your like that school teacher I never had that loves to help others by teaching actual useful life skills everyone should know from a young age. Thank you.
Engaging with books has significantly elevated my perspective on investing. True wealth isn't built through mere savings; financial freedom stems from strategic investments. I've learned that accumulating wealth hinges on making prudent investment decisions|
Choose a reputable financial adviser like *Jenny Pamogas Canaya* for insurance, regardless of the firm. With her dedicated career in financial planning, you'll receive guidance for growth, better navigation, and secure task completion-|
Discovering your familiarity with her was a delightful surprise. Over the last few months, I've had the privilege of closely collaborating with Jenny Pamogas Canaya. She has not only facilitated significant profits but also served as an exceptional mentor and trader. Her remarkable skill in navigating diverse market situations leaves me thoroughly satisfied with our partnership!
Christy, thank you so much for the time and effort you put into your teaching. You have blessed me beyond measure and I truly BELIEVE that I can do this. I am currently using a credit card as my debt tool so it's slow going, but I hope in the future to qualify for a PLOC. Looking forward to your masterclass. Blessings to you always.
GM Van. You are correct about, LOC does give you peace of mind. I do not even worry about what to do when my paycheck hits the bank. Transfer it into my LOC and forget it. I use my credit card for everything. My bills are on auto with my CC and it sends me emails a couple of days before the bills come off the card. If people only understood this concept and how just starting a routine putting your money in a LOC, it will almost seem like you are forgetting to pay someone because all those payments are now one payment which is cheaper that 6 or 7 payments. Not to mention the interest one will be saving. You will always have the negative people come on and try to disrupt. I use that as motivation and mash the gas even harder. Have an awesome Van.
Thank you both for your encouraging comments. I am on the fence about starting this journey and applying for the PLOC. Some say you have to be extremely disciplined for this to work which worries me because I am still learning. May I ask who you all get your LOC through? My only debt is a 15K car loan that I've refinanced and I just want to be done with it and keep that money in my pocket because I'm struggling more and more due to inflation.
@@khiarajohnson7852 It does that discipline, but it is SOOOO MUCH EASIER because an LOC helps to consolidate the accounts and payments you need to worry about. In my experience, discipline is easier when you can put all your focus on one thing instead of dozens. Good Luck! You can do it! The sooner you start, the sooner the peace will come. Prayers for you. 😊
with a 680 minimum credit score a credit union can give you a PlOC. It is not much promoted . Some are promoted on an app while other institutions only have it on a desk top.
@@khiarajohnson7852 you also have to be disciplined if you want to pay off debt the Ramsey way. What I have found is when people dont understand a concept they have negative things to say. Paying off any debt would require discipline if you want to pay off fast, but people want the minimum payments and not give up a certain lifestyle
@@khiarajohnson7852 IF your only debt is the car loan, make extra payments to principle. It doesn't have to be a whole payment, but extra $$ directed to principle. You could make "extra payments" ahead, too; get a month or two ahead, then you'll have some flexibility should an emergency come up. I recently used a balance transfer offer on a credit card for zero percent for one year. I calculated what extra I could pay (for 12 months) and transferred that amount from the car loan, reducing the front end of the amortized interest amount.
Thank so much for your videos. I do not have a ploc but I am getting my credit cards paid down before I apply. I have used my credit card paying my bills and putting my income in. My credit score changed 24 points in a month just from following you. I watch every video over and over
Amazing. I have done this technique for years I thought I was wrong. I am so glad I found your channel. We grew up my mom was a bookkeeper. She taught us girls the trade. I was told I was wrong in how I did this I am so glad I was right. Thank you.
I adore the Peaceful life statement, it's so true! I'm on my velocity journey and yes, I'm at peace knowing how easy this is to get myself out of debt. Thank you Christy.
I want to thank you. I Just found this video about 3 days ago, but just listening and beginning to apply it, gave me hope, and now I believe I can get out of our messy debts. Hope you have a Wonderful Holiday. Thank you, thank you, thank you and Blessings
I appreciate you like you would not believe!! You have changed my life pertaining to my finances!! Keep doing what you do! Merry Christmas and Happy New Year to you and your family!
OK, but how do people get approval for such massive PLOCs? 15K?! You need to have good/excellent credit score to get the approval or am I missing something? And for those of us who don't have a PLOC a VB road is going to be much longer...
Hello Ms Vann, I love that you give us hope. We need hope. I believe that there is no hope for me, I have been trying to dig myself out of debt for so long that I can barely see daylight from the bottom of this hole I am in.
I see the end of debt in sight thanks to your teaching. Now what? What should I be planning with no debt and excess money each month? Should I pay off the mortgage? Or invest those funds elsewhere?
