Started VB 10 months ago. I’m down to one credit card and I have saved enough money to pay off my van a year early. This way of handling money makes sense to me and it works.
I just wanted to thank you so much for these videos. My husband was off work all of 2022 due to his health, then off 4 months last year for more health problems. We racked up $12k in credit card debt trying to stay afloat. After watching your videos a few months ago, I knew THIS was the answer to getting it paid off. We started implementing the Velocity Banking principles in January, and we are now DEBT FREE. It's TOTALLY A GOD THING!! 🙌🏻 🙌🏻 🙌🏻 We are so grateful - we never would have gotten back on track this quickly otherwise. I am just blown away. IT WORKS!! Thank you from the bottom of my heart. I kept hearing you say in my head, "It's just math!" 😂 You're doing God's work. God bless you to overflowing!!! Much love from Arkansas. 🙏🏻 💕
I watch a lot of these vids and you are the only one that digs in and explains it fully. I watched one vid where the description said it would be a "deep dive" into the subject and all it was, was telling his life story, commercial interruptions, and self-hype. he talked so little about the subject that I was actually mad lol thank you for actually imparting information, theory, and wisdom!!!
Thank you, I love the content! The big question I have is how to get a line of credit. I've got a 719-37 credit score depending on where you see it. My credit union is in AZ and I'm in TX. I'd really love to have this piece of the puzzle. It seems it's THE question for a lot of us. Keep teaching, we'll keep learning!
I went to the bank and requested a PLOC and they kept pushing a personal loan on me. They wouldn’t give me a PLOC … I walked out. Decided to change banks; preferably a credit union
I've tried getting a ploc as well, and they keep telling me it's a loan. Even their website says line of credit, but as u go further and fill out the form, it says it's a personal loan. I chatted w support, and they said a ploc is a loan. I went round and round w them, and they finally said to call the bank directly. But the bank says you can only apply online. It's very confusing. I would love a deeper dive into this subject as well. ❤❤❤ I would be using the credit union APGFCU, in Maryland.
I have watched a dozen of these video's and this is the first time I heard her say Average Daily Balance! Bingo, now it makes sense to me, thank you very much!
This was my favorite one Christy thank you so much of course besides mine but this one was relatable but I think what really helped was her having that line of credit at such a high amount I think that's the big catch is to be able to have the line of credit it's so helpful! The title is hilarious 😂
I love your channel Christy Vann! I recommend your videos to my clients that need that extra push! I want them to save money and not have to always pay me every session for information you have provided freely! Your videos are great for my D.I.Y clients. You explain things clearly and allow people to understand how to take control of debt management. Much respect!😉✌🏽
some of your videos start already a minute or two in progress so i miss some of it even when i rewind. im lost why you used 5000 instead of the 5800 for the amex.
I inquired about a line of credit this past week, and it was going to cost me $2,700 in closing costs to get it, and I couldn’t begin paying it back for 30 days after the first draw. And the minimum draw was $10k. I have been very interested in velocity banking, but these up front costs have not been mentioned.
The only problem I can foresee with the concept of velocity banking in general is that it is using a HELOC (debt secured by the collateral of the equity in your home) to pay off unsecured debt. No problem if all else in your life goes well and most times it would work, but does put an important asset at increased risk. Also the first challenge that needs to be mentioned is " you need to address your spending problem"!!!! That's what got you in trouble to begin with!
How do you ever catch up on paying off the debt, if you have a - zero cash flow and you have expenses that come up? broken down car, household appliances, and these cost thousands, and one doesn’t add these to their expenses because you don’t know when they will arise. Can you do an example of this situation? I appreciate all the info you put out I just can’t get caught up or pay anything off. Single mom of 4 children that are growing like weeds and need things. I only make 2800. A month and my mortgage is 1600 bills are 1800 ( this doesn’t include paying these CC debts ) Debt 30,000 😢 PLOC = $1200.00 maxed out paying down some CC debt My monthly income goes in but after paying all my mandatory expenses back out I’m sitting at a maxed out PLOC and still haven’t even paid the minimum on CC’s.
She probably already had it before her debt got out of hand, but didn't know how to use it to help her. Thanks to Christy, she now knows how to work it to her advantage!
The big question, is the person disciplined enough to not use that credit card again after it is paid off; otherwise, they will be worse off especially if they went from unsecured debt to secured debt with the LOC.
