Any line of credit is great with Velocity Banking! This is the order you use them!
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- Опубликовано: 3 май 2024
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Mrs. Vann is awesome.
As my credit card balance shrinks, I've had no desire to splurge on any purchases. In five months I've reduced my balance by 80%. Soon, that cc will be paid, and I will just keep cycling my income into it for expenses, and start working on Infinity banking.
Thank you for sharing.
That’s amazing!!!
They did that to me. I paid a large sum and out of no where I tried using the card I land it was declined. Turned out the lowered my limit. Not just for Sam’s club but Amazon as well. Low and behold both cards are owned by synchrony
You are God sent, keep up the great work
You are an Amazing woman! Your channel and content that is deeply in depth shows your resilience to help so many situations that people truly need help with. We know you dont have to even do what you do but I am thankful for what you do. I appreciate you and I know your subscribers and other fans out there do too. ❤💯👍
@dt9233 THANK YOU SO MUCH!!! ❤❤
Thank you for this ! Was just starting to look into the difference between credit card and line of credit to figure out which one to use for my situation.
You’re a VANNtastic lady!! Learned many hard finance lessons throughout my life. Refinancing, credit cards, you name it, I did it. My number 1 desire now that I’m on the other side of not so wise money moves, is to pay off my mortgage. This desire led me to your channel. I watched your webinar regarding automated velocity and realized I purchased something similar to that software in 2007. Thank You Lord for connecting the dots on my behalf. That software is exactly what I purchased but I guess back then it was about selling the product because I never received training or support. So after blowing my HELOC and living unwisely the software just went into the drawer and died or so I thought lol. New mindset, same software, I’m ready and very excited to do the right thing by my finances!!! My appointment with a trainer is on May 7th. Thank You so much for sharing your heart and passion.
AWESOME!! It's all about mindset! You can do this!
Thank you this is PERTENT INFORMATION...
The most logical video on the internet ❤❤
Absolutely love your videos. So glad you're telling everyone about the credit cuts going on. I was unaware and sadly Citi cut mine at Christmas time last year. I know Synchrony hasn't only been cutting limits - they've also just been closing accounts entirely. It's good to be aware and just be careful with it.
Absolutely, synchrony is probably the worst when it comes to closing accounts. In some cases I've heard people with 25K credit limit getting cut to 1K.
@@Jesus-kt5dc Oh gosh that's terrible
Holy cow…that’s horrible 😮
@@MyMusiclover28 It really is!!
AND THEY JUST RAISED INTEREST RATES TO 36% on some cards! @latesummer93
Citi did that to me last month...
Good Educational Content
Thank you!
Barclay lowered my limit and I only did a $400 payment to test it. I’m glad I didn’t put more in.
I'm happy that you did a micro payment to test it. I hope your next balance transfer goes better.
why do they lower the limit if your paying them back??
@@RealBoyBeats Good question, I would like to know too. They just gave me a generic answer of high balances on cards and no mortgage payment.
They did the same stuff in 2008 after the stock market crash.
@@jenncas67 The reason banks lower credit limits is to mitigate risk. Meaning to lower the risk of them losing money. This is why they close credit cards that have been dormant and lower limits on one's that have been carrying a high balance. They also raise the minimum monthly payment. For the most part from 2% of the outstanding balance to 3%. Right now they're doing it because of the uncertainty of the economy, they don't know if people will lose jobs and can't pay back their debts. Hope this helps, have a great day.
It happened to me last month. Lol 😂
Love my Capital One card!!!
I am new to your channel and velocity banking. Question: can I pay smaller balance credit cards with the income I put on the card that acts as my loc?
Any recommendations on which banks or Cresi Unions to look at getting a HELOC? Low rates little fees for someone with excellent credit
Can I have several “expense” credit cards to satisfy monthly payments ?
Is there a specific time during the billing cycle that we should deposit our check or pay our bills.
Wondering if you are familiar with the use of obtaining an LLC and business LOC or Credit card to pay off or purchase your home?
