Home Equity Loan (on rental home)

Hi! I was looking into a home equity loan through Comerica bank. I got off the phone with a Comerica rep and she told me the main thing they look for is a credit score of 700+ (they average all 3 bureau scores).

She said this is the most important factor and next is debt ratio.

So. About myself. I have a home that I just got. I am in the process of fixing it up. It should be ready in about 2 weeks. I am hoping to get a tenant for $800 a month.

I have a Best Buy store card with $900 out of $4600 (19.5% of max)
A Best Buy credit card (Master Card) with $140 of $500 (27.5% of max)
A Discover card with $470 of $1800 (26.1% of max)
A visa card with $870 of $2500 (33.6% of max)
A student loan with $8200 and payments of $90 a month kick in this March

So excluding the student loan I am keeping well under the recommended 35% of max credit line.

Total debts add up to $2380 and total credit limit adds to $9400. So I am using up 25.3% of my credit limit at the moment.

My credit scores as of 11/10/09 are
Transunion: 713

Experian: 668 <---they show a collection date opened 11/2003. The other bureaus do not have this. I got a $130 traffic ticket in Canada at 19 years old and they reported me to collections wayyy too fast. I paid the ticket a couple months late. This incident is over 6 years old and I filed a dispute which will hopefully get it off my record and bump my score 25-30 points which will take me to 693-698.

Equifax: 692 <---this should bump over 700 a few months down the road

My income right now is unpredictable as I am a stock trader. I'd guess it is between $10,000 and $20,000 this year. Plus the $800 a month on the home which I anticipate will start coming in next month.

A few months down the road do you think I will be approved if I apply for the equity loan? I will use it to buy a second rental home. I currently live with my parents and my expenses are very low each month.

I am looking for a "real job" so that I can provide a better and more secure source of income.

Also, any tips or advice on what to do or about home equity loans in general would be greatly appreciated.

Thanks!