I took personal loan line of credit out on my paid off truck before threw my credit union at 2% before to do this to help my daughter pay her stuff off it worked great saved her ALOT of money
I just asked my investment bank if they would consider matching Robinhoods 6% interest rate for margin. If they do, I will use that account as one line of credit. I also applied for the HELOC today so I can really start using what I've learned from you. Thank you so much.
You are amazing, I’m on SS, and have a gold AMEX that I pay off monthly…I have no debt but with an extra $3,000 I could finish the maintenance construction on my property! I own my home in full, I live in central Mexico 🇲🇽 for 29 years! I don’t know how I can take out $3,000 on my AMEX? But I’m asking my sister to help me figure this out! On my $2,200 monthly income it’s taking another 2 years to do the construction, my goal now is to figure out how I can expedite this 2 years maybe to one year!!
Christy when paying credit cards multiple times a week if I have more than 1 ? Should I be doing all like this to get my score up or do I have to do just one card ?
The main caveat is this only works for people with extreme discipline, remember EVERYTHING!! that seems to good to be true usually is, 80 percent of you that try this, will end up in a worse position, tread carefully!! that being said this will Work 100percent Just be very very careful and don’t forget, the free money must be used to pay the debt you transferred or any little bump in the road will wipe you out!
That's the million dollar question!! That seems to be the biggest problem because if most of us could get the line of credit we could work this system without a problem. So you have to get yourself in a position to be able to get one so you have to follow the steps.
Credit unions offer them. Some institutions you can apply on the app others only via desktop. I know chase no longer offers lines of credit . Hope this helps 😊
@@pamelacampana8709 you have to ask a banker to link to your checking. They know how they just don’t offer it. I keep my checking at 0 and all payments pull from the line of credit. Then simply deposit income to line of credit.
How do you get reuse of a payment on a CC minimum payment, when 3-4 days later, they hit you with the interest, which uses up the available credit you got upon payment?
Because she first add the whole income and deduct expenses at the last step. Thanks to that she can trick us on the 6th month when she does not deduct expenses and claims all these credit cards could be paid back in less than 12 months.
@@franekspeak953 that's exactly what I thought she was doing. This is going to trip up a lot of people and cause them problems down the line if they're not paying close attention to their actual expenses.
How how how does one start with a line of credit? I just looked on line and Ascend Credit Union offers a PLOC for 14-18% variable. That seems terrible - what am I missing?
1. Not all banks and CU's offer the same interest rate. Try shopping around a little. USBank offers around 12%right now for a PLOC. 2. Plocs have higher interest rates than HELOCs because they are unsecured . 3. The interest rate doesn't matter as much with a loc because it's simple interest, not amortized. Not that it doesn't matter at all, but you will likely pay less overall at that rate than with a lower interest loan. It's important to run the numbers for both and compare. A simple Excel sheet or online calculator can help you with that.
I'm a little confused... You're adding the $5,821 expenses back in each time to the LOC. But how do you pay the mortgage, BOA, and CapOne with the LOC? And what about other expenses that can't be paid with a LOC or CC? How does that work then?
People get confused here, her cash flow still is 59 dollars!! you just changed the category of the funds, she still needs to continue paying what she was paying or she will ended up putting herself upside down and loosing everything, then she can declare bankruptcy and she will have 6944 in cash flow 😅🤓
I wonder why people don’t get this and why do you think this velocity banking idea doesn’t work? I totally get it. I totally understand. I think it’s just people who don’t get math. That’s probably what it is 😅😊👍🏿 thanks for always teaching this 🙏🏿
I'm just aghast that people have this kind of income (6944 monthly)! Holy cow...how can you NOT have $ with that kind of income? I'm guess I am the REAL dummy with no monies!! 😂 (laughing on the outside...)
Don't forget to take into consideration the difference in cost of living around the country and different life situations. For example, we pay a horrendous amount in auto insurance, but we have two teenage drivers and live in an expensive state. We have no access to public transportation, so cars are a necessity with four different schedules and a 35-minute commute one way (for me). Not all expenses are frivolous.
There are 3 lines as options. Home equity line, personal line, and a credit card can also be used to do velocity banking. For a personal line you don’t need to own a home. With a 680 you can get approved. Hope this helps 😊
Reach out to your local credit union. You may need to build a relationship with them first, but in Texas you can try MCCU for a personal line. I recommend starting with CC to get used to it first and then get the line. It’s a huge mind shift from traditional thinking, but it’s so much better overall. Helped me out a lot! Hope it works out for you too Catrina.
