So, I tried applying for some 0% interest balance transfer credit cards, but they all said nope. My credit score is like 780. I’ve got two rental properties bringing in 10k a month in mortgage, and my tenants pay me about 12k each month.
Thing is, when I fill out those credit card apps, I put down 10k as my monthly mortgage and combine my salary and rental income to hit around $270k per year. But even with that big income, I’m still getting turned down maybe because the monthly payments seem too high compared to what I make. Is that why I’m not getting approved, even with a decent credit score?
So, am I out of luck for now or is there another way to spin my mortgage and salary on the app that could up my chances of getting approved?
Thanks a bunch!
Good luck,
House Hunter
Response from THE MONEY MINDER:
Hello There,
I’m sorry to hear about your recent rejections for 0% interest balance transfer credit cards, especially with your solid credit score of around 780. It sounds like you have a good grasp of your financial situation, with your two rental properties generating $10k a month in income and your total monthly income being $12k. It appears that the issue may lie in the way you are reporting your monthly mortgage and income on the credit card applications.
To increase your chances of approval, it might be helpful to recalibrate how you present this information on your applications. Instead of listing your mortgage as $10k, perhaps consider breaking it down into individual property mortgages or providing a more detailed breakdown of your monthly expenses. Additionally, you could separate your salary from your rental income when reporting your total income for a clearer picture of your financial stability.
It’s essential to paint a comprehensive and accurate picture of your finances to the credit card issuers. By adjusting how you report your mortgage payment and income, you may have a better chance of being approved for a balance transfer card. It’s crucial to showcase your ability to manage your finances responsibly and demonstrate that you have the means to pay off any transferred balances.
Remember, financial institutions evaluate your creditworthiness based on a variety of factors, not just your credit score. Being transparent and strategic in how you present your financial information can make a significant difference in the approval process. Keep working towards finding the right balance transfer card that suits your needs and financial situation.
Best of luck, and should you have any more questions or need further assistance, feel free to reach out. Take care!
Farewell from THE MONEY MINDER
