Do I Still Make Monthly Payments WHILE Working The Velocity Banking Strategy?
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- Опубликовано: 13 сен 2024
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Hello 👋, pd off my car 10 months early because of your tips and on track to paying off my 25 year mortgage in five years. Thanks so much and good bless. ❤🇨🇦
how do you attach a credit card to your mortage payments or get your line of credit into your checking?
How did u pay ur car off quicker. I have about 18mths left on mine at 3.9%, $469/mth; any tips?
@stacyboyd4591 That's WONDERFUL! Thank you for sharing!
@@jennifersalazar6837 , I followed her tips and used my ploc. 😊
@@turiaseiger-todd2404 Thank you 🙏
You have SAVED me!!! I've paid off 2 credit cards. My FICO score has gone up 72 points from June to February. My FICO went up 14 points from Jan to Feb alone. My next FICO score will be posting in about 7 days and I'm anxious to see where I'm at.
Could you summarize what you did to achieve this
Don’t be so focused on your fico score. Just follow the strategy plan and payoff your debt. Do not close your credit cards after they are paid off 🙏🏽
@samsmom400 SO HAPPY FOR YOU!!!
@@VanntasticFinances my FICO went up 🔟 points, I'm now at 794!!
@@amandawills6680 Sure! Let me say that my perfect credit was ruined years ago by my ex, who was responsible for a home invasion that left me with permanent brain damage. As a result, I lost my son, home, scholarship for school, and my memories .... my life. I was ruined in every way you can imagine. The loss of my son destroyed me. 5 years later I surrendered my life to Jesus.
I've been on a very long road of recovery. My income is poverty level and I had some recent financial set backs and when there's nothing coming in and I had been charging everything out of need, I didn't know how I was going to buy food.
I prayed to the Lord and reminded Him that I am faithful with my tithing and I need His help.
I finished praying, and VELOCITY BANKING with VANNTASTIC was on my RUclips feed. I watched many, many shows. I did stuggle with many of the things because it's just part of a brain injury. I asked questions and people were kind enough to answer.
I had some coins I'd been saving for years and I cashed those in and paid off some debt. She said that we usually pay off emergencies with our CC's and she was right. I needed to pay off debt more than hang on to $$ that wasn't doing anything for me.
I paid off my smallest bills first. I put my monthly check into my highest balance CC. I was nervous the first time. I have difficulty remembering things and I was afraid I would overlook something. After the first month, I added all the bills I could to my CC like she said to do. Now, I charge every single thing on my CC and pay into it each month with my check. I also have been making multiple payments on the CC's instead of one lump sum. I don't remember why they said to do that, I just know it sounded good and I'm doing it. I'm down to 2 CC's and I'm about to apply for a 0% 21 month CC, but I'm not sure exactly how to do it. I don't know if I should put both on it or just one and make the monthly payment to the one that ..... I don't know what I'm trying to say. Anyways, I struggle with cognitive functioning, so I'm just going to have to keep watching and figuring it out. I'm just concerned that I won't get enough credit line with a new CC.
I hope this helps. If you need more help, or you're unclear on anything, let me know.
I forgot to add, make sure you deduct all the things you can't pay with your CC before you deposit your check into your CC account.
I'm not sure I'm doing everything exactly right or the best way possible, you really should ask smarter people than me. I don't know if I've understood everything. But, I do know that the Lord is helping me through this show, I forgot the lady's name! Pray before you do anything. Ok?
Thank you for changing my life and the future of my kids' lives.
Houston TX.
I actually glad I came across your channel today I have seen several videos and you are very knowledgeable. I have to get a new roof chimney and gutters all have to be replaced before winter. I am planning on paying for the chimney and gutters out of pocket but I need 20k for the roof so I'm going to talk to bank Monday about a line of credit that when I pay off I can use the money paid off to go to principal of home loan to pay off loan sooner.
Christy. 😂😂😂😂😂... besides great information, you are soooo funny. Just a joy to watch. Your capacity, kindness, humility and integrity is out of this world. God bless you. My dream.... to meet you in person one day
@user-hl4np8si6x That is so PRECIOUS of you to say... Thank you!