Christie, I’m new to this channel. How do you get a loan when you’re in all of this debt I know it might be a simple question. Can you give me an answer?
I guess I never understand how people with these types of incomes get in trouble with the credit cards? There are like two or three really good credit cards this person could have had and then just stopped there.
Do you recommend closing some of the credit cards after they are paid off? I know not to close all of them but I'm wondering if some of them should be closed?
Question for anyone who understands this better than I do. First off I would need a LOC to begin this process, correct? So let's say I get a 50k HELOC (just a LOC example), when my expenses are calculated, is it already including my mortgage? Because if every month I'm putting my total income to repaying the LOC, I'm wondering where I'm getting the money to pay my monthly mortgage if it hasn't already been included in total expenses? Thanks
I’m 30 yrs old. Only debt is car payment (easy) and credit card (easy). However, I have a Citi card that now is paying 24% interest. My credit score is 770. Is It worth paying off my credit card (which I pay off about every other month) which is very low and getting a new card with someone else that’s one of those 0% APR for X months and just not touching my current card for the duration of the new ones 0% interest? Or close current? Just keep current one and stay with It? What’s best way to go about that? I can afford the credit card payments no problem, just hate interest and trying to build credit better.
Can you show me how to pay off my house of 500k.. we have a monthly mortgage of $3200 and that includes property tax… We have a truck payment and a trailer payment but no credit card debt. We have a disposable income after our bills are paid $4000 and we have $53,000 as a six month emergency fund… I want to pay my house off.. our interest rate on our house is 2.75%
The house has such a low interest rate. The truck and trailer should be paid off using the disposable income. They are depreciating assets. Get a debt tool (PLOC,HELOc) and velocity bank your way out of them. Then use the debt tool to chunk ($10K) on your home using the $4K disposable income to chop away at the chunk. Easy pesy.
Currently paying off 12,866 of credit card debt. I have 2k in savings. Is it best to use that 2k to pay down one of credit cards? Or keep the money in savings. The credit card I want to pay off fast APR is 27%
It’s very hard to get a line of credit , even in the middle 700’s . Half of people inquiring can’t get Helocs . Why is this being used as an example over and over again
680 should be sufficient for a line of credit at a credit union . Mine is for 15,000 but I have a coworker who got approved for $1000 and eventually they will increase it. Hope this helps 😊
because helocs, credit cards and plocs are lines of credit and it doesn't matter which one you use the method is still the same with the credit card only having to be modified a little since you need to leave cash for your payment that you can't pay for with the credit card.
Can the bank pull your line of credit at any time for no reason? If so, what do you do then and you have a balance? Is a line of credit a secured or unsecured?
Yes they can cut your access to the LOC. there are things you can do to minimize your risk if they do that. If the LOC is secure it is backed by an asset (home which would be called a HELOC). Most are unsecured
The interest rate really doesn’t matter because it’s simple interest calculated daily. You can get real detailed with this . The longer you keep your income in the LOC before pulling money out for expenses ,during the month, will save even more on interest. Hope this helps!
She says you can get a PLOC (personal line of credit) not with a bank but with a credit Union and about a 680 credit score. If DTI is too high then pay weekly on credit cards or daily instead of one big chunk each month for a few months to raise credit score and lower DTI (debt to income ratio) then apply for PLOC
But! You can't pay mortgage with credit card! I can't get HELOC....just bought 2 months ago. Can't get PLOC because debt to income is too high. Also have cash only local handyman for rural home. Help!
velocity banking can also be done with a credit card . which should increase your credit score in about 3-6 months of using a credit card for velocity banking .
Hey Maria, So, I did go to CU first to ask for PLOC and they had credit score requirement out of my range. I think she made this video for me with that title cause last Sunday, I was on the live session and mentioned that I used hail damage to car, insurance money to pay off my car on the original car loan (9K), which had a very high interest rate. Once I got the title, I went to the CU to get a loan against it at a lower interest rate, but again, I had surprising news about my credit. I already knew that my credit had dropped from 759 to 610 just in 6 months' time due to health issues, and also, that I signed up for some educational courses charging on my CC hastly, so my debt went up high and income to debt ratio was affected. So now 2 out of the 3 credit scores were above 630, but one was lower (Transunion) , and that's what CU used, 580. So, I had to get the loan for (22K) and pay for car damage repair (11K) and am using rest to pay off some CCs, so I can improve my credit back to 700s and then I can get a PLOC. It is just that this example works well for those who have high income and a good credit score. But, we all have to start somewhere. So, I am hoping that my credit will improve soon, and then I can get a Ploc even for a small amount, but it will be a start. So, the dummies also see the pot of gold at the end of the rainbow..😅
How to Eliminate Debt: Step 1: Go to bank 🏦 Step 2: Take out a 10 billion dollar loan 💵 Step 3: Buy the bank 🤝 Step 4: Eliminate your debt ❌ Step 5: Sell the Bank 🏦 📈
Why should anyone pay tithes? Whats the reason behind tithing? God doesn't need your money and is not going to bless you anymore than he already has. Salvation its a free gift and according to Ephesians 1:3 your already blessed abundantly because Christ went to the cross. If you want to give then fine, give, but not because you want somthing from God. Stop giving to rich preachers.
