Line of Credit. What is it?

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[@elianaflores-gomez5330]

You are so awesome, your videos are informative and easy to digest. I feel like thats why a lot of people steer away from learning about the best way to deal with their finances and rather do what the majority does to stay safe. You really are making a change in my life. Thank you!

[@JoyToTheWorld70]

My personal local bank (Fifth Third) had better options for a HELOC compared to the local credit union. No fees for applying, no fees or caps for for transferring back and forth. 10 year draw, no closing costs. They do charge an annual $65 fee which is well worth all the other interest money we'll be saving. Thank you Christy for all the great info and for being so positive. I love your spirit! 🥰 My husband and I are starting our Velocity banking journey! You've given us hope!! ❤

[@barbaracarbone4658]

That has happened to me a couple times since starting Velocity Banking a few months ago. One credit card reduced my limit from 10k to 7k. Another credit card cut a couple thousand off my limit.

[@joesandwhich3909]

Seems like they don’t want us to win.

[@Salquezada80]

Why would banks lower the limit when making large payments?

[@Pri79111]

Following

[@LiveLifeLove63]

This is exactly what I needed today Thanks loads

[@ricambriz7883]

Hi Christy, finally debt free. Paid off car. Love Velocity. Now what? Can you make some videos for those who are debt free. Can you use velicity banking to create wealth. Thanks so much for all you do!!!!!

[@ashleypelton]

This is a great question!! We are also debt free and just turned 40. Unfortunately, we haven't been investing in anything while we were young due to debt and no faith in the run of the mill investment system. We would love to know more about the right way to invest and grow the money we have now, which is quite small but not poverty. Thanks for all your advice. It's crazy that they teach this stuff in school!!

[@ashleypelton]

Typo: It's crazy that they don't teach us this stuff in school!!

[@reneeneal5357]

Thank you for transparency about banks suddenly, and will cut your credit limit down after a large payment of a line of credit right now are only for stellar credit with little debt

[@squadabingo9113]

Thank you for taking your time to explain this. This is my favorite topic on your channel. Always want to hear more about this

[@jettaeltuereloko]

Thank you ♥️

[@itstime7506]

Valuable information thank you 😊

[@evafranco7888]

Thnx for the info

[@susanq7870]

I kept a card at the limit for a prolonged period of time...years. Finally got a tax refund check to pay it off. Yes! They reduced my limit Down to almost nothing! At that time i had school age chlidren. I guess they felt like I would turn around and do the same thing again. So they reduced their risk by reducing my credit limit...I suppose??

[@CalistroVC]

Thanks!

[@VanntasticFinances]

Thank you so much! @CalistroVC

[@stoobpendous]

Why do credit card companies cut our limit for putting large chunks of cash in at one time?

[@user-zg3wr7fq7d]

Trying to get a line of credit from my credit union they have many rules and give low dollar amounts. Where can I go in Wisconsin?

[@eeleye733]

if the financial institution (in my case a local credit union) asks what the funds are for, is that normal? it caught me off guard when i applied so i just stammered out something about consolidating debt and some automobile work, and i was rejected for it. honestly it seems to me it's none of their business if their business is just to make money on the interest from lending...

[@85OGeezy]

But the key question is: Which banks and credit unions are offering personal lines of credit that do not charge fees to transfer funds out - to draw cash advances?

[@susanq7870]

Search

[@mariaisabelescamilla2313]

my credit union doesn’t charge. Premier America credit union

[@billlyon7696]

Golden 1 here in California

[@washeekajackson2381]

Navy Federal and VyStar credit union

[@Jabezgirl57]

State Employees Credit in NC

[@jaimecouch4001]

Please help me. I have watched your videos, but for some reason I feel like I’m not doing something right because my HELOC balance is not going down as fast as yours does.

[@DianaSanchez-sh8xm]

You look great Kristy. I'm trying to do the velocity banking since I was inspired by your videos :). I tried making a car payment using my credit card but they wouldn't accept it. Any suggestions? Have a wonderful day.

