Where Do I Start When I’m Paid Biweekly?? Velocity Banking Strategy

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Christy Vann and its affiliates do not provide financial, tax, licensing, legal or accounting advice; the information presented on this web site/KZbin channel are presented for information/educational purposes only, and following the advice in this video is the responsibility of the viewer and not the video creator. By participating in this KZbin page, you agree to comply with the following guidelines. In any case, the information provided is “as is” with all faults and without warranty of any kind, expressed or implied. In no event shall Christy Vann, or any affiliate organization be liable for any damages, lost profits, or lost data even if we have been informed of the possibility thereof. Linked Items may create a financial benefit for Christy Vann. Christy Vann is an affiliate of Unstung Marketing LLC and may receive compensation for referring you to their services.

[@shamblesman]

Thanks to this lady and her teachings....I have paid off my car loan 8 months early! She is great.

[@VanntasticFinances]

@shamblesman WOW! That's awesome! Thanks for sharing!

[@evilevon]

I've been following your steps for only two months so far and I'm $2000 less in debt and my credit score is up 50 points ❤🎉😊 it's amazing how fast your credit score goes up when you're doing this

[@ehukai2003]

I’ve been following her steps since I started my job in June 2023 and my fico 8 score went up about 100 points. Keep it up!

[@DarknessFalls29]

Mine went down over 60 points! So far I've paid off 4 loans since October 2023. Funny how they penalize you for having a high DTI and also penalize you for paying down debt. What a way to manipulate the masses smh

[@DarknessFalls29]

@angelgirldebbiejo Oh, but it did. Across all 3 bureaus. The only thing that changed on my reports was those accounts being closed automatically because they were paid off. I'm still baffled by it. It may happen again though because this spring, I'm on track to paying off 2 more loans. But it's okay, I'm not looking to finance any big purchases in the near future, so I have time to recover.

[@Jesus-kt5dc]

​@angelgirldebbiejo Actually, when a loan is paid off it functions as account closing. All the payment history is deleted. So she actually erase her payment history on 3 accounts. That's why financial institutions want to see both revolving and installment loans. This is what makes up mix credit on your credit score. Hope this helps, have a great day.

[@bosketaru]

@@DarknessFalls29when you pay off a loan, your account with the credit bureaus gets marked as closed. One of the things that impacts your score is the average age of credit and when an account is closed the accumulated time on the account is no longer counted in your average age of credit.

[@marinab.8590]

I have been following your advice and so far (in just under 3 months ) l have paid off 5 credit cards.

[@VanntasticFinances]

@marinab.8590 WOW! Thank you so much for sharing!

[@marinab.8590]

@@VanntasticFinances I had all these small balances. One had a balance of $500, the other one $1500, another $2000 and so on. As hard as l tried l just couldn’t pay them off. I was praying to God for wisdom. I have a good income so it didn’t make sense that month to month l was short. After praying for a few days, one of your videos appeared on my feed. I found it interesting, but honestly l was fearful to try it… l ended up watching a lot of your videos and praying about it. I knew l had to let go of my fears (fear that the banks would lower my credit limit and not have access to the funds to pay my bills) l knew that l had to have faith and trust God. I ended up putting all my money on my credit card with the highest balance which happens to be attached to my checking account. I put all the money that came in, in my credit and from there l paid everything. I would schedule my mortgage payment to be drafted from my checking account but the day before l would transfer the money from my credit card to my checking account. . Little by little l paid off two credit cards and today l paid off three. What amazes me is, how quickly it started working for me. I thought it was going to take me years to pay off everything. Now l have an extra $1500 of positive cash flow which it will allow me to continue to pay off my debt even faster. All l can say is: thank you!! 🙏🏼 l am starting to see the light at the end of the tunnel thanks to you. 🤗

[@chrisgreencbc]

You gave me peace of mind as i pay off 2 cards, much more manageable now. Living within my means and being smart....finally

[@DonnakaySimone]

I’ve laid off 3 of 7 credit cards following the steps you’ve provided in your videos. Thanks.

[@profilercms]

It makes more sense to me to simply pay the credit card balances directly with his cash flow, one or two at a time since he has cash flow and leave zero balances. There is no quicker way or smarter way to get out of debt. Then to keep the cards open so his credit score doesn’t go down, he can make small purchases each month to them and pay them in full every billing cycle. The key is he has cash flow. The problem with most people is that they have no cash flow and over extended themselves.

[@emiliobravo3336]

Lady “ the savior “ debt $$$ I found you by accident. I have accomplished lots of remarkable debt pay off. Thank you 🙏🏽 Blessings.

[@TheDerangedBlood]

I wish my rent was only 850!

