All Forum Posts by: Quan Nguyen

@Christopher Phillips  the best way to get a good score "have someone add your friend as an authorized user on a credit card."  

go onto capitalone.com and go to the middle bottom 

See If You're
Pre-Qualified

this will get you started on your way to getting credit.  this is good for people with bad credit also.   It will tell you the best capital one credit card you can get approved for.   ( might be a pre paid card, if you have a low credit score)

Both methods will take a few months to get a good score.   Do them both to speed it up.  

A few weeks after you got your  card or 2,  try to open one at a department store,  Victoria secret card, or like   ( not a visa or MC but a store credit only, a lot easier to get).  Make sure on all these cards to pay it down if you owe 30% or more.   

@Tommy Barone the loan mod you did in 2007 should be at a lower rate.   If not and it being that long ago,  you can apply for a regular refinance.   You do not need HARP.   HARP is mainly used if your house will not appraise above your loan amount.   

If you plan on buying another property.  You should refi to get the lowest payment so you can easier qualify for the next loan.   ( unless your income is high)  In my opinion you should always refi for the longest term to make your monthly obligation as low as possible in case of rainy days.   You can always pay more monthly to shorten the term, if you have excess $.  

You can also find loan programs with very little closing cost but the rate will be higher.   

compare loans with just PI not PITI some lenders might miss quote because of your property tax and insurance. The refinance will only change the PI taxes and insurance will be the same with whichever lender you choose.

@Jason Johnson stated, best to get a 2nd HELOC on your primary house to pay the HML.

In the future you can use the HELOC to finance your future transactions instead of the HML for a lower interest, no new transaction fees, no need to qualify or apply again for the acquisition loan. Can pay loan off any time and you are only charged interest on what you use when you use it (rehab cost).