How To Get A Personal Line of Credit
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- Опубликовано: 30 июн 2024
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Great points. You should maybe revisit this topic again since you haven't done it since 2018.
For real
Almost gave up on the idea of velocity banking until I saw this video!!! Thought I had to use my cash advance through my cc company which had an insane fee per transaction AND interest rate.
Just applied at my credit union.
You are a freaking genius❣❣❣❣ Thanks for the info!!
i just called my local bank and they do have personal line of credit. I am ready to do velocity bank! and ready for success!
Whats the name of that bank ive been trying to find a bank that does
Dtrickster Davis try any bank bro
This is so much good information. I can’t hardly sleep without thinking of this stuff.
Love it!!!
Thank you 🙏; great explanation. You’re a wonderful teacher! Blessings
Thank you so much Denzel..that was wonderful information. I appreciate it.
Denzel. Thank you. This was the missing puzzle piece missing in this project. Thank you
Thanks for the video and answering my question!!!
Camera talk305 Glad to help and tune in tomorrow I’ll have a follow up video on this explaining more on finding the best line of credit for you:)
Good information 👍
You just earned my subscription
Thanks this helped out a lot
Great video! Really helped in the explanation.
Very informative, I got the best credit improvement which boost my FICO Score in few hours shortly after I made inquiries about PatchCredit. He is a life saver and one hell of a great techie!!!
( PATCHCREDIT at GMAIL COM ) Tell them a previous customer referred you.
Thanks man you made that easy to understand. Great informative video!
Good info Denzel, thanks
Alright. I understood everything thank you fir your explanation. Would you happen to know if thise same credit unions will require me to open a checking account at the same time as opening the line if credit when approved? Or is it possible to have only the PLOC at that establishment? Thanks for your time.
Denzel I appreciate your information. You are a hidden Gem. I hope you can become famous in our community. I live in Orlando and Additional Financial services gives Lines of credit.
Great information thank you so much
Thank you so much your video really help.
You never mentioned dept to income ratio. More important then a high credit score.
Does a personal overdraft line of credit work for velocity banking, having a hard time transfer funds out of the credit line to my external account. Enjoying the content!!!
Ty... first time watching you... you explained it very well...one question... do they ask you how much you want or do they give you a certain amount based on your credit score
Denzel,
Can you still open a personal line of credit, even though you have existing Heloc? Because the Heloc is max out already.
Awesome break down will be looking for a credit union next week once my credit card post. Would love to talk to you in person Tampa fl. Boi
whats a good value of L.O.C. to start with? 5k, 10k, 15k? just got a mortgage n car loan so was thinking 15k but also Dont wanna mess up the concept b4 I even get started
Denzel, I’m new to this velocity banking strategy and learning more everyday with your videos. Great stuff. Before I get started I just had one question. My situation is that I currently have an auto loan with Wells Fargo of 10k. If I were to get a line of credit through them ( Wells Fargo) can I still use that line of credit to pay off my auto loan even though it’s from the same bank?
I had an issue with using the same bank. The trick is to transfer the chunk from the LOC to your checking then make the payment from the checking account. Then you can still utilize the velocity banking method that way
Great and useful information!!!
did that credit union require proof of income?
what was the application like?
what are the income requirements?
I like your video keep it going my boi
Thanks for the educational video.
Hi a bit confuse would it be ok to use credit card for velocity banking instead of LOC since they both have interest -on this case 10% is interest on my credit card
Hello Denzel, I live in south Africa, does this technique work there aswell?
Great video! Thank you for sharing your knowledge. I'm trying to use this method to pay off my 100k mortgage form Rocket mortgage but when I called to ask if they will accept a chunk from a line of credit they say I need to pay from a bank account. Do you have a solution for this situation? Thank you!
put the LOC chunk into your checking account via a transfer then pay the bill
Great info 🍃 thank you
I subscribed, you have been very helpful. Do you have a group?