![KSI - Dirty [Official Visualiser]](http://i.ytimg.com/vi/VoDh1h1dPUE/mqdefault.jpg)
Started VB 10 months ago. I’m down to one credit card and I have saved enough money to pay off my van a year early. This way of handling money makes sense to me and it works.
@lynn AWESOME!!
I just wanted to thank you so much for these videos. My husband was off work all of 2022 due to his health, then off 4 months last year for more health problems. We racked up $12k in credit card debt trying to stay afloat. After watching your videos a few months ago, I knew THIS was the answer to getting it paid off. We started implementing the Velocity Banking principles in January, and we are now DEBT FREE. It's TOTALLY A GOD THING!! 🙌🏻 🙌🏻 🙌🏻 We are so grateful - we never would have gotten back on track this quickly otherwise. I am just blown away. IT WORKS!! Thank you from the bottom of my heart. I kept hearing you say in my head, "It's just math!" 😂
You're doing God's work. God bless you to overflowing!!! Much love from Arkansas. 🙏🏻 💕
Did you take a personal class with her?
Because she is just jumping things and makes it hard to understand the maths.
You are a financial life line! Thank you!!
“What else can we do?” This is how good financial planning works! I love talking these numbers! This is what helped me get my credit score to 760!
Christy you are a financial angel. Thank you for everyting you do.
I watch a lot of these vids and you are the only one that digs in and explains it fully. I watched one vid where the description said it would be a "deep dive" into the subject and all it was, was telling his life story, commercial interruptions, and self-hype. he talked so little about the subject that I was actually mad lol thank you for actually imparting information, theory, and wisdom!!!
Thank you, I love the content! The big question I have is how to get a line of credit. I've got a 719-37 credit score depending on where you see it. My credit union is in AZ and I'm in TX. I'd really love to have this piece of the puzzle. It seems it's THE question for a lot of us. Keep teaching, we'll keep learning!
I’m in TX also, my CU is in CA. I applied online and was approved in an hour 😃
@@tynkrbel201where did you apply?
I went to the bank and requested a PLOC and they kept pushing a personal loan on me. They wouldn’t give me a PLOC … I walked out.
Decided to change banks; preferably a credit union
I've tried getting a ploc as well, and they keep telling me it's a loan. Even their website says line of credit, but as u go further and fill out the form, it says it's a personal loan. I chatted w support, and they said a ploc is a loan. I went round and round w them, and they finally said to call the bank directly. But the bank says you can only apply online. It's very confusing. I would love a deeper dive into this subject as well. ❤❤❤ I would be using the credit union APGFCU, in Maryland.
Credit Unions are relationship based and often have their own internal scoring, definitely start with the AZ CU.
You are an awesome teacher.
I am just goin to keep 1 credit card
To keep it simple.
Only 3 payments left on mortgage
1 CC paid off
CS 759
Always you are a wonderful teacher 🌟👍
I have watched a dozen of these video's and this is the first time I heard her say Average Daily Balance! Bingo, now it makes sense to me, thank you very much!
Wow. I’m so glad I found you!!! Amazing videos. Not many ppl like you.
This was my favorite one Christy thank you so much of course besides mine but this one was relatable but I think what really helped was her having that line of credit at such a high amount I think that's the big catch is to be able to have the line of credit it's so helpful! The title is hilarious 😂
Starting my velocity banking today; thanks you are a God sent
I love your channel Christy Vann! I recommend your videos to my clients that need that extra push! I want them to save money and not have to always pay me every session for information you have provided freely! Your videos are great for my D.I.Y clients. You explain things clearly and allow people to understand how to take control of debt management. Much respect!😉✌🏽
some of your videos start already a minute or two in progress so i miss some of it even when i rewind. im lost why you used 5000 instead of the 5800 for the amex.
