It breaks my heart that this info didn't come to me until after the fact. Even as much as I researched and all the questions asked, none of those people mentioned this to me.
I searched my area and banks are mainly offering personal loans. I have a LOC for overdraft at 15K but the PLOC their website offers for 20-25K was not offered at the branch. Our banker tried to put us in a personal loan while we waited to do a HELOC application, and my husband was about to fall for that, but I had to stick to my guns because it didn’t make sense. I paid down the LOC enough to put a 10K HVAC purchase on it, and NOW I will wait for the HELOC approval while I pay down the LOC. Only thing is they only offer 2nd lien helocs and after doing research local to me that’s what everyone is offering. Seems like some of the products you talk about aren’t being offered anymore.
Wow!!! I'm 53 and learning so much on your channel. I'm recovering from an abusive marriage. Financially I'm starting over with credit card debt. Your videos have given me knowledge and hope❤
P. S. Congratulations on the 232,000 subscribers you have seriously earned each one of us several times over, thank you for continuing to fight this good fight and to teach us especially during these trying times and... Especially during these soon to be future harder times, please allow me to thank you in advance.
Hi Christy and everyone who subscribe to your channel, this is the strategy I do for my simplified velocity banking, for my car loan @ 4.99% - I have a HELOC @8.5%, every 3-4 months I take 5k from HELOC to pay principal only payment, when that 5k is paid off I take another 5k and same cycle begins. I call it simplified because all of our house bills still come from the checking account and the cash flow pays the HELOC. The car loan is 55k and is now down to 26k in 16 months.
Ironically, they didn't offer me a loan. I told them straight out that I wasn't looking for anything but a LOC. They did, however, offer insurance for that LOC. I deferred for now until I have a better understanding of the situation.
Isn’t a Loan also simple interest because you are not paying interest on top of interest? Once you make a payment you calculate next month’s interest based on your remaining balance. On a credit card you do pay interest on top of interest if you do not pay the balance in full.
Loan interest is simply calculated based on the principal balance outstanding. There is no difference between interest on a line of credit and a loan it's calculated the exact same way. Interest equals principal times rate times time . I equals PRT.
I hope you can help me with this?. I just got my HELOC and I only have an account number.. I get checks and a card.. this is not what I was expecting.. US Bank. Will this work the same, I am working off my Expenses..
@@hunterchasemaynard2529 Makes sense to open a checking with U.S. bank and link your heloc to the checking. All expenses come out of the heloc if your checking remains at 0 . Hope this helps
Us bank offers personal loc. Or any credit union. No need to own a house for a PLOC . A HELOC requires owning a home/ equity in the home. (home equity line of credit)
It breaks my heart that this info didn't come to me until after the fact. Even as much as I researched and all the questions asked, none of those people mentioned this to me.
I am 😢, I have been robbed 😮
I searched my area and banks are mainly offering personal loans. I have a LOC for overdraft at 15K but the PLOC their website offers for 20-25K was not offered at the branch. Our banker tried to put us in a personal loan while we waited to do a HELOC application, and my husband was about to fall for that, but I had to stick to my guns because it didn’t make sense. I paid down the LOC enough to put a 10K HVAC purchase on it, and NOW I will wait for the HELOC approval while I pay down the LOC. Only thing is they only offer 2nd lien helocs and after doing research local to me that’s what everyone is offering. Seems like some of the products you talk about aren’t being offered anymore.
Wow!!! I'm 53 and learning so much on your channel. I'm recovering from an abusive marriage. Financially I'm starting over with credit card debt. Your videos have given me knowledge and hope❤
Aha
P. S. Congratulations on the 232,000 subscribers you have seriously earned each one of us several times over, thank you for continuing to fight this good fight and to teach us especially during these trying times and... Especially during these soon to be future harder times, please allow me to thank you in advance.
@AdMan-The -LabRat Thank you and stay encouraged!❤️
Just a pice of advice Christy Vann, this video should be required viewing before explaining or attempting to explain velocity banking.
Ain't that the truth. I never even heard of a line of credit. Granted I'm not the banking type. Thus I'm a prime target for boa. Let's fix that..
Hi Christy and everyone who subscribe to your channel, this is the strategy I do for my simplified velocity banking, for my car loan @ 4.99% - I have a HELOC @8.5%, every 3-4 months I take 5k from HELOC to pay principal only payment, when that 5k is paid off I take another 5k and same cycle begins. I call it simplified because all of our house bills still come from the checking account and the cash flow pays the HELOC. The car loan is 55k and is now down to 26k in 16 months.
Finalized heloc yesterday. I'm Officially bought in. Cash in the bank is losing its value HAND OVER FIST and interest takes the rest.
You are the goat of line of credit. Thanks so much. I forwarded this video to my kids! Never knew about this heist!! Good weekend vannastic😅
Walked in Wells Fargo yesterday? I would like a line of credit? They told me we do not do that. We only do loans
Ironically, they didn't offer me a loan. I told them straight out that I wasn't looking for anything but a LOC. They did, however, offer insurance for that LOC. I deferred for now until I have a better understanding of the situation.
That front loading should be illegal
Christy, you are working your ass off 😅 keep it up girl 💪
@poolfiend007 😂..🙏🏽
What is a GREAT LINE OF CREDIT & Personal Loan Options⁉️ I have been following you for a while and my CS increased 🙇🏽♀️ thank you.
How do you use the line of credit to buy a house?
I hit the like button ASAP!!!
Isn’t a Loan also simple interest because you are not paying interest on top of interest? Once you make a payment you calculate next month’s interest based on your remaining balance. On a credit card you do pay interest on top of interest if you do not pay the balance in full.
Loan interest is simply calculated based on the principal balance outstanding. There is no difference between interest on a line of credit and a loan it's calculated the exact same way. Interest equals principal times rate times time . I equals PRT.
Christy what is your website for your worksheet so I can fill it out and send it to you then you tell me what I should do
I am with you and learning😢😮😊❤
Salute Christy❤
Have checked a few places all say no heloc offered in texas any suggestions
Thanks for sharing.
I hope you can help me with this?. I just got my HELOC and I only have an account number.. I get checks and a card.. this is not what I was expecting.. US Bank. Will this work the same, I am working off my Expenses..
@@hunterchasemaynard2529 Makes sense to open a checking with U.S. bank and link your heloc to the checking. All expenses come out of the heloc if your checking remains at 0 . Hope this helps
What happens when banks crash and freeze your line. You won't be able to do velocity banking without cash flow.
How often does this happen?
My credit was reduced when I stupidly suddenly deposited a large sum of money. I'm putting in small amounts more frequently.
What banks are offering a Personal LOC, without owning a house?
Us bank offers personal loc. Or any credit union. No need to own a house for a PLOC . A HELOC requires owning a home/ equity in the home. (home equity line of credit)
I have a $9,000. Bank loan, should I work on paying that off before I pay my credit card debt off?
Credit card debt is usually higher (22%_29%) interest than a loan, so makes sense to tackle cc first.
10 thousand and 5 thousand averaged does not come to 5 thousand. Am I missing something?
I have a $381,000 mortgage 5.75% pmt $2486 car loan $27,800/$533 pmt and ,$800 living exp. Where do i start?
Dariel
How do you put a CC in a line of credit? I have a 15 000 cc and I'm paying over the minimum and I'm still in the red or just even after paying.
Simple , transfer from ploc to checking then pay off credit card. 680 credit score needed for a ploc
@@mariaisabelescamilla2313 ok. What's pmoc??? I'm so new to this
@@mariaisabelescamilla2313 what's a ploc
Good info