Shanta Doss I do have a team. I’d love to connect here is my email denzel@buildertocontributor.com reach out to me and let’s have a conversation or fill out my form.
is it bad that just by looking out your window in other videos i had a feeling you were in Florida even before you actually mentioned it lol
Thanks for the advice bro. Wow so you are in pompano? I am in ft lauderdale? So bright star have the best rates for lines of credit?
no they do not it's just a bank I do business with there are other better options available. Btw this is a really old video so interest rates are different now
Very helpful video (:
I cant wait to get a line of credit and pay evrrything off
hey denzel sorry I'm super confuce about the many line of credits out there, I don't quite understand which one I need to pay my mortgage using the velocity banking. could you help me by telling me how do I ask for it to my bank so I don't endup with the wrong line of credit please?
You’re awesome!
Denzel
I listen to other 3 people explaining the LOC and you explained it and gave advise how to do it thank you so much!
One question tho
What do I need to apply for a Heloc? What credit score I need?
Do I need to show tax returns? To show my yearly income
Is it like applying for another loan on top the one already have? My mortgage loan?
Hey watch this playlist it breaks everything down for you all the steps you need to take before applying and what to be aware of
ruclips.net/p/PLnF-b0Fck4LiPKf81FbCgtRQaoYf4bzmT&si=LNBWXsOPfhk3UOOL
Hi Denzel. I am a customer of PenFed. The offer a personal line of credit for up to 25K. This is the only info online: Fixed rate of 14.65% APR - Credit lines up to $25,000 - Free checks to access your line. I ask them about the interest and he told me it's compound interest. Is that good or bad?
Ok so when you get approved for the LOC. Do you pay off your debt with that money and then work it that way?
I'm in South Florida! Do you need a certain amount of income as well? And how much do they give you? Do you ask for a certain amount?
no you just need income start with as low as minimum wage your good. if you have no credit watch my video on building credit.
ruclips.net/video/lnN2kqCJBxg/видео.html
@@DenzelNapoleonRodriguez oh ok. Thanks!
Great video bro. Are you prior military? I know its a random question, but I just noticed how the seam line of your shirt matches the pants and also how you wear your belt.
lol,,,gig line
I have been developing a plan involving IBC and velocity banking... I am a year into a IBC policy with 24k in yearly premiums split 30% to the base and 70% to PUA. I funded the policy then took a policy loan out to pay off all my debt. Now I am debt free except my mortgage payment which is only $635, and got my policy loan balance down to about 14k right now. I have a couple sources of income that all together nets around 9k a month or so, and I live off about 5k. My plan is obtain a ploc since it is slightly more liquid then my life insurance policy, and I am unable to pay my mortgage on my credit card. Then as my income comes in dump all of it into my life insurance policy, live off my amex platinum to rack up tons of points. Then take a policy loan to pay off the card at the end of month. This way I'll pay zero in interest on the card, alot less on the policy loan, and have the LOC to pay mortgage or the card if I need since it can take a couple days for the policy loan to deposit. When a new policy year rolls around I can switch from dumping the income into policy loan balance to dumping into buying more PUAs. As my cash value grows I will borrow against to buy cash flow real estate or mortgage notes. Is this a good strategy? The PLOC shouldn't be a problem to obtain with my credit score
Hello!!! Is a debt consolidation line of credit the same thing?
What is a good bank recommendation for long island, NY area?
Hey Denzel I been with my credit union for 14 years and I see that I’m pre-approved for a 10k personal line of credit. I have a new car loan and two personal loans from my credit union. Will this personal line of credit work for me knowing it’s from my same credit union?
Same question..
Great Video Denzel but I'm still a little unsure about the interest part. I'm sure I can get a personal line of credit for between 10-15k but I have a house with a little equity & I could potentially get a HELOC with for between 40-50k (my bank offers up to 95% LTV for HELOCs). The problem is that I called them & they said it's amortized interest. Are you in belief that velocity banking wouldn't work at all for me in this situation because it's amortized interest? I also just watched your video on simple interest & spoke to another representative from my bank after that. The way that you described simple interest, the bank rep described that as amortized. She had to two definitions backwards. I believe she was incorrect
you are going to run into this issue often because the bankers do not understand what your asking for. All they know is amortize. A Home Equity Line Of Credit is not amortize. When you use the word Line it is referring to simple. Although with HELOCS they can go from simple to amortize. I work with people 1 on 1 to make sure we acquire the right line of credit for each situation. It can be confusing at first but with a partner things can be smoother. www.denzelrodriguez.com
your bank rep was NOT wrong. amortized is simple interest, not compound. It was said incorrectly in this video. The different is how the interest is applied. Both a car/mortgage loan are simple interest JUST like a LOC. The difference is one is based of ADB and applied daily and the former are usually front loaded. But your bank rep was absolutely not wrong.