I too didn’t understand that either.
I inquired about a line of credit this past week, and it was going to cost me $2,700 in closing costs to get it, and I couldn’t begin paying it back for 30 days after the first draw. And the minimum draw was $10k. I have been very interested in velocity banking, but these up front costs have not been mentioned.
Try using a 0% balance transfer offer or open a 0% credit card instead to start.
you must be talking about a home equity line because personal lines do not have fees .
Did you contact a local credit union?
that does not past the smell test.
check with a different bank
Thanks watching
The only problem I can foresee with the concept of velocity banking in general is that it is using a HELOC (debt secured by the collateral of the equity in your home) to pay off unsecured debt. No problem if all else in your life goes well and most times it would work, but does put an important asset at increased risk. Also the first challenge that needs to be mentioned is " you need to address your spending problem"!!!! That's what got you in trouble to begin with!
There’s several types of LOC. Please watch more of her videos.
Please explain line of credit and thanks
So why wouldn’t you have put the other 2 credit cards 11000
And the 14559 to the 50k??
And eliminated all of her cc pymts?
The BoA has a 0% interest.
How do you ever catch up on paying off the debt, if you have a - zero cash flow and you have expenses that come up?
broken down car, household appliances, and these cost thousands, and one doesn’t add these to their expenses because you don’t know when they will arise.
Can you do an example of this situation? I appreciate all the info you put out I just can’t get caught up or pay anything off.
Single mom of 4 children that are growing like weeds and need things.
I only make 2800. A month and my mortgage is 1600 bills are 1800 ( this doesn’t include paying these CC debts )
Debt 30,000 😢
PLOC = $1200.00 maxed out paying down some CC debt
My monthly income goes in but after paying all my mandatory expenses back out I’m sitting at a maxed out PLOC and still haven’t even paid the minimum on CC’s.
Hilarious name for this video! As always, the content is 🔥
Pure numbers game, to get out of debt 💯
How in the world does someone get a line of credit with that Income:Debt ratio?
miracles happen 🤣
She probably already had it before her debt got out of hand, but didn't know how to use it to help her. Thanks to Christy, she now knows how to work it to her advantage!
Greed
The big question, is the person disciplined enough to not use that credit card again after it is paid off; otherwise, they will be worse off especially if they went from unsecured debt to secured debt with the LOC.
@@RickJone-kd5lrthat’s the issue right there..it’s very difficult to do. That takes a lot of discipline
I took personal loan line of credit out on my paid off truck before threw my credit union at 2% before to do this to help my daughter pay her stuff off it worked great saved her ALOT of money
Hi, your content is so on point. Pity I'm in south Africa and don't think it is relevant here, but you are awesome.
I just asked my investment bank if they would consider matching Robinhoods 6% interest rate for margin. If they do, I will use that account as one line of credit.
I also applied for the HELOC today so I can really start using what I've learned from you.
Thank you so much.
You are amazing, I’m on SS, and have a gold AMEX that I pay off monthly…I have no debt but with an extra $3,000 I could finish the maintenance construction on my property! I own my home in full, I live in central Mexico 🇲🇽 for 29 years! I don’t know how I can take out $3,000 on my AMEX? But I’m asking my sister to help me figure this out! On my $2,200 monthly income it’s taking another 2 years to do the construction, my goal now is to figure out how I can expedite this 2 years maybe to one year!!
Love the content ❤…. What banks offer lines of credit … they keep pushing loans ??
I think she recommends credit unions because banks don’t want to give you anything but loans!
It would be great if they would offer lines of credit in Texas
😢
She definitely is on point but discipline is key most people start with good intentions of vb and might not follow through but it does work
QUESTION: Does the plan still work if you get higher than 7.95% on the personal line of credit, such as 15.29%??
Just discovered your channel when will your bookings for one on one coaching open back up? Me and my partner really need your guidance
Christy when paying credit cards multiple times a week if I have more than 1 ? Should I be doing all like this to get my score up or do I have to do just one card ?
The main caveat is this only works for people with extreme discipline, remember EVERYTHING!! that seems to good to be true usually is, 80 percent of you that try this, will end up in a worse position, tread carefully!! that being said this will Work 100percent Just be very very careful and don’t forget, the free money must be used to pay the debt you transferred or any little bump in the road will wipe you out!
My mind grasps the concept, but the dates (income and expenses) have not allowed the fufillments.
How do you go about securing a line of credit?
