Home equity loan denied?

Ok me and my wife just recently applied for a home equity loan but got denied. We need an equity loan for home improvements. Our credit is great, and our home is completely payed off, the reason why we got denied was because of our debt ratio which was the cause of our credit cards and personal loan which we were... show more Ok me and my wife just recently applied for a home equity loan but got denied. We need an equity loan for home improvements. Our credit is great, and our home is completely payed off, the reason why we got denied was because of our debt ratio which was the cause of our credit cards and personal loan which we were never late on, we just had to much open. We now just payed off EVERYTHING we owe including the six credit cards and the one personal loan.

My question is do we have to wait a certain amount of time to reapply or can we just apply again now? We really need to do some home repairs as well as make it look nice :)

Also should we close all six card accounts?
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