Hey Denzel, so is there a specific wording I need to look out for in order to be able to use the loc to pay mortgage and other debts that don’t accept credit card payments? i know you mentioned before that an Loc works like a checking account so does it have a routing number and account number like a checking account?
some do some do not. If your LOC does not you would simply link a checking account to it and pay your bills from the checking account.
@@DenzelNapoleonRodriguez What are the steps to link it to a checking account?
a simple phone call to the bank and downloading the banks mobile app.
I have a good score but my usage is bad can I still get a PLOC?
I was wondering how to get an interview with you my goal and passion is to educate the community on how to make and save money
When asking a credit union these questions what is the best way to explain why we need this PLOC? Do we just simply say to pay down debt? Thanks.
I've been calling my local credit unions and as soon as you mention that they try and recommend something different.
I just got approved and on the application I told them to consolidate debt. They called and asked if I really wanted a loan...I declined and told them I wanted the LOC. Velocity banking here I come!!!!
@@robinburke3980 nice, where are you at with your credit score and how much did you get approved for?
@@a1ironzyzz673 credit is high 700's..approved for 15K..I've been with this CU for several years
thank zel 📓🔥
The ‘making the chick laugh’ is KEY let me tell you.
Is it better to apply for a PLOC before or after purchasing a car
Life with Chanda before so that you can use the LOC to make a down payment on the car and do velocity banking on the car
What advice do you give people with low credit scores who want to tackle debt and perhaps can't apply for LOC?
build credit, repair credit, and increase income i have videos on this
So did they send you a credit card?
Blessing for the kingdom of YaH , gracias 🙏🏿
What does the simple interest mean? Why does it need to be simple and not the other one that you said no too what is the difference between the 2
Great vid explained well my friend👏👏👏 ......question: is it a good idea to pull a line of credit , say 10k to pay down a vehicle loan at 3.6% compound interest for 8 years? basically can you use the LOC to pay off other loans? Thanks a mill 🙏
yes this is a good idea just make sure not just borrowing the money and paying off the LOC like you would a regular loan. You have to make chunks each and every month.
Well how about if you have very low credit score how do I go about telling them
I wrote down all your questions and you what bothered me the most I felt dumb asking. I still don't understand the deeper I go ugh... I'm so stress out, so the information I'm trying to grasp in my head is not authorizing my brain to comprehend. Smh can you do another video like this for people that make under 29,000 and have fair credit?
Good afternoon, Do remember from which credit reporting agency did Bright Star CU pull from??
I do not remember but I will call on Monday and respond back in the comments
Bakwas Bazi I have not been able to get a straight answer yet other than we check your whole profile and things like that. It also depends on what I’m applying for. I have to do more hw sorry for not being prompt on this. I know for example when you go to a specific dealership to buy a car they pull from a certain bureau. I’ll find out tho if your in Florida too let’s call together and try and find out
@@DenzelNapoleonRodriguez no problem, I know you're super busy. I wouldn't be surprised if it was Experian.
great video
What is the max amount of money does a personal line of credit get
33000
Hey Denzel , is a readi-cash line of credit the same as a personal line of credit
It depends on my personal qualifications when I talk about all lines of credit. You could have a readi cash line of credit or a PLOC and let’s say the rate is 14%. It doesn’t matter if there the same tool the tool is useless if the rate is too high does that make sense? I look at more than the just the name of the tool I look at the overall tool and use of it can it do what I need it to do with velocity banking
Is the idea of getting a line of credit to help you save on paying interest, if you have a credit card to use?
What about lines of credit that charge the interest daily rather than monthly?
LouisaCrystal what this
ruclips.net/video/BKbkZrvaEVk/видео.html
What if they ask what's the reason you want a LOC.. What would you tell them
I am looking to increase cash flow, pay off debts, lower my household expenses, and build my credit score up
@@DenzelNapoleonRodriguez thank you this is amazing. I have a home.