Id like to try this method on my mortgage.
Christie, can you explain if we’re adding the expenses back onto the Line of Credit. That’s the only thing I don’t understand.
So what happens when you pay everything off and you end up paying more $ in to the LOC? At that point you stop putting more $ money in, correct?
Basically you don't have a balance anymore so no balance = no interested owed on the balance.
must have pretty good credit to have a 50k credit line
I have 60k credit line. Score at 710
How do you get a line of credit
That's the million dollar question!! That seems to be the biggest problem because if most of us could get the line of credit we could work this system without a problem. So you have to get yourself in a position to be able to get one so you have to follow the steps.
Do you have credit or good credit established already?... If so, go shopping for one, or ask your local bank or credit union for more info.
Credit unions offer them. Some institutions you can apply on the app others only via desktop. I know chase no longer offers lines of credit . Hope this helps 😊
I got a line from our credit union, but it's not tied to our checking. We transfer to checking if we use the available funds.
@@pamelacampana8709 you have to ask a banker to link to your checking. They know how they just don’t offer it. I keep my checking at 0 and all payments pull from the line of credit. Then simply deposit income to line of credit.
How do you get reuse of a payment on a CC minimum payment, when 3-4 days later, they hit you with the interest, which uses up the available credit you got upon payment?
I always get as bit lost on this. How are you applying her entire income to the LOC that first month - she still has $5821 in other expenses to pay.
Because she first add the whole income and deduct expenses at the last step. Thanks to that she can trick us on the 6th month when she does not deduct expenses and claims all these credit cards could be paid back in less than 12 months.
@@franekspeak953 that's exactly what I thought she was doing. This is going to trip up a lot of people and cause them problems down the line if they're not paying close attention to their actual expenses.
How how how does one start with a line of credit? I just looked on line and Ascend Credit Union offers a PLOC for 14-18% variable. That seems terrible - what am I missing?
1. Not all banks and CU's offer the same interest rate. Try shopping around a little. USBank offers around 12%right now for a PLOC.
2. Plocs have higher interest rates than HELOCs because they are unsecured .
3. The interest rate doesn't matter as much with a loc because it's simple interest, not amortized. Not that it doesn't matter at all, but you will likely pay less overall at that rate than with a lower interest loan. It's important to run the numbers for both and compare. A simple Excel sheet or online calculator can help you with that.
I'm a little confused... You're adding the $5,821 expenses back in each time to the LOC. But how do you pay the mortgage, BOA, and CapOne with the LOC? And what about other expenses that can't be paid with a LOC or CC? How does that work then?
That's what I was thinking as well
People get confused here, her cash flow still is 59 dollars!! you just changed the category of the funds, she still needs to continue paying what she was paying or she will ended up putting herself upside down and loosing everything, then she can declare bankruptcy and she will have 6944 in cash flow 😅🤓
@Moving2Win It’s working for me but I am making the sacrifice and being as frugal as possible
My apartment allows credit cards to pay my rent but there's a 30.00 fee. Is this still wise to use a credit card?
@Moving2Win Just what I needed!!!! Thank you so much.
I wonder why people don’t get this and why do you think this velocity banking idea doesn’t work? I totally get it. I totally understand. I think it’s just people who don’t get math. That’s probably what it is 😅😊👍🏿 thanks for always teaching this 🙏🏿
Ya I dont understand it? can you dumb it down for me??
It's quite confusing to be honest.
I don't get it either!! I still can't figure out how she paid a 5000 balance with 1100!!
I'm just aghast that people have this kind of income (6944 monthly)! Holy cow...how can you NOT have $ with that kind of income? I'm guess I am the REAL dummy with no monies!! 😂 (laughing on the outside...)
The more we make, the more we spend.We we don't educate ournselves.
Lifestyle creep
Don't forget to take into consideration the difference in cost of living around the country and different life situations. For example, we pay a horrendous amount in auto insurance, but we have two teenage drivers and live in an expensive state. We have no access to public transportation, so cars are a necessity with four different schedules and a 35-minute commute one way (for me). Not all expenses are frivolous.
Lifestyle creep
So grateful for this. Thank you for laying this out in such easy to follow detail. :)
Would it be worth doing this just for a home mortgage? I have no other debts…
But lines of credit (credit card) can’t pay for Mortgage loans or car loans
Correct me if I'm wrong, but one would need a month's worth of cash to cover expenses in the beginning month because nobody gets paid in a lump sum?
How can I get a line of credit with my 630 credit score in Tx. I need help!!!