I don't mean to speak for her but I bet she would say to pay off your mortgage. One video she said "if you could use a PLOC to pay $10k a year on your mortgage imagine how much money you'll be saving in the end?" I may be wrong but I think it saved about $69k and paid off the mortgage exponentially quicker
I need a video to "attempt" to make my wife understand this tactic. She does not believe me the we trade debt from one to another to make the banks money work for us instead of my money to pay for everything we do. Can you make a very simple "Volicity banking for dummies". Outlining good debt vs bad debt, and why you get into debt to relieve bad debt? I just can't get her to see this system us good.
Principal balance owed is a real number. The interest a bank wants is for next payment due. 30days. You don’t owe interest for next month because that is the future. Ur charts/graphs are an estimate of what might happen.
Christy, your work is so valuable! Learning from you over the past year has given me the confidence to take full control of my finances and cash flow. Merry Christmas to you and your family!
I've got to schedule a call with her!! We're starting our financial journey now that I've got my family, so on. And I'm so afraid of not being as financially literate and smart as we can be, to eventually have the free time and resources to enjoy time with them.
I discovered your channel not long ago , first I was like not sure how I got here (you said Jesus did , I agree ) , I'm starting to grasp it . I had life's series of unfortunate events medical debt , student loan , 3 bankruptcy, ive never had peace . I have no ploc , cash flow $700 I been scraping to save , im a server (do one from our perspective please ) I first going to tackle one cc at a time all I can do . So many questions since my first surgery at 21 now 46 I've work 2 and 3 jobs always losing . Your the first person I believe has a better perspective on getting out by working with the system. Hopefully in 6 mos I'll report progress . Currently the wave keeps crashing and I'm at point of just drowning under it all .
This is great information! But what you don't have debt, and want to grow your money from savings to make your money grow. Do you have any suggestions on how to make this kind of money with money you save?
The example has approximately $1200 of credit payments. It says she has $5568 in expenses. How can she put the total of her income into the personal line .That means she has around $4200 of other expenses which I’m sure a decent portion cannot always be paid by a personal line, I love this concept, but this is the problem that I’m running into with my finances. By the time I pay the couple of items, i.e. my mortgage and car payments The chunk that I am putting into my HELOC/personal line just doesn’t do all that much. I wish there were more examples in the videos of people taking out the items that they cannot pay by HELOC. Thank you for all that you do though I’m really enjoying all the videos.
Right now I am trying to do velocity with my line of credit which I owe most of it and I’ve been trying to work it down putting paycheck in but I struggle and have to get most back out to pay bills. I’m hoping after Christmas I will be in better shape financially to then do it. I believe this is the best way but right now I have been pulling most back out
I finally got my loc. But... I don't know how to link my loc to my checking account so that my checking will stay at 0 balance while all transactions be taken from loc. ??? How do I link them so that it'll work? OR* how do I make it work without linking them. I can make transfers between them but not link them. Please help? 🙏 Maybe a step by step video of how to do the banking part... example of how to transfer properly between accounts in different scenarios??
She said you take the loan amount, times it by the interest percent, divide by 365 and then multiple by 30. Example: $20,000×10%=$2,000 $2,000/365=$5.48 $5.48×30= $164.4 interest for that month (That's if it was at the $20k for the whole month because it'll average the balance if it fluctuates so thats the highest the interest would be but would actually be lower if you are putting income in bi-weekly)
Love your videos and recently set up a heloc, question do I need to transfer money to my checking account each time I pay a specific routine monthly bill? My banker says the heloc does not have routing numbers where I can assign auto drafts. Thx!
Hey Mrs. Vann, I appreciate and thank you for what you do. I emailed you last week and never heard back. Did you receive my emails. I would love to hear from you with some suggestions on my situation. I look forward to hearing from you. Thank you, Gregory Lewis.
Can you show my moms scenario? Social Security income: $807 monthly. Credit Card Debt: $733 min payment $29 /Kohls, $1,176 min payment $39 /Macy’s, $3,800 min payment $88/Discover Card at 0% interest for 18 months. I’m learning and I’m thinking she needs to transfer her payments to the Discover Card and then just cash flow her income into the Discover. Can you confirm? Thank you!
Would love to talk to you about this off of here if possible. Can't get into specifics here due to work and other clearance factors but I could really use your help with applying this if there is a way to get in touch with you
Probably a stupid question but what is not clicking is if I took out a LOC and put all of my income into the payment of the LOC. How am I supposed to pay for monthly expenses? Am I dipping back into the LOC every month to pay expenses too?
My question is , how can I add my balance from different credits into one !! Because some creditors only accept payments made by a bank account.. I have Best Buy , mattress firm , capital one , Apple Card , American Express and discover card !! But they only accept payments from banks account.. so it’s the how do I bundle it into one payment?