Im having an issue getting a clear answer on how the interest of the loan is calculated. If the APR is at a range 10.49 - 15.74 is it safe to think its simple? I'm shocked at how many bankers I've spoke with today who seemed confused by me asking how the interest was calculated.
pguerrero329 I know it’s crazy right you have to repeat those questions to get to the answer. It can be frustrating but understand this concept is not taught at all whatsoever. Revolving line of credit is to key to knowing whether that interest is simple or amortized
Calculating Finance Charges the Simple Way
The simplest way to calculate a finance charge is:
balance X monthly rate
For this example, we’ll say each billing cycle lasts a month (so there are 12 billing cycles in the year) and that you have a $500 credit card balance with an 18% APR.First, calculate the periodic rate by dividing the APR by the number of billing cycles in the year, which is 12 in our example. Remember to convert percentages to a decimal. The periodic rate is:
.18 / 12 = 0.015 or 1.5%
The monthly finance charge is:
500 X .015 = $7.50
Would the amount be random or can you let them know how much you would need
bank always ask you how much you want
Thanks for the advice. I tried applying for one through my bank, of which I have been a member for nearly 20 years and have a credit card through in perfect standing, and was turned down. I will start checking credit unions near me immediately.
I'm glad i could help. Don't let that denial stop you there are so many options out there do not limit yourself create that radius and start searching for those credit unions and non for profit banks for the best results to apply velocity banking
Me too, I dont understand how a bank that you have good banking history with denies you. It's like why am I banking with you if you can make money off of me but can't provide me with a service when I need it?🤷🏾♀️
ob2be1 bank is making money as soon as you deposit money. The LOC is something not promoted because it makes less money than a loan and the loan is less risky for banks
my line of credit is prime rate plus 8.97%.. prime rate is 2.45%.. sooo 11.45% is my personal line of credit rate!! seems high after watching this
Denzel I tried today getting info for the L.O.C with 3 credit unions I followed the questions, so they do offer lines of credits but, when I asked them about simple interest, they seem to hesitate and state that it all depends on my application and credit?
How did it go
Just use a line of credit using a balance transfer. They are usually under 5%
excellent video! Please enhance the sound quality on the next video...
NewAgeNote you got it the video coming out today let me know how it sounds I bought a different mic
@@DenzelNapoleonRodriguez sure thanks!
I have 2 videos coming out tonight to see the difference in quality
having some technical difficulties i'll have the video out tomorrow sorry about the delay
What if you have no debt? I just have monthly bills--rent, utility bills, internet, auto/rental insurance, groceries, gas. Do I need this?
The next step in my opinion would be infinite banking and then investing if you are not already doing that. For me velocity banking is added protection in my finances and allows me to save a ton of money running my bills through credit cards cash back and points. The better my credit score is the better deals I get overall which leads me to saving more money overall.
Thanks for the info Denzel I just had one question regarding the draw period and pay period. My bank is offering the line of credit with a 5 year draw and a 5 year pay period. Would that make a difference since I'm paying it back in full before that or do I need one with no deadline which is pretty difficult to find
there not that hard to find but there is not an issue there once the period is over we will switch to a new debt weapon
They ask what do you need it for ?! What can I say
How does applying for multiple lines of credit hurt your credit score besides the points lost from a hard hit?
Because they have to do a credit check and credit checks hurt your credit score
@@kristalnaomi thank you for responding. I asked "besides the hard hit". Which means other than the credit check, how does applying for multiple lines of credit negatively affect a credit score
Very annoying how most of the Velocity banking advocates mis-use terminology for simple interest, amortized interest, average daily balance, etc. it makes me wonder if it’s intentional or they really don’t know what these terms mean.
since Covid-19 hit us, i know my bank is not accepting applications for PLOC's - does anyone know what banks are doing them?
Prototype Eight navy federal credit union
Do you offer personal lines of credit
Is it revolving
How is the interest calculated: calculated by simple interest
Interest rate: below 12-15%
What credit score do I need to qualify
You should do this in Spanish Danzel!!!!
What was your credit score when you got that line of credit?
at the age of 20 I think I had a 650 or less
What does revolving mean? And what does amortize mean?
