been refused... - Posted by dario

Posted by Mike Steele on April 03, 2006 at 10:44:21:


It is very interesting that you were told your credit was not nearly established enough, but this to me is proof that when dealing directly with a bank – if you do not fit in the box-mold of the perfect customer and can not fit the mold of one of thier 3 or 4 programs then your considered a “no-go”

This is exactly where mortgage brokers fit into the picture. A good mortgage broker will take what you have provided so far (along with a small amount of other info) and provide you with atleast 5 to 7 differnt financing options (at a minimum)

It just seems to me your looking to the wrong source to obtain your financing.

Please contact for further info

Mike Steele

been refused… - Posted by dario

Posted by dario on April 03, 2006 at 10:16:00:

I have been working quite hard for the last year and a half at rebuilding my credit. Although I am very happy with the fact that MOST of my bills have slowly but surely dissipated, I was “knocked” back into reality by a national institution that refused to make me a home equity line of credit as well as provide me with a credit card account because they wanted to see at least 10 years of established credit? I would like to begin investing in real estate but of course I need the funding. My credit score is certainly not the best in the world but it’s not the worst (around 650 or so) either. What can I possibly do to be approved for some kind of loan for real estate investing purposes and/or consolidate? Thanks for your advice.

Re: been refused… - Posted by Chris in FL

Posted by Chris in FL on June 11, 2006 at 01:06:00:

I know the feeling… I have a net worth over $700k, own 15 properties that are all positive cashflow, 3-4 of those free and clear, sold three houses last year with good profits, all of that backed up with tax returns, credit score of 726, and got turned down for a $56k HELOC because “too much borrowed; your debt to income ratio is out of whack”. Then they had the nerve to ask if I would open a checking account with them; no, had to whack 'em. Their loss. I will get it done, even if it takes trying every lender in town. Someone has to be smart enough to recognize a good risk (I have never had a default or late pay, ever)! Best wishes!

Re: been refused… - Posted by Chris Flindt

Posted by Chris Flindt on April 05, 2006 at 18:02:42:

Well, some of us in the industry still believe in taking care of the client.
Where are you?
How much are you looking to borrow?
What is your income…not terribly important, but relevant.
What is your current home worth?


Re: been refused… - Posted by John

Posted by John on April 03, 2006 at 14:44:07:

Don’t feel bad, I am in the same boat here I have been turned down by both banks I deal with. My score is 710 and I have 5 mortgages and 3 helocs But can’t get a 1K line of credit at my bank to be used as overdraft protection In case my tennants rent checks bounce.
With a score like that most mortgage brokers can find a number of loan available. You just have to keep looking