Newbie here from Tucson. I'm getting started in REI and I've discovered my credit is only fair.

I paid my mortgage off 6-7 years ago. Every payment on time and then doubled up to knock it out. All my vehicles are paid for. I have no credit card debt, and haven’t for 10 years, and that’s my problem. I haven’t had any credit history in a long time. We pretty much just used cash to buy everything.

So I just got a CC (with a lousy $300 limit) to start building my credit. Figured I’d buy my fuel with it and just pay it off monthly.

But I was planning to open a HELOC to initiate BRRRs and then refinance. But of course, my interest rate is going to be high with a fair credit rating.

Do do I wait to refinance until my credit score increases or just bite the bullet and take what I can get now?

John,

  You are in a great place man. No mortgage, no car payment and no credit card payment.  You are a cash flow King. (Sorry the cash flow king name is already taken so you can't use it). 

Using a home equity line of credit is a great idea to do the BRRR strategy. I recently interview another syndicator on my podcast and his favorite real estate quote was "do not wait to buy real estate buy real estate and wait".

But in your case John, it's all about what problem you're trying to self with real estate. I would love to connect with you to hear a little more about your investment strategy.