Re: Low credit score
07-24-2012 02:48 PM
My life partner and I own a home together. We purchased another home for investment and are renting it out to a family member. Now our credit scores are very low. We have tried to refi our car for a lower interest rate but have been denied because of this. We are on social security and do have other income. Do we put a message in our credit bureau files that the other mortgage is being paid with rent of the property? Do we wet up an LLC? How do we get around this situation? The other home will be sold to renters in one year.
Can you share some additional information ? Were you denied the auto refi due to your debt to income ratio ( having two mortgages ) or because of your credit ? Do you have any negative items on your credit reports, like late payments, etc... ?