$150K in Savings Account- Just got Denied by my Bank

[Aisha Brown]

Hello everyone! I am new investor in SC and I am eager to get started with buying my first rental. I thought that I would be a shoe in with getting approved by my bank because of the fact that I have over $150k in sitting in their savings account. My Credit Union recently rejected my application for a $120K loan stating that my median score is 635 and I need a 650. They also said that because my 2nd mortgage is in forbearance (I put it on forbearance because I forgot and wanted to avoid a late payment on my credit...the agent offered due to COVID and I accepted). They told me to try again in six months after my loan was out of forbearance with 6 months of on-time payments and my median score was higher. My question to everyone today is should I just become my own bank? Perhaps I should go out and make a cash offer. I am eager to get started but I can wait if it would be better for me in the long run. Any advice that you all could give me would be great! Thanks in advance.