Is there a scenario where transferring a low interest rate payment into a PLOC would not be an advantage? Example: I have a truck loan about $13K at 1.74% and a car loan about $5K at 5.45%. Now the interest I pay on the truck is about $20 a month on a $520 monthly payment (I put down as much on the pricipal as possible before learning about PLOC) and the car is (if my math is correct) about $10 a month on a $250 monthly payment. I always put extra toward principal especially in the beginning to bring down that interest total. So at this stage I don't see paying these off with a PLOC would be beneficial to me when I would have to pay about $100 in interest a month on a $18K PLOC than the $30 I am paying now. Am I wrong? P.S. I am all for this and stumbled upon your videos within the last week so I am still learning. Just want to make sure it's beneficial before doing it. Thank you
I’m really excited to start this process. My washing machine broke down, and being 15 years old, I bought one during the Boxing Day sales. I had to put it on my credit card. (I didn’t want my PLOC to 0:37 be too close to the limit.)My problem is that I don’t think I can pay my mortgage out of my line of credit once I put my income in there. Also my life insurance is an automatic withdrawal. I’m scared I will forget to leave enough in my checking account for automatic withdrawals. I don’t have Excel to make a spreadsheet. Any advice Christy? Thankyou for all of your hard work! ❤️
Get your budget, income, and exoenses under control. Use a budgeting app if you have to. Velocity Banking requires that and discipline. Once you get your PELOC balance down, that is what you will use to take your mortgage payment out of when it’s that time of the month. Allowing you to put MOST of not all of your paycheck back in to your PELOC. Lastly, use your credit card to take your expenses out of during the month. Once that payment is due, you take those expenses out of the PELOC again. Good luck!
Thankyou, but I’m currently trying to pay down my credit card because of its higher interest. Isn’t that what I’m supposed to be doing? I put my income into my personal LOC every month, and have been paying expenses out of the LOC. Am I doing the correct thing? I thought I was. 🤔 Thankyou for your help! 🤗
Magically everyone she knows has a ploc or heloc....most ppl in debt don't have high limit cc's let alone loc. This system works, but getting the loan to do it is the problem
Hi Christy: I found your channel and have been binging on your videos- which I love! I'm so glad I found your channel! I am in the process of listing all my debts and want to start VB soon! I do have a question- my largest CCard is one that is more similar to a LOC; the CCard company has lowered my available amt already due to my debt to income ratios and being maxed out. I want to start with this card for VB, but it takes 7 business days for my payments to post on this card. Should I still use this card as my primary debt tool and just plan ahead to account for the 7 days? Or use another card? This one has the highest payment and the highest balance. Thanks again for all you do!
Great stuff, but if you have a spouse that isn’t on the same page and looks at available credit as a shopping spree this wont work. It takes a discipline to not add more expenses along the process.
Christy I applied for a ploc and was approved for $1000. That really wasn't enough to help. How can I get a larger line of credit? God Bless and Merry Christmas
Hello, I just found your site, my question is can I do this with an Apple CC, I don’t have an LOC. my income is $2232, expenses 472 and CC debt of 687/mth
Christy has several excellent videos using a credit card as your line of credit and shares that that’s how she got started with her velocity banking journey.
What should I do if my credit card company only allows to make payment drawn from my bank checking/saving account? In this case your method won't work, right?
The PLOC goes down and is paid off like all the rest of the debt. If you change your spending habits when this is all paid you can start creating real wealth if you want. Or just live comfortably within your means. The key here is to change your outlook of how money works if you don't do that you will end up in the same situation again and again.
Is there a way I can pay off an $8000 (remaining bal) car loan which has 2.5% interest rate. As well as a $6500 credit card with 0% interest using the velocity program. I know velosity is about lowering your interest but just wondering. Thx!!
If you can find a place that you can work with to help your followers get a ploc I believe this will help your followers big time. It's crucial to have a ploc or high limit cc to do this. But most ppl don't have these or an ability to get it
I have a credit card with a limit of $27,000. I want to use it but if I dump my whole check into it I would need some other method to make payments on things that won't accept a CC.
@terencescott I dont have a PLOC either so that's what I do. I pay everything to my CC except what wont be accepted, for that i use my checking. Dump everything else into the CC. I pay off my CC balance every week down to $0 so I don't have to worry about interest and maximize my cash back. I usually get about $600 every year
I have a question if you please? If you have a 10 year draw period interest only HELOC and all of your income is deposited into the HELOC does the finance company only take out the interest, when the goal is to pay down the principal before you enter into the repayment period? I understand that depositing your income into the HELOC satisfies the monthly payment, but how will the principal be reduced if the financing company only applies payments made to the interest. Can you tell them to apply the payment to the principal instead?
I never see how you work the timing of the payments in these videos. I don't get paid one a month, I get paid every other Friday. My mortgage automatically comes out on the 1st of every month. If I'm supposed to put my paychecks into the line of credit then it would seem that I would need to have money already in my checking account before I ever take anything from the line of credit. If I'm missing something please explain it to me. Thanks.
Hello! I have tried to do this on my own and am being tripped up by my varied monthly income and varied monthly expenses. I have about 4 credit cards that have very high balances because I've moved $ from one to another with 0% interest. I'm having trouble with the Line of Credit idea - do I use the card with the highest balance? What about the new card I got with no interest on purchases or balance transfers for a year (but not a high enough credit line to put everything on)? I wanted to streamline things with velocity banking but I think I've complicated it for myself...