I paid off 9,000 in credit card debt in 6 months!!!! But now had to put a new
Furnace In my home, I inherited my home and only have 58,000 left to pay on it and I would like to have a session with you for help.
Hello Christy!!! So Thankful for you!
@jenniferbailey7570 So thankful for YOU, too!
Hi there, so l bought my first house in 1979 for $58,000 and moved a couple of times over 10 years. Then 25 years in the next house, I can’t figure out how much money I have wasted on interest. I’m sick now because I still have a mortgage and supposed to be retired but still have to work. I’m trying your way now so I can save a little bit before I “cash out”.
@tonyw1952 Bless you.. we’ve all been in the fog. Glad you’re out now. Keep moving forward and stay motivated ❤️
Can you pay off your mortgage on a regular HELOC, or does it have to be first lien HELOC?
❤ From Cornwall in uk
You the best xxx
I've been saying this too. No to loans. Give me a line of credit and I could use that. I want to get a line of credit to buy a car. Once I pay it off, I can use again. But then I think about the interest rate. But I also think, it doesn't matter if it's low enough.
2 weeks into VB, and game over...the debt doesn't stand a chance!!
Thank you for sharing and giving strategies for getting out of the "payment mentality"
When you say no loans, does that include acquiring new property???
Hi From Australia ,thank you for the information you give out I have a question, on the $10,000 HELOC, system can you borrow more to pay down your Mortgage quicker and if so is there a cut off amount that will not work , thank you 😊
Yes, yes
Have you considered writing a book for velocity banking? I would love to share it with loved ones.
Hello, I thought I was managing my finances good, but velocity banking is better than my system
Thnx a lot
Same with me, I feel like where would we be if we knew this earlier!!
The link to tonight's webinar is not in the chat. Where can I find it?
In underwriting now for ploc at Truist. 740 credit score, 10,000 line, but had to have 10 k in liquid assets to get to underwriting. Hope I get to the other side of underwriting
Hi Christy, I finally understand using Velocity banking to pay off one credit card, but what I don't understand is how to go from one card to the next credit card, once the first card has been zeroed out. There's something I am missing. If the money for my bills zeros out credit card one, I don't understand how I can start paying down credit card two. Seems like my money should be tied up. Am I making sense? I have eight credit cards, many with balances under $1500. I live in an apartment so I don't qualify for a HELOC nor do I see myself owning a home at this stage in my life because I am over 60 years old.
Good question I want the answer as well.
Once the first credit card reaches zero, look at your next/new main CC (LOC). First you look at the new main credit card limit and balance, if you can fit your monthly expenses (excluding cash expenses) you then start parking cash flow and credit expenses on the new main CC. If you can't fit your monthly expenses because balance is too high, you keep using first CC for credit expenses and park your cash flow on the card that will be your new LOC. That's because cash flow is what pays down debt. So by parking cash flow your lowering balance on the new CC until you can fit credit expenses and cash flow on the new CC you're transitioning to the new credit card. I hope this makes sense and helps. It's difficult to describe by typing.
This is a bit confusing. Do you have a video that talks about this so I can visually picture it.. 🙏
Hello from BC
Could anyone please help me out: I’m new to this. Can you combine Velocity & Infinite Banking? Would you use a LOC to payoff a policy loan?
Yes.
House needs alot of work paid off can we get helic on it???
hellooo from san antonio,tx friend
My credit union’s PLOC instantly charges interest when cash is dispersed to my checking account the next day. Do you recommend still keeping cash in the bank to pay for car loans, students loans, and rent?
LOL Dave Ramsey! God bless him. I did his program and got debt free. After that though, there was no provision for me as a small S Corp.
I live in San Antonio Texas Christy Vann
What is automated velocity?
I would like to that to
We are at 13 years into our mortgage, having made extra payments. 83k at 4.6%. To beat the interest would it be better to chunk or completely pay off the amount?
Hi Christy, Keep up the great work, i love your videos. i would like the link or contact for your first lien lender. Thank you
My credit card 0% interest will be over in about 7 days then charge 26% interest. Should I transfer it to a 0% balance interest account?
Yes!! ASAP!!
@@soulh4838 💯
absolutely! hurry it takes time to transfer the funds over from your new cc...Good luck!
