Whats wrong here? ridiculous loans

[Gary Singleton]

Advice appriciated here. i currently own 11 properties, all rented and going well. I currently only have 6 mortgaes on these 11 properties (paid cash for several) just trying to add more. I recently sold one of my businesses and have well into 7 figures to invest. At this point being elected for pres. of the USA appears easier to achive than a 7th loan. I just dont get it.... im told by banks and lenders my credit score is too low, yet every time i inquire my credit is in the mid 700s... but again i have substaitial income, assests, cash on hand, and free & clear properties as collateral so the "inquiries or car trades" that temporaraily drops your score really shouldnt be an issue. i have zero bad credit.. i feel like its just excuses, i cant even use my credit card at the grocery store during underwiting. Im cleary doing something wrong or dealing with the wrong people. Thanks in advance, i'll hang up and read the comments.

[Chris Mason]

Quote from @Gary Singleton:

@David Kelly, The guy with bank im dealing with at the moment has mentioned this too, and really to be fair he comes across as quite knowlegeable, and a pretty likeable guy as well, so im not looking to trash the present bank im working with...im more wondering what "i" am doing wrong? ..The only issue i have with the bank is i was told with my assests, income, collateral, DTI, the property itself apprasing higher than selling price AND its already rented and cashflowing that this would be no problem... turns out theres alot of problems... UGH! credit score is always mid 700s except when lenders pull it, its always like 690 with them... NO bad credit, never a repo, never over 90, paid off over 50 car loans (etc) i guess i need to learn what the "system" is for better easier approvals, i know investors with way less assests and very little cash and have similar credit scores having no problems. I can pay cash for the house (nearly $400k) i just want to save my cash for more deals, i already paid cash for my last 3 properties because of the exact same issue.

 The FICO below 720, paired with 7th financed property, is what's killing you for Fannie type financing. You can call another 100 banks, no one is going to do a fannie loan (which is where the best rates/terms/fees are to be found) if you don't meet fannie criteria.

https://selling-guide.fanniema... 

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If the borrower is financing a second home or investment property that is underwritten through DU and the borrower will have one to six financed properties, Fannie Mae's standard eligibility policies apply (for example, LTV ratios and minimum credit scores). If the borrower will have seven to ten financed properties, the mortgage loan must have a minimum representative credit score of 720; all other standard eligibility policies apply.

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"Never over 90" is being read by me as meaning you have multiple 30 and 60 day late payments, the only other context I can imagine that quote being used in would be someone describing past romantic partners ("never over 90"), which I don't believe is the case here. High 600s is about what that translates to in terms of the specific FICO score algorithm used by mortgage lenders (which isn't the same as the credit card or car FICO algorithms, etc). So it checks out.

Having paid off 50 paid off car loans may be tripping you up here, both in terms of what's plainly written below, as well as the car loans having more 'weight' than other factors, just because there are so many of them.

https://www.myfico.com/credit-...

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Can Paying off Installment Loans Cause a FICO® Score To Drop?

As the loan is paid down, the balance decreases which may have a positive impact on the score. However, analysis of credit data shows that having a low installment loan balance to loan amount ratio is even less risky than having no active installment loans at all. As a result, paying off the last of your active installment loans can result in a loss of points.

Note, even after a consumer has paid off their installment debt(s), it is still possible to have a very high FICO Score, by actively and responsibly managing other types of accounts.

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If you can afford to take out, and pay off, 50 different car loans, I wonder why you're even taking those loans out. Paying off that many car loans probably means you could just skip one car buying "cycle," save up instead, and from then on out just pay cash for all the cars. 

And remember everyone, when it comes to both romantic partners and your credit history: "never over 90" :P