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Updated almost 6 years ago on . Most recent reply
![Sandy Preston's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1297924/1621511099-avatar-sandyp12.jpg?twic=v1/output=image/crop=2080x2080@0x0/cover=128x128&v=2)
HELOC denied need HELP with what to do next
So I applied for a HELOC on a rental property and was denied. It has been rented 1 year this month. Because there is no history of rental income with taxes from previous years and a former business income loss. I was denied due to that and the debt to income ratio being too high.
The rental we own 100% out right with $1165 a month cash flow.
We have our current mortgage at $219,000 and $5000 in cc debt and that is it. We have no other debt at all!! Our credit scores ,both mine and my husbands, are over 750! Any suggestions on how to move forward?
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![Tom S.'s profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/47458/1621409191-avatar-tdspropertiesvt.jpg?twic=v1/output=image/cover=128x128&v=2)
@Sandy Preston File your taxes ASAP, so you can at least get last years income on Sch E (even if only 10 months worth of rent if I'm reading that correctly). You have to file by next month anyway so just do it now.