I am signing my HELOC line of credit tomorrow! Thank you! The thing they are requiring is that I move both of my cc balances right on to it at closing. I was going to do big spread out payments to keep, in theory, from my limits being lowered. Overall, it is okay because my HELOC is 9% and my ccs are 19% & 29%. I will be able to pound the HELOC down quickly. Woot Woot
@@kewldestiny23 I already belonged to a credit union and wanted to just try them first. I did not see any that she recommended. You can go to her website and fill out a free consultation form to contact her. I don't make that much money so it took me about a year to get here. Velocity banking gave me a 740 credit score and my ccs were raising my credit limits.
I just wanted to pop in and say thank you! Since I started velocity banking 1 month ago my credit has gone up 20 points, my credit card has already gotten an upgrade for additional cashback and I’m no longer having anxiety attacks when emergencies pop up out of nowhere because I know I have a buffer for them. This really has been a life changer and just in time too! Big expenses this month and I’m actually fine to cover them.
The best part is this is actually significantly overestimating it. Because we'd be down at least $1,200 from payments ($1,400 depending on timing), so the first $4,000 would again compensate for that $200 payment and then on the following month you'd only have about $2,600 - $2,800 left over, plus whatever interest you might possibly accumulate over that final month, which would shave the 15 months down another month or two.
what happens if u come into to $2000 winning. Do u apply that money straight to the credit card or do u apply it to your PLOC and pay the credit card out of that. Or does it really matter?
I just closed on a heloc. They are giving me a lower interest rate for the first few months if I keep my initial draw amount and only make the minimum payment for the first 4 payments. Is there any benefit to doing this or should I just get right into the flow dropping my income in ?
Good morning!! I have a question so if I’m paying my expenses from the line of credit can these payments be done online? I don’t use checks anymore unless I have to.. thanks in advance
I was approved for a HELOC of 170000 and a 30000 advance is required and to pay off a loan of 28000. The % is 6.74% for 15 months and Maintain a balance of 25k to keep the 6.74% for the 15 months otherwise it goes up to 8.5% Would you shop for another line option ?
I've watched 10+ of your videos. Apparently, I just don't understand you. If I have $3k of debt and my income is $3k, you say: "Well, just take $2.5k of that and start paying things off." Am I stupid or what?
Clarified: $3k per month of debt with $3k per month of income. And you say I can just take 3/4 of my income and "just start paying things off". How does that even work?
You would use the credit card or line of credit to pay expenses that you can pay WITH credit. Anything that must be paid with cash you leave out, example Rent/mortgages have to be paid w/cash. That’s how she does the math, making sure you know your exact expenses and you only use 1 credit card to make payments for this to work.
@jeffcarver78 I already belonged to a credit union, so I opted to go with them first. My paperwork even states that I can submit to renegotiate the terms when/if necessary. She advises to shop around for terms in general. I thought she did a video of what to ask.
It's the same thing...both are simple interest products. So if you can't get a new line of credit, use an existing cc or open a 0% cc and do VB that way
I’ve been watching ur great videos. What can I do if I don’t qualify for anPLOC? I have a 640 score. I want to payoff my 3 credit cards. Only one is close to max out
I got $9,500 zero percent balance transfer for 18 months.FICO 660 mid score..704 high FICO..had $2,000 in checking that the day I applied They ASK...(not 4 days later..lol)
that's pretty much a lot of credit card debt to begin with or probably she got some sort of spending habit issue. hehehe. hope she can clear it all with any hassle.
The payments for those additional cards are included in the monthly expenses, so they are still being paid during this process. But just the minimum payments until it's time to put large payments on them or completely pay them off. I hope that is clear.
I am signing my HELOC line of credit tomorrow! Thank you! The thing they are requiring is that I move both of my cc balances right on to it at closing. I was going to do big spread out payments to keep, in theory, from my limits being lowered. Overall, it is okay because my HELOC is 9% and my ccs are 19% & 29%. I will be able to pound the HELOC down quickly. Woot Woot
Congrats! We can’t figure out who has the best terms - did she mention who she recommends?
@@kewldestiny23 I already belonged to a credit union and wanted to just try them first. I did not see any that she recommended. You can go to her website and fill out a free consultation form to contact her. I don't make that much money so it took me about a year to get here. Velocity banking gave me a 740 credit score and my ccs were raising my credit limits.
can you share who you get your Heloc with ?
I just wanted to pop in and say thank you! Since I started velocity banking 1 month ago my credit has gone up 20 points, my credit card has already gotten an upgrade for additional cashback and I’m no longer having anxiety attacks when emergencies pop up out of nowhere because I know I have a buffer for them. This really has been a life changer and just in time too! Big expenses this month and I’m actually fine to cover them.