Can someone please help me with this I have 15 credit cards they all have a zero balance I have two Navy Federal credit cards what would a 3300 credit limit add one at 25,000 credit limit I only have 450 Of debt on one of the Navy Federal credit cards add a 30,000 auto loan I don't want to use my credit cards for this can someone suggest a personal line of credit for me. Thanks I love this channel God bless this woman.😊
@@SchnabelMcSchnabelI was looking for information from somebody who is doing velocity banking instead of the traditional way there is a big difference in the two
You make a payment in the amount of the bills. Then you pay the bills. The amount of these bills should be at least the amount of the minimum payment. Then you have the minimum payment as extra cash because the bills and the payment for those bills acts as the minimum payment.
@@terencescott3957 either you leave that amount out to pay separately or utilize cash advances/direct cash deposits that your card may offer for free or low interest. Periodically
What if you have two credit cards that are both maxed out at $25,000 each? Currently, I am paying $1,000 every month just on these two cards. Do you think it would be wise to consider taking out a personal loan? I am uncertain if a line of credit would be approved for such a high amount.
I have a question.....when making a payment to my HELOC, it asks me if I want to apply it as a principal or regular payment. My thought is it doesn't necessarily matter as anything above the monthly minimum should automatically be applied to the principal, but can you confirm?
I Remember she said in a previous video that you would just subtract the cash payments that wont allow you to pay with a LOC from the income you use to pay towards the LOC.
@velocitybanking do you have a video on using high interest credit card to pay Line of credit ?? I maxed out the LOC but have a credit card with 3k available and using a balance transfer to replenish the LOC.. I need access to cash and it’s why I’m willing to use the high interest card. Ow
![Quando Rondo - Life Goes On [Official Music Video]](http://i.ytimg.com/vi/eIf3fhMXAow/mqdefault.jpg)
your like that school teacher I never had that loves to help others by teaching actual useful life skills everyone should know from a young age. Thank you.
Engaging with books has significantly elevated my perspective on investing. True wealth isn't built through mere savings; financial freedom stems from strategic investments. I've learned that accumulating wealth hinges on making prudent investment decisions|
Embarking on the investment journey at 40, I envision a triumphant testimony of significant success by the age of 55.
Choose a reputable financial adviser like *Jenny Pamogas Canaya* for insurance, regardless of the firm. With her dedicated career in financial planning, you'll receive guidance for growth, better navigation, and secure task completion-|
Discovering your familiarity with her was a delightful surprise. Over the last few months, I've had the privilege of closely collaborating with Jenny Pamogas Canaya. She has not only facilitated significant profits but also served as an exceptional mentor and trader. Her remarkable skill in navigating diverse market situations leaves me thoroughly satisfied with our partnership!
Christy, thank you so much for the time and effort you put into your teaching. You have blessed me beyond measure and I truly BELIEVE that I can do this. I am currently using a credit card as my debt tool so it's slow going, but I hope in the future to qualify for a PLOC. Looking forward to your masterclass. Blessings to you always.
Can you recommend books on investing?
GM Van. You are correct about, LOC does give you peace of mind. I do not even worry about what to do when my paycheck hits the bank. Transfer it into my LOC and forget it. I use my credit card for everything. My bills are on auto with my CC and it sends me emails a couple of days before the bills come off the card. If people only understood this concept and how just starting a routine putting your money in a LOC, it will almost seem like you are forgetting to pay someone because all those payments are now one payment which is cheaper that 6 or 7 payments. Not to mention the interest one will be saving. You will always have the negative people come on and try to disrupt. I use that as motivation and mash the gas even harder. Have an awesome Van.
Thank you both for your encouraging comments. I am on the fence about starting this journey and applying for the PLOC. Some say you have to be extremely disciplined for this to work which worries me because I am still learning. May I ask who you all get your LOC through? My only debt is a 15K car loan that I've refinanced and I just want to be done with it and keep that money in my pocket because I'm struggling more and more due to inflation.
@@khiarajohnson7852 It does that discipline, but it is SOOOO MUCH EASIER because an LOC helps to consolidate the accounts and payments you need to worry about. In my experience, discipline is easier when you can put all your focus on one thing instead of dozens. Good Luck! You can do it! The sooner you start, the sooner the peace will come. Prayers for you. 😊
with a 680 minimum credit score a credit union can give you a PlOC. It is not much promoted . Some are promoted on an app while other institutions only have it on a desk top.
