I invest in apartment buildings and use a separate LLC for each building. Each LLC has its own credit card used just for that building. I am about to close on a new deal, but I applied for 5-6 business credit cards through various banks and was denied on all of them.
I have excellent credit (800 credit) and no negative items, late payments, etc.
Has anybody dealt with this type of issue?
Any guidance would be appreciated.
YOU may have excellent credit but what about the LLCs?
They are all new LLCs, so they have no credit history. But I am applying under my name.
I gotta ask @Sagar Parikh , why are you using a separate credit card for each building? And why is each building held in a separate LLC? Are these larger apartment buildings (I get that) or are these 2-4 units? If it's the latter, I'm not understanding why you're structuring things the way you are. Just curious as I see a lot of people on BP overdoing it with LLC and entities and what not.
If you are applied for cc's online and then received a denial letter, it never hurts to call the bank directly and ask for reconsideration.
If nothing else, ask them for the reason for the denial.
You may be able to negotiate by requesting a lower credit limit or by moving credit lines around from other cc's.
@Sagar Parikh definitely call the reconsideration line also walking into a branch can get better results especially with chase bank below are some links that may be useful