What if you can’t qualify for a line of credit and/or don’t have enough equity built up in home but have substantial debt?
can i get a heloc on a manufactured home on 6 acres that has been converted to real property?
My credit union doesn’t offer PLOCs, but does offer a revolving Overdraft Line of Credit with unlimited transfers and no transfer fees. The interest rate is reasonable. Can an Overdraft Line of Credit be used to reduce credit card debt when a PLOC isn’t available? Appreciate any guidance on that.
😮 that’s EXACTLY WHAT HAPPENED 😂
Hello, which companies or banks offer line of credit nowadays? I’m not a homeowner.
I applied and was approved for a 0% for 21 months - $13k limit credit card with my bank. I transferred some of my debt into it (I will transfer more as I pay it down) I also linked that credit card to my checking account. I pay EVERYTHING from the CC and then put all my income towards that card. The CC also acts as overdrawn protection with NO fees, so I use my checking account to pay my “cash bills” (mortgage, car, ect) even if I don’t have the money in my bank when the bills are due. The money is transferred from my CC to my checking account automatically to cover any charges. By my calculations, I will be debt free (including this card) before the 21 months are up 😅
What bank do you bank at?
What bank is it ?
Christy how do we send you the worksheet when we fill it out
So your just saying to put all expenses on CC's and pay it off every month? To get the benifit of credit usage and card benifits? Been doing that for YEARS
Is it normal for a heloc to have a redraw period of like 30% of the total time it's good for?
The part that really surprises me is the fact that this information is not common sense to most people. Myself, I only use interest free credit cards with cash back rewards for all chargeable expenses.
I've set everything up. All my bills that I can pay are now transferred to auto pay through my credit card and I'm going to put every available dime into my CC and pay it off after that I'll switch everything to my smaller CC and knock it out too.
Right now I'm at 693 credit score so after I'm done with my CCs I'll ask the bank for a line of credit and start working on my mortgage but I have some confusion about that process, its further down the road though and I'm literally excited to pay my bills. Is that weird!?
Yes, it is weird to be excited about paying bills. There are very very few of us. ;)
@Joe-em3iw credit score already increased since this post and I'm ahead of my bills by a mile now
My Chase card was over limit-$3.56 for 2 days and they reported and my score decreased 😪
Thank you for sharing, you are such a blessing because I really dont want to eat rice an beans for 5 yrs. lol I have been watching a lot of your videos and just started on my journey this month. I have one question though. The government is planning on bringing in the CBDCs soon. When they do, what happens to the credit cards, etc... at that point? And, if we dont want to opt in to their CBDCs what other options would we have to pay for everything?
Credit cards would probably still exist. Look at CBDC as just money in a different format. Paper, Coins, Credit Cards, Debit Cards, Checks, CBDC are all just a type of money. The majority of people don't know that only about 8.3% of our money is physical. Today's money is mostly digits on a computer screen. Have a great day.
Almost forgot food stamps (EBT), coupons, chuck e cheese coins are also a type of money. The difference is that EBT and all the ones mentioned are government created money. Have a great day.
So how does the PLOC work when you say use it for expenses? Do they give you card, like how do you use it for gas and groceries? Or do you transfer from PLOC to checking to buy that stuff. That’s the part I am confuse with on the line of credit.
Me too
Banks and credit cards are getting scared people learning how to get of debt.
Ok serious question about newer mortgage with very little equity available & unable to obtain a HELOC. Should I consider to Use a PLOC to build equity while reducing overall interest and overall length of the loan. Then transfer to a HELOC . Thanks for your vids.
@StraightRazorChef-sm4ow Yes! Thank you!
AMEX
👋 If I have multiple cards with balances should I start with the highest limit/ balance or smallest? I just took everything off auto pay so I can start working this method but I need your help 🙏🏽
Highest minimum monthly payment to gain the most cash flow.
Christy, my TRANSUNION score went up 19 points🎉 Reason? Because my balance went UP. Crazy 🤪 SMH
Why not just apply 75% of the 5000 toward that card?
