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Question By
heatherngreg

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home equaty line of credit
"own my home with 4 1/2 properties want a home equaty line of credit to pay off car and do some home remodeling want 15000 using property as colateral tried are bank but are credit history is only 2 loans 1 car paid off and still paying on second car bank turned us down for not enough credit history any advice to obtain this loan without getting a credit card or buying more things on credit

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you own 4 properties and the bank turned you down assuming the properties are all in your name and worth over 10k a piece that bank is on crack you have plenty of collateral i'd switch banks and tell them to shove it....unless your debt to income is over 40% and still that would be a stretch if your own 4 properties out right....you wouldnt have enough credit to get the CC's either unless you got like 8 of them and charged them 100% utilization i'd suggest a private lender higher interest rate like close to 15-20% but its do able 

Reply by
heatherngreg

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yes shove it sounds about right, been there 5 years my mans a disabled marine corps vet n direct deposits so there payment would be  right there every month go figure.

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