Enjoying the videos my brother. I started using velocity banking a couple of months ago. I'm blessed to have a credit score of 819. I opened up a line of credit from my credit union and started investing $5,000 every couple of months. I dump my paycheck back into the line of credit and keep going. I also have a side business that I take that money and dump back into the line of credit. It is a smooth process. When I first saw a video on velocity banking, I caught on right away and understood the concept. People can become stable very quickly and start to build wealth with a little patience. I don't even worry about having money because I have access to what ever amount I want. I really aprreciate you and others for making people aware this system exist.
Eric Jones Thank you for your comment and for subscribing ;) If you're interested in discussing further, you can click here to get on my calendar: calendly.com/creditwiz/velocityc If you would rather take my class, you can do that too: bit.ly/VelBan2 Thank you!
Is it really that easy to get a ploc? Do you think someone with a 790 can get one? Also do you have any advice for someone who had grown a 28000 initial amount to about 170000, with about 70000 of that being realized profit? I am terrified of the taxes I will have to pay because it wasnt in any kind of retirement account.
I know that a lot of people worry about paying off their line of credit with their "savings", but the bank will always take that money if they decide to stop crediting it to you anyway. It's the bank's money either way, so you may as well let it work for you.
Thank you for the great example. I too have a solid savings, but only two credit cards debt ($5000) and ($2500), and one PLOC ($5000). My credit score is over 760. Should I request credit limit increases first? Will the hard pull negatively impact my score?
Demetrius Nickens Hey I remember you! Thank you for your comment and for subscribing ;) If you're interested in discussing further, you can click here to get on my calendar: calendly.com/g12group/rick2?month=2023-01 If you would rather take my class, you can do that too: bit.ly/VelBan2 Thank you!
What would I do if I was Amie? I would simply take the $1500 directly from the savings to pay down the car principal and replenish and buildup the savings with my pay check in time! The money in the PLOC is not stagnant, it’s losing money too thru inflation not to mention that you have to pay interest which you would not pay from a savings! The money in the savings is my money! The money in a PLOC is their money they let you borrow for a price!
*No. The 1500 that you throw at the principal you do it every time you finish paying off the balance on the line of credit. The monthly payment on the car yes.*
J Ray Thank you for watching! It is actually much better than any other line of credit... Remember to subscribe so that you don't miss out on more awesome videos!
As long as you're getting your balance down on your line of credit, it should be fairly low interest. My current (very high at the moment due to rising rates) is 11.2%, but the credit card is 21%.
*Yes it can, if you go **8:38** of the video he says if you want to max it out go on with your bad self. The reason for the 30% credit utilization is that credit card companies get nervous that you might not pay them back, but who cares you're not gonna ask for another LOC so it doesn't matter. I would disagree with CJ on the credit utilization, I would go with no more than 66% of the LOC because it gives a nice buffer from complete disaster. Also the bank can close your LOC which turns your LOC into basically a amortized loan because you can't reuse the money. Remember Wells Fargo not too long ago was going to close all LOC, but people threw a fit and they changed their minds. So be careful I say no more than 2/3 of the LOC limit so you don't give them an excuse to close it on you.*
Mike Larkins Thank you for watching. Remember to subscribe. have you heard of Plastiq? There is also, another option. Let me know if you need more clarity: www.creditwiz.subscribemenow.com
@wooten54 If you'd like to know more, I would love to show you: calendly.com/creditwiz I also have a class that goes in detail with this concept: bit.ly/VelBan2 Trust to talk soon CJ
Enjoying the videos my brother. I started using velocity banking a couple of months ago. I'm blessed to have a credit score of 819. I opened up a line of credit from my credit union and started investing $5,000 every couple of months. I dump my paycheck back into the line of credit and keep going. I also have a side business that I take that money and dump back into the line of credit. It is a smooth process. When I first saw a video on velocity banking, I caught on right away and understood the concept. People can become stable very quickly and start to build wealth with a little patience. I don't even worry about having money because I have access to what ever amount I want. I really aprreciate you and others for making people aware this system exist.
Eric Jones Thank you for your comment and for subscribing ;)
If you're interested in discussing further, you can click here to get on my calendar: calendly.com/creditwiz/velocityc
If you would rather take my class, you can do that too: bit.ly/VelBan2
Thank you!
You were the reason I fell in love with VB then found out about IBC doing both I'll never be broke or borrowing from a bank. Thank you.