How do I sign up? Why do credit cards do that? I was paying off Lowes. Regularly. Yet they lowered my credit limit Noy fif that piss me off !❤❤❤❤❤❤❤❤❤
But it's a store card you don't buy anywhere else ask for an increase if you want to use
My son is buying a house this month. He applied for the mortgage loan and was approved. Does he get the line of credit after or before buying the house? And will that affect his eligibility for a mortgage loan? Thanks in advance
He was suppose to get it before to start VB. Now you have to wait until he gets the house.
Thank you very much for your help. How can we contact you? Personally I did exactly as you said, but they did not raise my credit limit now I’m stuck.
Does chunking only apply when you max out your credit card?
No it's any amount
Say you have a $1000 limit
You chuck say $300 on something you paying down. Get that payed back to say $50 chuck another $300.
Citi and Discover just raised my limit. They were almost maxed, should I pay more than 50 a day?
Sure, try 200. You just don't want to do big payments because it makes it too noticeable. 1,000 big payment looks different than 5 payments of 200 during the month. Hope this helps, have a great day.
Christy, my husband and I are closing on our HELOC this week. We were using velocity banking with our credit card and will now move over to the HELOC. My question is, I have an AmexPlatinum Delta card, which we were using to accumulate miles for travel. Can I still use the Amex card for our monthy expenses and make the payment to that card once or twice a month from the HELOC?
Of course, even more reason to use credit cards for rewards. The HELOC has lower interest than a credit card so it makes it difficult to ever carry a balance on a credit card. The credit payment is saving you interest parked in the HELOC, then when you pay CC from HELOC it saves you the high interest on the CC. Hope this helps, have a great day.
@@Jesus-kt5dc Thank you for your reply. One additional question, the Heloc monthy payments will be due on the 10th. Our rewards credit card reporting date is the 11th, I'm trying to make it make sense in my head. Does it make sense to possibly change the due date of my credit card to the end of the month? I'm thinking the 27th.
@@JDPopo You can leave it as is. I know you're thinking to change it because you probably think doesn't make sense to put the money into HELOC only to pay the CC card the next day. That's actually not what's happening. You are parking all your income into the HELOC so you're lowering the average daily balance the entire entire month, it just happens that the HELOC and CC due dates are next to each other. Myself (just for psychological reason) I would change it towards the end of the month. Myself I have 13 cards due on the 28, 1 due on the 27, 2 due on the 25th. This makes it easy to keep track of my cards to collect rewards. So in your shoes yes change it to the end of the month. Nothing past the 28 because all months have a 28 and doesn't ruined the rhythm of payment. Hope this helps, have a great day.
@@Jesus-kt5dc Awesome! Thank you so much!
@JDPopo That’s exactly what I do!
But what happens when or if they cut hours at jobs or random accident what would happen ?😮
That's why we don't close lines and try to get as many as possible. Also when fired stop trying to pay off debt and just keep head above water.
I'm slowly grasping these concepts and I'm looking forward to implementing them when I get an income going again. Is there any benefit to making my mortgage payments come out of my LOC? Instead of my bank account?
Pushes down the average daily balance.
Let me take that back. It doesn't matter if you pay from the LOC or checking account, as long as you had the payment parked on the LOC to push down the average daily balance.
Hi! What I don't understand is if your expenses keep going on your card your balance will keep going up? You Are paying on the interest as well as the balance! Isn't that just going around in circles?
Yes. Your card will keep going up and you will pay interest UNLESS you put your whole paycheck on the card. There are so many reasons why this is a horrible idea. Please don't do any of this. For instance, what if you put more charges on your card than your paycheck? That means you can't pay off your credit card every month and it accrues interest. Cut up your cards. You can't get out of debt with more debt. This is nonsense. Cut the cards, pay them off by starting with one and paying extra while paying the minimum on the other cards. Then when the first one is paid off, go after the next one and so on. That's what I did years ago. I also made a budget and stuck to it. I took my paycheck and got cash to put in envelopes and made categories like groceries, household, personal, etc. I only used my debit for gas and utilities, rent. I was super focused on my credit card debt and went after them one by one. I've been out of debt for many years now and it's wonderful. I have tried to watch these videos with an open mind but I think they're dangerous. A heloc is a loan against your HOUSE. If you can't pay, they take your house. A credit card can sue you for the balance if you can't pay and they did sue my daughter who wouldn't listen to me. They won and now they can garnish 25% of her wages. CUT THEM UP. Use cash. Get on a written budget. Go after each card like it's a disease. Don't play around with them because you'll get burned.