@@khiarajohnson7852 you also have to be disciplined if you want to pay off debt the Ramsey way. What I have found is when people dont understand a concept they have negative things to say. Paying off any debt would require discipline if you want to pay off fast, but people want the minimum payments and not give up a certain lifestyle
@@khiarajohnson7852 IF your only debt is the car loan, make extra payments to principle. It doesn't have to be a whole payment, but extra $$ directed to principle. You could make "extra payments" ahead, too; get a month or two ahead, then you'll have some flexibility should an emergency come up. I recently used a balance transfer offer on a credit card for zero percent for one year. I calculated what extra I could pay (for 12 months) and transferred that amount from the car loan, reducing the front end of the amortized interest amount.
Thank so much for your videos. I do not have a ploc but I am getting my credit cards paid down before I apply. I have used my credit card paying my bills and putting my income in.
My credit score changed 24 points in a month just from following you. I watch every video over and over
Amazing. I have done this technique for years I thought I was wrong. I am so glad I found your channel. We grew up my mom was a bookkeeper. She taught us girls the trade. I was told I was wrong in how I did this I am so glad I was right. Thank you.
Started velocity to pay off son’s car and then will tackle 401K loan!!! So excited!!! I have shared your video with 2 people so far.
I have only seen a couple of episodes. So I sat down today and crunched the numbers. I will be debt free except for my house in May of 2024.
Can you do a video on personal lines of credit..on how to get one..
I adore the Peaceful life statement, it's so true! I'm on my velocity journey and yes, I'm at peace knowing how easy this is to get myself out of debt. Thank you Christy.
Velocity banking has worked instantaneously for me thank you for your help I was feeling so hopeless.
I want to thank you. I Just found this video about 3 days ago, but just listening and beginning to apply it, gave me hope, and now I believe I can get out of our messy debts. Hope you have a Wonderful Holiday. Thank you, thank you, thank you and Blessings
Wow! Thank you so much for sharing your wisdom! People would do much better by not going into debt!
Christy, your videos have been so helpful. Thank you 😊
I've now got a ploc and am paying off two vehicle loans. 🎉
The important thing to remember and is not normally mentioned when to deposit the paycheck to save the most interest.
I appreciate you like you would not believe!!
You have changed my life pertaining to my finances!!
Keep doing what you do! Merry Christmas and Happy New Year to you and your family!
You are vantastic,spread the word miss 🙏🙏
I’ve been watching your videos for a good while now and it is really so simple once you grasp the technique!
Thank you again and God bless you!
What if you have a credit card with 30 percent interest,would you still use that for velocity banking with no other options?
OK, but how do people get approval for such massive PLOCs? 15K?! You need to have good/excellent credit score to get the approval or am I missing something? And for those of us who don't have a PLOC a VB road is going to be much longer...
What how did I stumble upon this blessing of a lady
Hello Ms Vann, I love that you give us hope. We need hope. I believe that there is no hope for me, I have been trying to dig myself out of debt for so long that I can barely see daylight from the bottom of this hole I am in.
I see the end of debt in sight thanks to your teaching. Now what? What should I be planning with no debt and excess money each month? Should I pay off the mortgage? Or invest those funds elsewhere?
I don't mean to speak for her but I bet she would say to pay off your mortgage. One video she said "if you could use a PLOC to pay $10k a year on your mortgage imagine how much money you'll be saving in the end?" I may be wrong but I think it saved about $69k and paid off the mortgage exponentially quicker
I literally begin to figure out. I would be watching more n more of your videos. 😀👐🏿😮
I need a video to "attempt" to make my wife understand this tactic. She does not believe me the we trade debt from one to another to make the banks money work for us instead of my money to pay for everything we do.
Can you make a very simple "Volicity banking for dummies".
Outlining good debt vs bad debt, and why you get into debt to relieve bad debt?
I just can't get her to see this system us good.
Principal balance owed is a real number. The interest a bank wants is for next payment due. 30days. You don’t owe interest for next month because that is the future. Ur charts/graphs are an estimate of what might happen.
You're great, Christy! Thanks so much. We need all the help we can get!
Hey Kristie great video as usual!!! Keep them coming..... God Bless!!!!
Thank you SO much!!! You make this so easy to understand!!!❤
Christy, your work is so valuable! Learning from you over the past year has given me the confidence to take full control of my finances and cash flow. Merry Christmas to you and your family!
Love all your videos I have seen I'm starting it soon thanks
Thanks Vann!!! Another great video!! 🙏❤🤓
I've got to schedule a call with her!! We're starting our financial journey now that I've got my family, so on. And I'm so afraid of not being as financially literate and smart as we can be, to eventually have the free time and resources to enjoy time with them.
I wish she was my aunt or neighbor! Lol
@@adamwhitfield5571 😂
I discovered your channel not long ago , first I was like not sure how I got here (you said Jesus did , I agree ) , I'm starting to grasp it . I had life's series of unfortunate events medical debt , student loan , 3 bankruptcy, ive never had peace . I have no ploc , cash flow $700 I been scraping to save , im a server (do one from our perspective please ) I first going to tackle one cc at a time all I can do . So many questions since my first surgery at 21 now 46 I've work 2 and 3 jobs always losing . Your the first person I believe has a better perspective on getting out by working with the system. Hopefully in 6 mos I'll report progress . Currently the wave keeps crashing and I'm at point of just drowning under it all .