@@chosen1970 thanks
Would you pay off a car loan with loc if you are towards the end of the loan
Hello from Chandler Arizona
Hi! Eve
My credit score is 650 and I keep getting denied for credit. my debt to income ratio is 7% I’ve been denied for $15k, $10k, and $5k to finance a used vehicle. What is going on?
It's probably a combination of the economy and your credit profile probably. I would stop applying and work on improving my credit. I recommend waiting 6 months.
@trevorlane8123 Maybe take a break applying for a month or so. There's always Automated Velocity if you can't get a line...
Morris Davis from Hohenwald Tennessee
Have owned my home for over 10 years.... Is a HELOC the best way to go?
Indio ca
UK 🇬🇧
G'day from Australia
Where do you do your lives ? I would love to join
What’s the link to the lender you like to use?
Can we get a Heloc with a lien from downpayment assistance when we purchased our house? Can we get the line of credit and then pay off the downpayment assistance or do we have to pay off before we can qualify? If so, how long after the downpayment assistance is paid off before we will qualify?
Is your husband from Midland, TX?
Md checking in
I am getting whole life insurance for 85.000 so when I pass away I can leave my home to my granddaughter it's 350.00 a month should I hold on to that until I pay the home off
Hold off. Pay the home off, get out of debt first. You always want to increase the cash flow
hello from Manitoba Canada
Most of your vids is to use a HELOC or PELOC but I can't (I'm a renter) and I don't qualify for the other yet. I I wish you had more videos of using a credit card. I was working down my debt until I saw i got dinged from my CareCredit account with a $400 interest charge. 😢 Now it feels I have to make extra payments on that one even if I can't use it for any other regular expenses. Back to zero cash flow probably. Or any suggestions from anyone on how to tackle this speedbump?
You maybe have not used it correctly. With credit card it's not in your best interest to pull cash advances. Instead pay all things you can with credit card. Use your check to pay the credit card. Then credit card payment is paid. Then rinse and repeat
Sounds like you had one of the same as cash promo where if not paid in full in xx months it charges interest from day 1. These things hurt when it hits like that. I had a friend that had a furniture set ordeal like that she owed like 200 on and then got a new bill and had it double bc of back dates interest added bc wasn't fully paid before the promo ended. When using credit card (like I do) I have all other cards consolidated onto a 0% 15 months card. I run all expenses thru my main driver card besides the car loan, 0% card, and have personal loan that having to make payments for those from the income and then all else goes onto the card. I am close to being able to have to loan paid off within a year now and it's 7.99% so most the payment goes to principal so just finishing out on it with adding extra from bonuses that receive. I recommend looking for a credit union card that will be lower apr and possibly 0% for 12+ months and roll all that you can onto one like that. It may take some time to even get credit in line for those but I use Penfed as my main credit union.
On the CareCredit you most definitely got hit with the promo expiration back interest. They have a 30-day grace period. If you pay off the promo balance amount that was due in full you can call them and they waive and remove that interest. But you must do it within the grace period. After that they will not waive it.
@@bobbiejoforrest that's good to know about that grace period. I've used care credit before myself for dental work that was 1500 and got a 12 month promo on but I intentionally divided and made sure paid it within the 12 months promo time. I take advantage of 0% financing but am very active on staying on point with the time lines of them and can see how easy it is for people to lose track of deadline, esp with paperless statements and auto payments.
Transfer the balance to a different card.
If house is ppaid off but in poor shape can you get heloc
@peterpolesky8163 If it’s being lived in… it should. Especially if it’s your primary residence.
My cheque account is an overdraft Do I still not leave any money in there I must transfer every cent Into my line of credit ???!
@vanessacouve8847 I transfer ALL my income into my line of credit.
We love you
How much above my income does the line of credit have to be?
I only make $28,000( + $7,000 not reliably )a year.
Idaho
what is the difference between Revolving Credit and Revolving LOC?
Same thing revolving, money in, money out. Able to reuse your money.
Doesn’t a PLOC have to be secured? What if you don’t have a mortgage to secure a LOC? I feel like it’s the same as a CC.
You answered in the video. Thank you
HELOC, PLOC, CC are not the same, but similar in the fact that they are revolving debt instruments.