It’s a line of credit against the house. So you would have to be a homeowner first.
There are 3 lines as options. Home equity line, personal line, and a credit card can also be used to do velocity banking. For a personal line you don’t need to own a home. With a 680 you can get approved. Hope this helps 😊
Reach out to your local credit union. You may need to build a relationship with them first, but in Texas you can try MCCU for a personal line. I recommend starting with CC to get used to it first and then get the line. It’s a huge mind shift from traditional thinking, but it’s so much better overall. Helped me out a lot! Hope it works out for you too Catrina.
@@be59856what’s MCCU ?
Where does one get a $50,000 line of credit?
Christie, I’m new to this channel. How do you get a loan when you’re in all of this debt I know it might be a simple question. Can you give me an answer?
If you dump all your income into your LOC, how do you pay for expenses? Did I miss something?
You pull the money out of the LOC to pay expenses.
What do I do if I don’t have a line of credit
I guess I never understand how people with these types of incomes get in trouble with the credit cards? There are like two or three really good credit cards this person could have had and then just stopped there.
More money more opportunity to say yes right now!
Do you recommend closing some of the credit cards after they are paid off? I know not to close all of them but I'm wondering if some of them should be closed?
What do you suggest with an over 800 credit score but DTI causes denail for PLOC would using savings the same way as Velocity banking?
Question for anyone who understands this better than I do. First off I would need a LOC to begin this process, correct? So let's say I get a 50k HELOC (just a LOC example), when my expenses are calculated, is it already including my mortgage? Because if every month I'm putting my total income to repaying the LOC, I'm wondering where I'm getting the money to pay my monthly mortgage if it hasn't already been included in total expenses? Thanks
She mentioned that the expenses added to the HELOC every month in this example included the client’s mortgage and living costs.
@danielogwara3984 ok thanks.
What you FAIL TO mention is how people are supposed to get out of debt once they lose the ability to get a LOC
Sometimes finding out there’s SOMETHING to help (even if its far) is enough of a push to try to get that ability back
A cc is a line of credit
What is the title of the video with no line of credit and only credit cards?
I'm wondering the same thing.
what if your credit is to bad to get a line of credit?
How can I transfer my high interest credit cards to a lower interest rate if? they are all high rates..
I’m 30 yrs old. Only debt is car payment (easy) and credit card (easy). However, I have a Citi card that now is paying 24% interest. My credit score is 770. Is It worth paying off my credit card (which I pay off about every other month) which is very low and getting a new card with someone else that’s one of those 0% APR for X months and just not touching my current card for the duration of the new ones 0% interest? Or close current? Just keep current one and stay with It? What’s best way to go about that? I can afford the credit card payments no problem, just hate interest and trying to build credit better.
If you hate interest, why do you pay every other month? You are paying interest every month.
@ was a how I paid It off at the time. Now I make biweekly payments and almost always have no balance at the end of each month. Or very little.
Can you show me how to pay off my house of 500k.. we have a monthly mortgage of $3200 and that includes property tax… We have a truck payment and a trailer payment but no credit card debt. We have a disposable income after our bills are paid $4000 and we have $53,000 as a six month emergency fund… I want to pay my house off.. our interest rate on our house is 2.75%
The house has such a low interest rate. The truck and trailer should be paid off using the disposable income. They are depreciating assets. Get a debt tool (PLOC,HELOc) and velocity bank your way out of them. Then use the debt tool to chunk ($10K) on your home using the $4K disposable income to chop away at the chunk. Easy pesy.
Currently paying off 12,866 of credit card debt. I have 2k in savings. Is it best to use that 2k to pay down one of credit cards? Or keep the money in savings. The credit card I want to pay off fast APR is 27%
It’s very hard to get a line of credit , even in the middle 700’s .
Half of people inquiring can’t get Helocs . Why is this being used as an example over and over again
680 should be sufficient for a line of credit at a credit union . Mine is for 15,000 but I have a coworker who got approved for $1000 and eventually they will increase it. Hope this helps 😊
because a HELOC is not the Only LOC.
because helocs, credit cards and plocs are lines of credit and it doesn't matter which one you use the method is still the same with the credit card only having to be modified a little since you need to leave cash for your payment that you can't pay for with the credit card.
What do you mean by modify the credit card? Also, should I pay off my auto with my HELOC?
How do I get a line of credit from my bank?
Oh, she was doing something different. She stopped spending money. That credit card debt didn't come from nowhere.
