'member since...'? thats why.

need a consolidation loan, email me I will see what can be done.

gl~

Answer 3

Call the banks and have them double the line for the credit cards.

Answer 4

I don't think you're giving enough detail to answer the question.
You own three houses; one you live in and two you rent?
How much do you owe on the three houses?