I'm going into my 4th month. I chose to start velocity after the bill came in (for a fresh new 28/30 days bill cycle for interest comparisons to see if it honestly made a difference doing this).
I started on the very day the bill came in. I literally checked online every couple hours until it posted the amount due.
I was at max - over by $55/$60. 😕 (had been for a few months; and this was even with a huge payment I had made before starting velocity)
Payment: weekly
Food, Gas other expense (minus bills due) I did with checking or another credit card not in velocity. I only use this credit card for velocity. No other charges, loans of HELOC or anything like that. Just a credit card - I wanted to see how well this worked, tbh.
*Feb* : First month I went slow on my counting and interest $174. I put some payments in that fit their bill, then a lump sum. Testing the waters. Noticed I paid my credit card bill without paying it. I had been so stressed over that, I didn't even notice I had. I had extra money I was able to go grocery shopping *without* a credit card. 🥳 it was nice..however I was still going slow.
*Mar* : Second month the interest $154. I put in a bigger lump sum and a couple of payments that matched their bill. Still kinda testing; trying to figure out how I wanted to do it and to see how the bank updated the amounts, and how fast bills came in, cleared and whatnot. :: Credit score went up 45 pts. Not sure if related.
For these two months I was being extra meticulous on what the payment was going in there for, in my notes. Which I found was a waste of my time and useless stress by third month.
*Apr* : Interest $164. Third month, I just counted up how much I needed in a whole, dropped it in there for that one week and then another big payment for another week. I did that for each week we got paid. Yes. I was out of my comfort zone. This is where I had stopped before when I tried this a few years ago; but in biweekly payments, not weekly.
*May* : Interest $157. This month. It looks as if the current balance isn't going down, however I know it is, but *slowly*. I was maxed when I started, even $55/$60 over. I had reasonable interest charges ($114 to $126), which is weird considering I only made the min and I was over limit.🤔 :: Credit line has been increased 3k this month, which they hope I use. I will not, thank you very much😅
Expenses come in, but not all at once, so it's a trickle. As you're adding money, it replaces it *slowly* that's why I don't use it for anything but bills until it gets down and more under control.
I looked at my paperwork to make sure I told you correct totals. I hope this helped. It's a *slow process* and does seem like a circle. I even made that same remark 2nd month in, and that's why I quit before my 3rd month was done last time years ago. But I'm going to keep going. I do see some process. I've eliminated the $250 credit card payment, it's increased the credit limit and helped the credit score extra because of that. I'm still new to it, but I'm learning as I go. 😊
It's just moving money around you're not paying anything off.
@@tammydye1902 I basically said the same thing and explained why this getting out of debt by using more debt is a horrible idea. My comment got deleted. I got out of debt years ago by writing out a budget, using cash envelopes and going after each card one by one. I started with the card that bothered me the most. I went after it. I paid it off then did the rest. I've been debt free for years. Cards cut up. No loans of any kind. I'm sure this comment will get deleted too.
Walked into my bank and I told him that I needed around ten thousand dollars line of credit and that I don't own a home so the only thing they could offer me was a fifteen month card or an eighteen month card. Is that good?
The biggest mistake with the velocity banking is the assumption that the deposit lowers the total interest paid that month because it reduced the balance owed for the WHOLE month. This is just a really bad assumption because you are paying multiple bills through the month using your credit line. So essentially, you are paying same balance you started with.
But you are paying less interest at the end of the month, because they charge daily interest on the balance, so if you start low, and slowly build up through the month, then pay a big chunk, you end up paying less daily interest than if you just charge up the whole amount you would use at the beginning of the cycle.
Banks and credit cards are getting scared people learning how to get of debt.