HELOC: Lowest interest, highest credit limits (6 figure). Gives the flexibility to park entire income in the line. Downside, it's backed by your home. Also the approval process is equal to getting a mortgage.
PLOC: Credit limits in the 5 figures. Higher interest than a HELOC, lower than a CC. Backed by nothing. Flexibility to park entire income.
CC: Highest interest rate of all revolving debt products. Can't park entire income in the CC unless CC is linked. Advantage, if balance is paid in full every month, no interest is owed. Cash back rewards when swiping. Easiest LOC to get approved for.
If I take out a PLOC of $10,000 and put that towards my mortgage. How will the mortage get shortened? If I put that money in the mortgage and lets say it pays off 6 months of payments. My next payment will be in 6 months right. How will it shorten the loan term?
You still have to keep paying your mortgage monthly.
@@Silver-N-Black yes of course
Let me see if I understand Right
If I have a mortgage of 80k left
I been paying for almost 10 years in I only pay about 20k are of 100k at 4.8%
But I have almost 80k or 90k of equity
And a heloc is I guess 8% or something like that
Also if I do that and I want to pay my house in the next 5 years I guess my payment with interest, taxes and insurance , my monthly payment will be almost double I think
What I can do please help meee
Please please
The main thing is that interest on a loan is a LOT due to it being a long time. If you have $80,000 on a mortgage and 20 years at 4.8%, this is going to be over $40,000 in interest.
What you have to do is calculate whether it's better to make extra payments on the mortgage directly, versus a PLOC/HELOC chunk and paying that off as quick as possible with velocity.
Obviously you don't want to move $15k onto a HELOC and then spend 10 years paying that off AND the rest of the mortgage, it probably wouldn't save you any interest really. But if you play the velocity card right, keeping interest very low (because you dump all your income on the HELOC too), then maybe it would work out.
But you need to also run some calculations and how much is saved in the mortgage simply by making the extra payments (the payment you would have had to make on the HELOC anyway). Because if you can make an extra payment significant enough to the mortgage, that will also reduce your interest a lot.
For example, if you made an additional $700 payment for only two years on your mortgage (2 of the 20), you would save like $17,000 in mortgage interest from that original $40k. Can you beat that savings on the HELOC unless being very strict with the velocity style usage?
Or you could simply add a smaller number like $400 to ALL mortgage payments every month. This would save about $23,000 interest and cut out half the time to pay it off. The worst thing to do is grab a HELOC, dump like half the mortgage on it, then just make payments without doing velocity. Now you're paying the same mortgage payments AND a HELOC at 9 to whatever percent. Velocity is the system that helps keep interest on the HELOC down, but if all you do is make as much payment as possible, taking 5-10 years to pay on both the HELOC and the mortgage, you won't save much or anything on interest.
You can use the mortgage calculator at (calculator dot net) to find the basic schedule, then use another calc to figure various "extra payment" scenarios. Search Google for Freedie Mac extra payments calculator to find it.
Just remember, on velocity, you are putting your income on the HELOC. So if you "chunk" $10,000 onto the mortgage, but you also put your $6000 monthly income (paying it down to $4000), the interest is calculated on the average balance, so you aren't paying that 9% or 12% on the full $10k, it's on the balance, which should be as low as you can make it each month to get that average down. This could be the difference between paying $40 or $60 or $80 or $100+ interest on those monthly payments.
Is consolidation loan ok
NO
NO LOANS!!!! NO LOANS!!! 🙃
What do you do with v banking after you pay off the debt? Stack cash?
Infinite Banking
🙏❤❤🖤🖤💚💚🙏
Are you drunk
are you?
Thank you
I would like the link to automated velocity. I dont see it in the chat.
Hello, I'm so thankfully I saw your RUclips channel . I have a home loan equity line $50.000 that I want to pay off the 8.625% loan is for 20 years . We make $4428.00 our mortgage is 989.00 and this loan we have payment of 437.88 + I have a 6000.00 on a credit card total.and I tithe 450.00 a month to my church. Can you help I'm 67 years old my husband 84.
I thank God for you , I have been praying for a year that God would show me how to get out of debt .I fill like this is my prayer being answered. My credit score is 809.i forgot to put that in the lest text message.
Christy please add me to your private group ❤
Are you drunk
That question is called projection.