Line of Credit....DENIED!

[Bob Houston]

Hello BP community. Here is the scenario. I own free and clear my house ($475,000 value). Credit score is 800. No other debt. I have NEVER been late on any payment. Also, we own a service business and purposely pay ourselves a low salary of 20K a year. I wanted a 100K line of credit to get started in REI.

After about 2 weeks, we were denied. The agent said it was due to low income.

Does anyone have any referrals to another loan company that might work with us?

Thanks in advance!