Awesome Educational Content
Good morning Vann!!😊
I need to make an appointment with you ASAP!!
This was a great explanation- thank you!
Great advice Christy, I like what you do. I will be working at this strategy, and going to get a line of credit. Thank You.
This is great information! But what you don't have debt, and want to grow your money from savings to make your money grow. Do you have any suggestions on how to make this kind of money with money you save?
Miss Vann I smell what your cooking!!!
Hello and thanks for sharing these videos! Would love to know what banks or financial institutions you would recommend for A LOC OR PLOC.
Thank you, God bless you.
Working it out thanks again
The example has approximately $1200 of credit payments. It says she has $5568 in expenses. How can she put the total of her income into the personal line .That means she has around $4200 of other expenses which I’m sure a decent portion cannot always be paid by a personal line, I love this concept, but this is the problem that I’m running into with my finances. By the time I pay the couple of items, i.e. my mortgage and car payments The chunk that I am putting into my HELOC/personal line just doesn’t do all that much. I wish there were more examples in the videos of people taking out the items that they cannot pay by HELOC. Thank you for all that you do though I’m really enjoying all the videos.
Wendy u can deposit your checks to plod or helot and then transfer the money to your checking acct to pay for the rest
Thanks for sharing helpful details.❤
Right now I am trying to do velocity with my line of credit which I owe most of it and I’ve been trying to work it down putting paycheck in but I struggle and have to get most back out to pay bills. I’m hoping after Christmas I will be in better shape financially to then do it. I believe this is the best way but right now I have been pulling most back out
Did you pay off other bills and consolidate with your HELOC/LOC?
@@Peaceonearthrn no I didn’t
@@Peaceonearthrn I had the ploc before I found Christy
I finally got my loc. But... I don't know how to link my loc to my checking account so that my checking will stay at 0 balance while all transactions be taken from loc. ??? How do I link them so that it'll work? OR* how do I make it work without linking them. I can make transfers between them but not link them. Please help? 🙏
Maybe a step by step video of how to do the banking part... example of how to transfer properly between accounts in different scenarios??
Dear Christy can you please show your calculations for how you get your Interest Percentages. Thank You.
She said you take the loan amount, times it by the interest percent, divide by 365 and then multiple by 30.
Example: $20,000×10%=$2,000
$2,000/365=$5.48
$5.48×30= $164.4 interest for that month (That's if it was at the $20k for the whole month because it'll average the balance if it fluctuates so thats the highest the interest would be but would actually be lower if you are putting income in bi-weekly)
Thank You for helping me with this. Greatly appreciated. @@YouDontKnowMe-qd2mc
Love your videos and recently set up a heloc, question do I need to transfer money to my checking account each time I pay a specific routine monthly bill? My banker says the heloc does not have routing numbers where I can assign auto drafts. Thx!
Hey Mrs. Vann, I appreciate and thank you for what you do. I emailed you last week and never heard back. Did you receive my emails. I would love to hear from you with some suggestions on my situation. I look forward to hearing from you. Thank you, Gregory Lewis.
Can you show my moms scenario? Social Security income: $807 monthly. Credit Card Debt: $733 min payment $29 /Kohls, $1,176 min payment $39 /Macy’s, $3,800 min payment $88/Discover Card at 0% interest for 18 months.
I’m learning and I’m thinking she needs to transfer her payments to the Discover Card and then just cash flow her income into the Discover. Can you confirm? Thank you!
Would love to talk to you about this off of here if possible. Can't get into specifics here due to work and other clearance factors but I could really use your help with applying this if there is a way to get in touch with you
single dad trying to make it work.....
Continue the fight.
Never give up
me too, on month 2 of this. I did go from a negative $250/mo cash to a positive using this and once my credit rating goes up, I will get a PLOC.
Same. You got this!
Rest but never quit. Your time will come to achieve financial stability.
Having to actually pay my heloc down. Before I can use it again, but using my CC to get there. It's working slowly but surely.
Probably a stupid question but what is not clicking is if I took out a LOC and put all of my income into the payment of the LOC.
How am I supposed to pay for monthly expenses?
Am I dipping back into the LOC every month to pay expenses too?
My question is , how can I add my balance from different credits into one !! Because some creditors only accept payments made by a bank account.. I have Best Buy , mattress firm , capital one , Apple Card , American Express and discover card !! But they only accept payments from banks account.. so it’s the how do I bundle it into one payment?
Hello, Can u do a video on whats involved in switching from regular vanking over to velocity banking specifically if the credit card is at its max.
Is there a scenario where transferring a low interest rate payment into a PLOC would not be an advantage?