[@beabchill]

Using a cc will not work. Can you get cash advance without a fee, if yes, transfer the funds into your banking account and then proceed with the payment. A credit card is Not the same as a line of credit. Note that not all cc companies offer free cash advance so please do your research. The offers are out there. Some come from credit unions, local small banks and other times it can come from big banks but they are not always offered to customers. I like reading fine print and making calendars from the info aka terms and agreement. Still, please do your own research and even google local bank offers in your neighborhood

[@Findingdrj]

How can we work with you?

[@naske1763]

Finally

[@Moochers]

I tried getting one today, but it's not looking good. They said they needed to review instead of the standard "instant approval". In that case, I think I'm just going to use a CC that I have to start the process of everything you have taught me. Can you point me to a video that you have where someone has many credit cards but no line of credit. I remember you doing one but I can't find it.

[@timkelly114]

10 days ago. kzbin.info/www/bejne/a2a0inmdmqmUibs

[@saylorgirl799]

Thank you for your info! I do understand WHAT the PLOC is and HOW you use it in velocity banking, and I’ve been dying to get started with the process, but I don’t know any CU’s that still offer the PLOC. I’ve been growing a relationship with Navy Fed for nearly a year now, but I was told that they no longer offer a PLOC. They still offer a HELOC, but that doesn’t help me since I don’t own a home. Any suggestions on CU’s that still offer the PLOC? Thanks.

[@christinabarnhartRE]

If you have a checking acct with NFCU get a credit card with them. They allow transfers from your card to your bank account. I hope that helps.

[@saylorgirl799]

@@DrFinancialLiteracy No, that won’t work for me. I’m in a position of rebuilding my credit after following Dave Ramsey for awhile. I only have a couple of VERY LOW limit cc’s, like $500-$1K. THAT’s WHY I’m looking for a credit union that will provide a LOC, once I get my scores back up. NFCU disappointed me today. They approved me for a Cash Rewards card, but the limit was EVEN LESS THAN my sub-prime Credit One Amex after “gardening” with NFCU for about 9 months! I messaged them for a reconsideration of my initial limit, but even if they approve my request, I STILL won’t have enough credit on my cards to use them as a “debt elimination tool.” I guess I’ll just have to “keep gardening” a little longer. The only debt that I have is a car loan that I need to dispose of quickly, as I’m about $6K upside-down in my loan, and the car is on its last leg, so I’m going to need a newer/more reliable one VERY SOON! 😬 I definitely need to find a CU that still does PLOC’s, if they exist. 🤔

[@jacarajohnson2987]

I have navy fed and the interest is 11%-18%.... USAA is my other bank and they don't offer PLOC. And recommendations?

[@saylorgirl799]

Wow! I have Navy Fed too, but I heard multiple KZbin “experts” on NFCU say last year that NFCU had gotten rid of their PLOC’s, and I haven’t been able to find any PLOC’s offered by NFCU on their app. How/where did you find a PLOC offered at NFCU?? Did you call them?

[@magus7935]

Just got my first bill for my heloc. Spent 20k. Minimum do this month 258.00

[@magus7935]

@@DrFinancialLiteracy no closing cost

[@nanitaheart]

Hello. I paid my house in 10 years but I did not know this method. I paid byweekly instead of monthly and paid extra eaxh month. I am going to rent the house and wonder if I can use this method to purchase a second home. Also, I have a 15,000 line of credit with Wells Fargo, but they do charge me a yearly fee of $25. Are there lines of credith with no fees?

[@nanitaheart]

I have an 800 credit score

[@jamminport]

Can you please explain how you factor in the interest on a monthly basis? If its a 20k LOC at 10% then isnt 10% of 20k $2,000? This is the only part I struggle to understand. Do you have a formula you can share? Thank you!

[@timkelly114]

You divide that number by 12. In your example, your LOC balance is 20K, your interest id 10%, or $2000 annually. If it's $2000 annually, your monthly interest is $166. The formula is Balance X Int% / 12 (20,000 x 10% ÷ 12 = ). Remember, you are putting excess funds to pay the LOC as often as you get it, so the interest charged is reduced every month. A silly thing to do is to have the LOC and only pay the minimum. If you do that, then you will pay $2000 in interest over the year. Watch more of her videos.