What’s IBC
@@antoinetyler1161 infinite banking concept.
@@patrickjoyner2176 I want to do the same. Was it hard figuring out how to set it up?
@@mikegarcia7452 no
Thank you Sir! Been binge watching this information.
Is it really that easy to get a ploc? Do you think someone with a 790 can get one? Also do you have any advice for someone who had grown a 28000 initial amount to about 170000, with about 70000 of that being realized profit? I am terrified of the taxes I will have to pay because it wasnt in any kind of retirement account.
I know that a lot of people worry about paying off their line of credit with their "savings", but the bank will always take that money if they decide to stop crediting it to you anyway. It's the bank's money either way, so you may as well let it work for you.
Shie H. Thank you for your comment and subscribing ;) - if you need to take this to the next level, let us know...
calendly.com/g12group/discover
Thank you for the great example. I too have a solid savings, but only two credit cards debt ($5000) and ($2500), and one PLOC ($5000). My credit score is over 760. Should I request credit limit increases first? Will the hard pull negatively impact my score?
Scores go up and down and back up
What about her rent and insurance if she putting her income into the line of credit
What about putting the CC to "sleep"?
Wuz good King
Demetrius Nickens Hey I remember you!
Thank you for your comment and for subscribing ;)
If you're interested in discussing further, you can click here to get on my calendar: calendly.com/g12group/rick2?month=2023-01
If you would rather take my class, you can do that too: bit.ly/VelBan2
Thank you!
What would I do if I was Amie? I would simply take the $1500 directly from the savings to pay down the car principal and replenish and buildup the savings with my pay check in time! The money in the PLOC is not stagnant, it’s losing money too thru inflation not to mention that you have to pay interest which you would not pay from a savings! The money in the savings is my money! The money in a PLOC is their money they let you borrow for a price!
Skip757 Thank you for watching! That is awesome. Subscribe and join my channel for even more personalized help!
After she withdraw the 1500 , it's gone, using the POC she can rotate and replenish it, using the saving will deplete it.
Can the bank arbitrarily shut down your loc therefore closing your new "checking acct"?
C.J. I have an excellent credit score of 799 to 803 depending on what credit bureau. I was denied for a ploc. What can I do?
Research banks. You are too valuable to be rejected
So you pay BOTH the $1500 to the 22K principle in addition to the $435 car note payment, making BOTH payments monthly correct? 🤔
*No. The 1500 that you throw at the principal you do it every time you finish paying off the balance on the line of credit. The monthly payment on the car yes.*
@@Jesus-kt5dc THANKS ALOT BRO! 👍🏾👍🏾💪🏾💯
Don’t PLOC charge interest similar to that of credit cards (double digits)??
Also more and more banks don’t offer PLOC nowadays.
J Ray Thank you for watching! It is actually much better than any other line of credit... Remember to subscribe so that you don't miss out on more awesome videos!
As long as you're getting your balance down on your line of credit, it should be fairly low interest. My current (very high at the moment due to rising rates) is 11.2%, but the credit card is 21%.
This is very helpful! This cannot work with a line of credit that has a balance over the 30% use, right?
*Yes it can, if you go **8:38** of the video he says if you want to max it out go on with your bad self. The reason for the 30% credit utilization is that credit card companies get nervous that you might not pay them back, but who cares you're not gonna ask for another LOC so it doesn't matter. I would disagree with CJ on the credit utilization, I would go with no more than 66% of the LOC because it gives a nice buffer from complete disaster. Also the bank can close your LOC which turns your LOC into basically a amortized loan because you can't reuse the money. Remember Wells Fargo not too long ago was going to close all LOC, but people threw a fit and they changed their minds. So be careful I say no more than 2/3 of the LOC limit so you don't give them an excuse to close it on you.*
*Let me know if it was helpful.*
Good evening is there anyway I can talk to you Thank You
So …. What happens when your finance company won’t allow credit card payments?
Mike Larkins Thank you for watching. Remember to subscribe. have you heard of Plastiq? There is also, another option. Let me know if you need more clarity: www.creditwiz.subscribemenow.com
Do I pay the $1500 everytime I get paid or each month?
@wooten54
If you'd like to know more, I would love to show you:
calendly.com/creditwiz
I also have a class that goes in detail with this concept: bit.ly/VelBan2
Trust to talk soon
CJ
Thank you for your response is this a free call?
@@wooten54 it's a free call.
Thank you
Cj y not take care of those credit cards first man