Example: I have a truck loan about $13K at 1.74% and a car loan about $5K at 5.45%. Now the interest I pay on the truck is about $20 a month on a $520 monthly payment (I put down as much on the pricipal as possible before learning about PLOC) and the car is (if my math is correct) about $10 a month on a $250 monthly payment. I always put extra toward principal especially in the beginning to bring down that interest total. So at this stage I don't see paying these off with a PLOC would be beneficial to me when I would have to pay about $100 in interest a month on a $18K PLOC than the $30 I am paying now.
Am I wrong?
P.S. I am all for this and stumbled upon your videos within the last week so I am still learning. Just want to make sure it's beneficial before doing it. Thank you
Also, the truck was on a $40k loan 1 year and 9 months ago and the car on a 12k loan 1 year and 2 months ago. Like I said, I pay off the pricipal ASAP
I’m really excited to start this process. My washing machine broke down, and being 15 years old, I bought one during the Boxing Day sales. I had to put it on my credit card. (I didn’t want my PLOC to 0:37 be too close to the
limit.)My problem is that I don’t think I can pay my mortgage out of my line of credit once I put my income in there. Also my life insurance is an automatic withdrawal. I’m scared I will forget to leave enough in my checking account for automatic withdrawals. I don’t have Excel to make a spreadsheet. Any advice Christy? Thankyou for all of your hard work! ❤️
Get your budget, income, and exoenses under control. Use a budgeting app if you have to. Velocity Banking requires that and discipline. Once you get your PELOC balance down, that is what you will use to take your mortgage payment out of when it’s that time of the month. Allowing you to put MOST of not all of your paycheck back in to your PELOC. Lastly, use your credit card to take your expenses out of during the month. Once that payment is due, you take those expenses out of the PELOC again. Good luck!
Thankyou, but I’m currently trying to pay down my credit card because of its higher interest. Isn’t that what I’m supposed to be doing?
I put my income into my personal LOC every month, and have been paying expenses out of the LOC. Am I doing the correct thing? I thought I was. 🤔 Thankyou for your help! 🤗
Magically everyone she knows has a ploc or heloc....most ppl in debt don't have high limit cc's let alone loc. This system works, but getting the loan to do it is the problem
Hi Christy: I found your channel and have been binging on your videos- which I love! I'm so glad I found your channel! I am in the process of listing all my debts and want to start VB soon! I do have a question- my largest CCard is one that is more similar to a LOC; the CCard company has lowered my available amt already due to my debt to income ratios and being maxed out. I want to start with this card for VB, but it takes 7 business days for my payments to post on this card. Should I still use this card as my primary debt tool and just plan ahead to account for the 7 days? Or use another card? This one has the highest payment and the highest balance. Thanks again for all you do!
Great stuff, but if you have a spouse that isn’t on the same page and looks at available credit as a shopping spree this wont work. It takes a discipline to not add more expenses along the process.
How do you get a line of credit?
What is the difference between velocity banking and normal banking?
My overdraft LOC is 14%. Can this work for velocity banking or is it too high to use?
Christy I applied for a ploc and was approved for $1000. That really wasn't enough to help. How can I get a larger line of credit? God Bless and Merry Christmas
Should I put my existing savings into my credit card or leave it in my savings?
You transfer debt by putting it into the PLOC, how? Cash advance from The CC?
Hello, I just found your site, my question is can I do this with an Apple CC, I don’t have an LOC. my income is $2232, expenses 472 and CC debt of 687/mth
Do you have a video without a line of credit or heloc using a credit card to do velocity banking just wondering?
UCt8XinOtoZ37nJ5IU9VgEuA This channel does.
Christy has several excellent videos using a credit card as your line of credit and shares that that’s how she got started with her velocity banking journey.
What should I do if my credit card company only allows to make payment drawn from my bank checking/saving account? In this case your method won't work, right?
Do you recommend any specific helocs that operate this way.
What if your expense and your income is the same and your one credit card is to the limit how does velocity bank works in this case
Can I accomplish that with my rent?
How does she get rid of the ploc balance? Then, what happens when it's paid off?
The PLOC goes down and is paid off like all the rest of the debt. If you change your spending habits when this is all paid you can start creating real wealth if you want.
Or just live comfortably within your means. The key here is to change your outlook of how money works if you don't do that you will end up in the same situation again and again.
Is there a way I can pay off an $8000 (remaining bal) car loan which has 2.5% interest rate. As well as a $6500 credit card with 0% interest using the velocity program. I know velosity is about lowering your interest but just wondering. Thx!!
Where to get ploc
Can you please provide information on how to become a client. Thank you
It's in the dropdown part under the video.
We are working with a debt settlement company and Id like to get out of it soon. Any suggestions for us? Thank you.
If you can find a place that you can work with to help your followers get a ploc I believe this will help your followers big time. It's crucial to have a ploc or high limit cc to do this. But most ppl don't have these or an ability to get it
I have a credit card with a limit of $27,000. I want to use it but if I dump my whole check into it I would need some other method to make payments on things that won't accept a CC.