Mike Poston please watch my old videos on what is amortize interest and simple interest I break it down fully
Google is your friend
Solid bro! Thank you
When i search for thses types of loan online, they seem to have time limits on them. For example one says "up to 4 years". Is there a specific was to ask for one that doesnt expire?
you ask is it revolving once it is revolving there really is no timeline. Term LOC is not bad either you know especially when you apply the concept. Remember we are not keeping the balance owed on a LOC for a long time
can you ask the person on the phone at the credit union "can a higher credit score lower that interest rate?" after they told you "the interest rate is 10.99%"
10% on a credit union for a line of credit is actually low some banks are about 15% to 19%
Your credit score and history of loans do play a role in intere
@@mylifeisamememylifeispathe3140 I just want to know if it's possible to go lower on interest with a really good credit score.
I'm trying to get a revolving personal line of credit and all my local credit unions only offer the credit cards not the revolving line of credit. I'm looking door 15,000 and my credit score is 750. I guess the credit card will have to work
I would not guess do the pre-game work there are plenty of banks offering lines of credit all over the US
Watch this playlist - ruclips.net/p/PLnF-b0Fck4LiPKf81FbCgtRQaoYf4bzmT
@@DenzelNapoleonRodriguez what's the diffrence on having the line of credit on a card then a revolving line of credit?
I'm just wanting to buy a car a d fix it and re sell it. Then find another and fix and re sell
@@ddemier a credit card is credit card a line or credit or HELOC is a separate tool. I have plenty of videos breaking down the different tools. A credit card in most cases cannot be used to buy a car or make a mortgage payment without additional fees. There are no fees with a personal line or credit or HELOC
How do I get personal line of credit with bad credit
by building credit one step at a time
Hey. I'd like to connect with you. What's the best way to do that.
2 Trill Productions here’s my email denzel@buildertocontributor.com look forward to connecting
Get a microphone please! Otherwise good stuff.
Tiko Blane bro that’s crazy I have one it’s a directional microphone on my devices it sounds really clear but for others I don’t know I’m gonna start a poll and figure this out
@@DenzelNapoleonRodriguez thanks
Hi was thinking of doing this to pay my mortgage 200k I have a credit card at 8.5% for 21k is there an advantage of getting loc if the credit card company will give me checks to write mortgage company?
Dave R yeah less fees credit has fees to move cash
I guess a heloc is better then loc cause you could probably get more money?
How can I get ahold of you
hello my website here - www.denzelrodriguez.com/contact
What if you don’t have proof of income due to tax write offs on a 1099?
I’m assuming it’ll be harder to get approved just like it is with getting approved for a mortgage I’m assuming I could be wrong
10% interest rate is high. you want to get at least 8.75%
Mike Poston this simple interest doesn’t really matter but yeah if your credit let’s you get a lower rate always go with the lower rate
10% is not high for a 5k line that is constantly moving.
Step 1- have a good credit score
Step 2 - if credit score is bad have money in the bank
Step 3 - if neither, don't apply until 1 step is complete
make a video on a secured LOC
I will put links for videos I’ve done on secured line of credit - ruclips.net/video/dgHnepG5cBg/видео.html
ruclips.net/video/rNFRxjrCyn4/видео.html
ruclips.net/video/Vrdfrs-Ej5k/видео.html
How indebt do they go when they run your credit? Do you have to make a minimum amount per month and do they look at income/Debt ratio or do they just simply check your credit scores?
for me they just ran my credit and I was qualified. Pretty much the same process of applying for any other type of debt.
@@DenzelNapoleonRodriguez If I'm not mistaking, alot of banks do look at your DTI ratio. Then again, I guess it all depends with bank and amount your requesting.
So if the line of credit says variable interest rate i shouldn’t get it?
Dtrickster Davis no most credit lines are either variable or fixed ideally we want to shoot for the best debt tool according to your situation
Denzel Napoleon Rodriguez copy yea currently i dont have any Debt but i may be in the process of buying a home for a 30 year fixed plan around 100k i i recently saved 40k but i dont want to use the full amount becuase i want to follow your method to create leverage so i can keep my cash flow while also building my credit just need some guidance i am 20 years old credit score currently is at 727
Denzel Napoleon Rodriguez none of the banks that i just looked at necessarily said simple rate the two banks that i just looked at was PNC and fifth third bank
But they did have a line of credit tho
Dtrickster Davis this should help you just need to do more homework and research ruclips.net/p/PLnF-b0Fck4LiPKf81FbCgtRQaoYf4bzmT