EMPRISE Banks in Kansas offer PLOC's, called EZ Line
The best part is this is actually significantly overestimating it. Because we'd be down at least $1,200 from payments ($1,400 depending on timing), so the first $4,000 would again compensate for that $200 payment and then on the following month you'd only have about $2,600 - $2,800 left over, plus whatever interest you might possibly accumulate over that final month, which would shave the 15 months down another month or two.
That works but I would want to pay things off faster
Do you have recommendations on who to HELOC with?
what happens if u come into to $2000 winning. Do u apply that money straight to the credit card or do u apply it to your PLOC and pay the credit card out of that. Or does it really matter?
I just closed on a heloc. They are giving me a lower interest rate for the first few months if I keep my initial draw amount and only make the minimum payment for the first 4 payments. Is there any benefit to doing this or should I just get right into the flow dropping my income in ?
I think working down your debt will be more beneficial.
Wouldn't the visa be less since she made those payments on interest free for 6 months? Would the 8000 balance be 6800 at that time of payoff?
Good morning!! I have a question so if I’m paying my expenses from the line of credit can these payments be done online? I don’t use checks anymore unless I have to.. thanks in advance
Hey Vanntastic
How do you work out the size of the heloc or ploc to get ???
10,000 ????
I was approved for a HELOC of 170000 and a 30000 advance is required and to pay off a loan of 28000. The % is 6.74% for 15 months and
Maintain a balance of 25k to keep the 6.74% for the 15 months otherwise it goes up to 8.5%
Would you shop for another line option ?
is a Reserve Line (overdraft protection) the same as a Line of Credit?
Hi...any good 1st lien HELOC sweep banks available in Texas ? Thanks!
I have one thru credit union of texas (cutx)
@@lovetruth6501 it's a 1st lien with a checking account sweep?
So you can pay your rent with ploc
I've watched 10+ of your videos. Apparently, I just don't understand you. If I have $3k of debt and my income is $3k, you say: "Well, just take $2.5k of that and start paying things off." Am I stupid or what?
Clarified: $3k per month of debt with $3k per month of income. And you say I can just take 3/4 of my income and "just start paying things off". How does that even work?
You would use the credit card or line of credit to pay expenses that you can pay WITH credit. Anything that must be paid with cash you leave out, example Rent/mortgages have to be paid w/cash. That’s how she does the math, making sure you know your exact expenses and you only use 1 credit card to make payments for this to work.
Who do do you recommend for PLOCs and HELOCs
@jeffcarver78 I already belonged to a credit union, so I opted to go with them first. My paperwork even states that I can submit to renegotiate the terms when/if necessary. She advises to shop around for terms in general. I thought she did a video of what to ask.
@@andreaamplified which credit union?
You have to have good credit for a LOC correct?
Christy mentions a 680 would be good enough for a PLOC
depends on the bank, ask them before you apply for it.
Correct.
So a line of credit is different from a credit card? I thought the credit card was the line of credit
It's the same thing...both are simple interest products. So if you can't get a new line of credit, use an existing cc or open a 0% cc and do VB that way
I’ve been watching ur great videos. What can I do if I don’t qualify for anPLOC? I have a 640 score. I want to payoff my 3 credit cards. Only one is close to max out
do it with a credit card, it's also a line of credit.
I got $9,500 zero percent balance transfer for 18 months.FICO 660 mid score..704 high FICO..had $2,000 in checking that the day I applied They ASK...(not 4 days later..lol)
Yes I been doing this just with credit cards ,it can be done
❤❤❤❤
Does VB work to pay off taxes?
any debt you have
I'm favoured $130k every 4 weeks! I now have a good house and can afford anything and also support my family
I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance
She's my family personal Broker and also a Broker to many families here in the United states, she is a licensed Broker.
I'm not here to converse for her but to testify just for what I'm sure of, she's trustworthy and best option ever seen.
She is active on the
TE LE GRAM
@Realnicoleflynn
If we want to get you to help us is there a way to contact you? I would really like your help. Thank you.
🤯
that's pretty much a lot of credit card debt to begin with or probably she got some sort of spending habit issue. hehehe. hope she can clear it all with any hassle.
This was insightful. Since certain cards are being paid off in order, does she ignore the other card payments until it’s time to pay them off?
the answer is always the same regardless what type of line you use and it's "NO"
The payments for those additional cards are included in the monthly expenses, so they are still being paid during this process. But just the minimum payments until it's time to put large payments on them or completely pay them off. I hope that is clear.
So a line of credit is different from a credit card? I thought the credit card was the line of credit
It is a type of LOC.
@@hdavis1291 thank you