Who can I talk to about credit repair? I have a 675 score but am being denied for credit.?

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

Public Comments

1. Try paying off those credit cards with the income from the rentals. I was told that the more credit cards you have the worse it is. It's better to have one or two maximum and have small balances on them. I would not transfer balances because that usually creates more fees. I would consult with an accountant about the LLC. My dad has a few small businesses and has good credit, but I don't think that helped his credit score.
2. Call a loan officer
3. 6000$ ? get a second job and pay them off tis year. cut back of wasted eaxpenses. visit daveramsey.com to learn what bankers pray you never ever learn or apply. an llc is good money for every one but you.
4. If you have equity in you homes or rentals then try for a equity loan. Don't cancel the cards--that will hurt your credit rating. Make sure you pay on time every month but pay more than the monthly minimum. Also, don't apply for two many cards at once as that too can hurt your rating. If you pay on time and more than the monthly minimum you will receive credit card offers.
5. I know a great company that will help you repair your credit ,Just by filling a simple form and then someone will contact you to answer your questions and help you get started . Go here : http://mshocair.bettercreditpro.com/ Good Luck .
6. I think you will find that most providers have different loans and you might even be able to get a consolidation loan.There are loan companies that will provide a loan if you meet their criteria its just a matter of finding one that suits your needs.
7. Get a LLC where you are the primary (sole) shareholder and transfer title of the rental properties to the LLC. Do NOT issue shares of the LLC to anyone BUT YOU. You then create a board of your closest QUALIFIED friends/business associates. The board can then decide to hire you as an independent contractor making say, $4,000 a month check (which can be deducted as business expenses from the corp). You have to get the articles of incorporation for the LLC and get them notarized and blessed. Transferring the property to the LLC may be hard to sell to the bank!!
8. PIGGYBACKING: Despite its' virtually unlimited potential, piggybacking is not used by nearly as many consumers as it should be. It's easy, effective, and extremely fast. Unfortunately, it's mostly used among parents and siblings while those who can really benefit stay in the dark. How it works. Almost every credit card or credit account will allow the primary account holder to add on (at a later date) what's known as an "Authorized User" or "Secondary Account Holder". In most cases, when this is done, the entire account history (retroactively) gets posted to the authorized users credit report regardless of their current age or credit history! For example. If it's a credit card with a $10,000 limit which has been paid as agreed for the last 10 years, then that complete history will be posted to the authorized users' credit report. I once saw a clients' credit report who used this technique with his mother. He was only 24 at the time and he had a $15,000 Gold credit card on his report with history going back 11 years! I laughed as I thought to myself that this kid would have had to be approved when he was 13 years old for this account to be his! As you can see, this strategy is usually only used by parents and their children and in most cases with no regard to the benefits the children are reaping credit wise! In fact, in recent years, due to its' effectiveness, this technique has led individuals with excellent credit scores to "rent out" authorized user accounts on one or even multiple credit cards in return for a fee! I once recall seeing an ad in USA TODAY for just such an opportunity. Like most good credit loopholes, I'm sure this methods' days are numbered much like what may be the case with...
9. There are some helpful sites out there with good reading, like www.shoplands.com/creditrepair. For starters, DON'T close any cards out until they are paid off and clear. Also make sure to keep the oldest of them if possible, it gives your credit report more "age". Credit scoring rates people with balances around 20-30 percent of their limit the best, from what I can gather. Good luck to you!
10. You can get into credit counseling and you can consolidate your debt.