@terencescott I dont have a PLOC either so that's what I do. I pay everything to my CC except what wont be accepted, for that i use my checking. Dump everything else into the CC. I pay off my CC balance every week down to $0 so I don't have to worry about interest and maximize my cash back. I usually get about $600 every year
So does the LOC income deposit get paid as a principal only payment or just send it in as a normal payment?
I have a question if you please?
If you have a 10 year draw period interest only HELOC and all of your income is deposited into the HELOC does the finance company only take out the interest, when the goal is to pay down the principal before you enter into the repayment period?
I understand that depositing your income into the HELOC satisfies the monthly payment, but how will the principal be reduced if the financing company only applies payments made to the interest. Can you tell them to apply the payment to the principal instead?
How can you pay off a loan when they don’t accept a credit card?
It's hard, without a loc other than a cc that doesn't have much cash value,
I never see how you work the timing of the payments in these videos. I don't get paid one a month, I get paid every other Friday. My mortgage automatically comes out on the 1st of every month. If I'm supposed to put my paychecks into the line of credit then it would seem that I would need to have money already in my checking account before I ever take anything from the line of credit. If I'm missing something please explain it to me. Thanks.
Hello! I have tried to do this on my own and am being tripped up by my varied monthly income and varied monthly expenses. I have about 4 credit cards that have very high balances because I've moved $ from one to another with 0% interest. I'm having trouble with the Line of Credit idea - do I use the card with the highest balance? What about the new card I got with no interest on purchases or balance transfers for a year (but not a high enough credit line to put everything on)? I wanted to streamline things with velocity banking but I think I've complicated it for myself...
Anybody has a recommendation for a good credit union in New York to get a PLOC?
Can someone please help me with this I have 15 credit cards they all have a zero balance I have two Navy Federal credit cards what would a 3300 credit limit add one at 25,000 credit limit I only have 450 Of debt on one of the Navy Federal credit cards add a 30,000 auto loan I don't want to use my credit cards for this can someone suggest a personal line of credit for me. Thanks I love this channel God bless this woman.😊
@SchnabelMcSchnabel all of her balances are zero. She's not trying to keep track of 18 payments.
@@SchnabelMcSchnabelI was looking for information from somebody who is doing velocity banking instead of the traditional way there is a big difference in the two
You can apply for a PLOC or a HELOC at Navy Federal. I wish I had known about VB when I first joined Navy Federal. Can’t go wrong being prepared.
Does transferring Income in take care of auto HELOC payments? If it doesn't that's unfortunate 😢
I don’t understand why you would put payments on a card if they were interest free like a phone bill or getting your hair done groceries exc.
You make a payment in the amount of the bills. Then you pay the bills. The amount of these bills should be at least the amount of the minimum payment. Then you have the minimum payment as extra cash because the bills and the payment for those bills acts as the minimum payment.
How can you use velocity banking if there is no HELOC involved?
Credit card
@joshingram8582 but how do you use the credit card for payments on things such as a mortgage?
@@terencescott3957 either you leave that amount out to pay separately or utilize cash advances/direct cash deposits that your card may offer for free or low interest. Periodically
@terencescott3957 you can't for that but she addresses that in most of her videos.
What if you have two credit cards that are both maxed out at $25,000 each? Currently, I am paying $1,000 every month just on these two cards. Do you think it would be wise to consider taking out a personal loan? I am uncertain if a line of credit would be approved for such a high amount.
She teaches using line of credit to not take out loans.
@@beckiwildeman600 oh wow ok
So, if I already have a HELOC, do I need to bother with a Personal LOC?
No, you just use it the same way.
Ok, just making sure, Thanks!@@ImmortalMomentsArt
I have a question.....when making a payment to my HELOC, it asks me if I want to apply it as a principal or regular payment. My thought is it doesn't necessarily matter as anything above the monthly minimum should automatically be applied to the principal, but can you confirm?
I think that depends on your bank. I'm with Rocket and they do it, but I don't think everybody does.
My problem is how to pay my mortgage if I put everything into a credit card and where should I get a Ploc ?I don’t understand
I Remember she said in a previous video that you would just subtract the cash payments that wont allow you to pay with a LOC from the income you use to pay towards the LOC.
@@khiarajohnson7852 thanks for your reply, I'm still learning now if I should get more on HELOC like max it or not since it is based on interest.
there are 29 bankers that did not like this video...lol
👍👍❤️
JUST KEEP ON TRUSTING JESUS SINCE I KNOW HE SENT YOU TO US FOR FINANCIAL FREEDOM.
@velocitybanking do you have a video on using high interest credit card to pay Line of credit ?? I maxed out the LOC but have a credit card with 3k available and using a balance transfer to replenish the LOC.. I need access to cash and it’s why I’m willing to use the high interest card. Ow
Who is everyone using to get a personal line of credit? My mortgage won’t allow me to pay with a credit card so I can’t use my credit card to do this.