[@welcometothewoodspodcast]

Why do they cut your limits?

[@HoweYaBen]

How do people get personal lines of credit? Ive looked everywhere online at my local credit unions and they only offer loans or credit cards

[@featherpayne]

I don't use a PLOC or Heloc. I use a credit card through my local credit union.

[@HoweYaBen]

@@featherpayne Okay thanks I’ll have to do that method then

[@JAP92]

How can we reach out to you? I would love to get your feedback on my situation. I am very lucky to be debt free. I bought my home at a really low rate 3.25 but owe about 530k. I’m very intrigued about paying my home off? Please advise and 🙏 thank you!

[@footballholic_R10]

Highly recommend watching her "You're not poor, you are being robbed" video. She goes into paying off home mortgages and how you can better use your finances to pay it off in the end.

[@hectorpalmeno7744]

Awesome info... Is a C.D a good investment and would it do anything positive for me on paper when trying to qualify for a home ?

[@theofficialblackdirectory]

My C.D. is getting 7%.

[@hectorpalmeno7744]

@@theofficialblackdirectory Wow...👍 Im only getting 5% thru my bank....

[@Pri79111]

What is a C.D?

[@hectorpalmeno7744]

@@Pri79111 A C.D is an investment program that they offer thru your credit union or bank. For example you can put down 2000.00 or 10,000.00 and its locked in for 6mo or a year depending on the packages the bank offers at a gain of more or less of 5%....

[@hectorpalmeno7744]

@@Pri79111 C.D is an investment program you can get at a bank or credit union... Depending on what program they offer but you can invest your money and get locked in for 6mo or a year at more or less 5 or 7%.... For example i locked in 10,000.00 for 6 monthes at 5% so i cant touch it until the account matures at the end of 6 months or i will get penalties on it.

[@StarsManny]

Why is it so quuet?

[@mariaines4508]

I just applied for a PLOC. They told me is revolving, no fees or penalties for paying it off. Interest is 10.99 variable ( no change in the last 2 years) compouded monthly. They said I do not get a card ro use it I have to tra sfe the funds to my checking account and use it that way. Is this going to work? I am trying to pay 3 student loans total 16000 interest 6.25 to 6.75. Income about 2100 expenses 1200. Please help, anybody. Want to make sure I got the right terms on the loan. She said there isno ending ro this loan unlike a HELOC.

[@kdawg52781]

No, it won't work, because this woman's whole strategy won't work. Please run the numbers yourself, this strategy will make you worse off. PLEASE PLEASE don't follow this woman's advice.

[@ghostlyone2]

My God. Step 1. Close that line of credit. Having 3 student loans under 7% and swapping them out for an 11% loan is ridiculous. If you don't understand what this lady is saying, it's becaus what she's saying doesn't make sense. That being said, there are plenty of things you can do with student loan payments. All of your options are on the studentaid. gov website. It's an amazing place to start. The gist of it is, make your payments. If you can pay extra, pay extra on the one with the highest interest rate. If you can't afford the minimums, the website will give you options to lower your payments (but also extend your payment plan). You can also look at the SAVE plan that the Biden administration rolled out. It has different things for different people, so maybe you won't use it at all or maybe it has exactly what you need.

[@Paradise69258]

Hi Christy @Vanntastic! How can i contact you? Thank you!

[@1angrykoala]

The dangers of them cutting down the credit line, is this something that is done often? Are there any signs to watch out for? And is this a risk when using Velocity Banking with a credit card?

[@coolbian513]

great vids but why not get an HD camera

[@rachelelwood9656]

How do you pay your regular mortgage payment and pay your HELOC too? When you are super tight financially

[@timkelly114]

Your are paying all your monthly expenses from your HELOC, and putting all your excess income into the HELOC payment. Treat your HELOC like a checking account. In your situation you would use your checking account to pay your mortgage only. Everything else is put into your HELOC payment. Then you use your HELOC to pay your other bills.

[@lisalisaandthecoolgem929]

Hi love! Been thinking about this. Thanks for breaking it down for us! 🙏🏼🤗🥰☺️🩵

[@CalistroVC]

Beautiful. C #ONPASSIVE...