Can the bank pull your line of credit at any time for no reason? If so, what do you do then and you have a balance?
Is a line of credit a secured or unsecured?
Yes they can cut your access to the LOC. there are things you can do to minimize your risk if they do that. If the LOC is secure it is backed by an asset (home which would be called a HELOC). Most are unsecured
Please tell me how to get a job that pays this high income!!!!
You used $5438 instead of $5821 as expenses. Maybe I missed something, but I thought her expenses were staying consistent.?
When she paid off the $11,000 on Cap One she gained $383.00 so her expenses went down.
Why do we add the mortgage/rent into the line of credit. Or am I reading this wrong?
What happens if you have some extra cash flow, What do you recommend we do with that? Spend it on whatever or put it into the LOC or debt?
If you are doing velocity banking the extra cash flow goes into the debt tool to pay it down.
Tell bank to have that money because some bady don't need anything with bank for money issue
How do you pay off a card with a $5800 balance with $1100?
Can you show how to pay off a HELOC loan?
Same way. Put your income into the HELoC every month. Pull expenses out. Month after month. You have to have cash flow (disposable income).
How can she pay her mortgage with a CC? Or was it PLOC?
I tried this. and failed. I decided to just keep on paying the few cards down. Oh, well.
Vann, how do you feel about a 10k PLOC at 12% interest? Good or bad?
The interest rate really doesn’t matter because it’s simple interest calculated daily. You can get real detailed with this . The longer you keep your income in the LOC before pulling money out for expenses ,during the month, will save even more on interest. Hope this helps!
Looks like a shell game...
I am a 21 year old personal trainer. How do I hire you?
In this example is she getting paid once a month or what? How many times a month does she get paid because Im confused.
You can get paid as many times a month the thing is all the pay has to go into the line of credit.
What if I don’t own a home can I still get a LOC?
She says you can get a PLOC (personal line of credit) not with a bank but with a credit Union and about a 680 credit score. If DTI is too high then pay weekly on credit cards or daily instead of one big chunk each month for a few months to raise credit score and lower DTI (debt to income ratio) then apply for PLOC
Ok I am here 😂 wish I could get a $50,000 LOC
No monies other than the $50K...
But! You can't pay mortgage with credit card!
I can't get HELOC....just bought 2 months ago. Can't get PLOC because debt to income is too high.
Also have cash only local handyman for rural home.
Help!
velocity banking can also be done with a credit card . which should increase your credit score in about 3-6 months of using a credit card for velocity banking .
@@mariaisabelescamilla2313 can't pay mortgage with credit! Trying to work it out
Hey Maria,
So, I did go to CU first to ask for PLOC and they had credit score requirement out of my range.
I think she made this video for me with that title cause last Sunday, I was on the live session and mentioned that I used hail damage to car, insurance money to pay off my car on the original car loan (9K), which had a very high interest rate. Once I got the title, I went to the CU to get a loan against it at a lower interest rate, but again, I had surprising news about my credit. I already knew that my credit had dropped from 759 to 610 just in 6 months' time due to health issues, and also, that I signed up for some educational courses charging on my CC hastly, so my debt went up high and income to debt ratio was affected. So now 2 out of the 3 credit scores were above 630, but one was lower (Transunion) , and that's what CU used, 580. So, I had to get the loan for (22K) and pay for car damage repair (11K) and am using rest to pay off some CCs, so I can improve my credit back to 700s and then I can get a PLOC.
It is just that this example works well for those who have high income and a good credit score. But, we all have to start somewhere. So, I am hoping that my credit will improve soon, and then I can get a Ploc even for a small amount, but it will be a start. So, the dummies also see the pot of gold at the end of the rainbow..😅
You need a permanent job also a temp job you can't pay off nothing
How to Eliminate Debt:
Step 1: Go to bank 🏦
Step 2: Take out a 10 billion dollar loan 💵
Step 3: Buy the bank 🤝
Step 4: Eliminate your debt ❌
Step 5: Sell the Bank 🏦 📈
😂😂
💪👑💰✈
Remember folks - just like conventional financial products and practices - if it sounds too good to be true it probably is. 👍
Why should anyone pay tithes? Whats the reason behind tithing? God doesn't need your money and is not going to bless you anymore than he already has. Salvation its a free gift and according to Ephesians 1:3 your already blessed abundantly because Christ went to the cross. If you want to give then fine, give, but not because you want somthing from God. Stop giving to rich preachers.
😂😂😂not dummies with no monies