[@user-gc6bp4dd6x]

I found your channel last night and so excited to find a solution to my debt problem that is actually in my control. You are amazing. Thank you from the bottom of my heart!

[@VanntasticFinances]

@user-gc6bp4dd6x SO HAPPY FOR YOU!!!! Thanks for watching!

[@lorealdrayton6164]

First time seeing a bi-weekly scenario.......clear, through and to the point! Excellent! #reducedebt

[@wearecreatorz5688]

I had to do some logistics with my money because I’m biweekly as well. Rent due at the beginning of the month that takes one whole check. Car loans due at different banks. I put as much income as I can on my credit card and then I will start using it to completely pay one car off in just a few months. It takes a little thinking but it can work.

[@JF0913]

It’s taken me some time to grasp this concept. But I’m awaiting approval for my heloc and free myself from debt. Blessings to you and your family. Thanks for sharing your knowledge

[@montoyawilson2422]

Great Example!! This is similar to my situation.

[@ginafumi3010]

Great info, as usual!

[@JaureguiJ]

I like watching the videos, so I can point out all the flaws in the accounting of moneys.

[@JF0913]

You’re amazing.

[@barbarabrown8069]

Thank you I am still sharing with others I am learning how to calculate interest by watching different videos.😇

[@Marwil23]

Thank you are really motivating me to pay down these CC

[@mboston7010]

Merci

[@geecee58]

Love the Velocity plan, I've been doing it for quite a few months and have payed down my credit card debt. I do have one question though. Instead of being paid bi-monthly I am paid once a month with a pension and SS. Occasionally, those payments come in after the due date for my HELCO. Should I pay HELCO what I owe with my extra cash flow in my checking before my income comes in, and then deduct that amount when I make the monthly transfer to pay the rest of my monthly bills? Not quite sure how to handle this???? I've also thought about checking with my bank to see if I could make my HELCO payments on the first of each month. Both of my income payments are in by then.

[@mikeoffical532]

Hi Christy! Can you do a worksheet on me? I’m sorta in this situation with less credit cards but I still found it difficult to follow.

[@lauriem9658]

Well heck! I just found your videos 2 days ago. I am trying to wrap my head around how to figure out my finances with this method. I guess the first step would be to talk to my Banks about a PLOC. But in the meantime, I have a credit card with a fairly high limit, but not that much on it. I didn't think you could use a credit card for Velocity Banking. Is that incorrect?

[@billyehardy9568]

Are you still doing the “where do I start email? I downloaded the expense worksheets and looked through your website but didn’t it see it.

[@darrenrice5666]

I am one of your Buffalo NY people. And I have a Keybank, Boa, 2 Credit union accounts. Neither offers PLOC. I tried Chase and Citizens to no avail. So if some of your Buffalo customers can help. Would greatly be appreciated. Love your channel. Thanks in advance.

[@missysunshine2660]

Am I understanding that it is better to pay random small amounts towards a credit card during the month rather than larger amounts all at once? Thank you.

[@mikalah.m.]

Hi! Can you do a video on how to pay off CLOSED credit cards?

[@missysunshine2660]

I would appreciate that as well.

[@MaddSweetGT500]

Hi, So you put your entire check into the LOC? Minus mortgage payment?

[@MandynTack]

Hi @Vanntastic I have 4 credit cards a mortgage, and a home equity loan and a regular loan. And two vehicle loans. How do I start your plan?

[@latashaphillips4697]

I’ve been searching for companies that are offering lines of credit but am only finding personal loans. Can you please provide some options for best companies offering these?

[@RealJoeDavis]

take cash flow and get a shared secured loan for his line of credit

[@Jesus-kt5dc]

From Penfed?

[@SuperFS11]

My main question is: why does this person have so many credit card (small) debts when they have $1940 cashflow? With that cash flow they can pay off all those cards and affirm in 3 months. Unless those are all 0% or deferred payment and he’s using the cashflow to invest makes no sense to be paying for interest from those debts.

[@VanntasticFinances]

@SuperFS11 All day long…

[@shannonnelson3187]

I would love to know where to start - Paid once a month Only one credit card with a balance Small brand new PLOC haven’t even started using yet.

[@user-lx9uu6ub5h]

On a velocity banking concept debt payment with a PLC, being paid bimonthly how do I organize all my payments date wise?

[@deraz100]

I like to watch these and i can pretty well follow the math but this particular example is a bit confusing. Where did the 1165 come from?

[@butt3rfly413]

I was checking the comments to see if I was the only trying to figure out where the 1165 came from 😂. It is the monthly living expenses minus rent.

[@Jesus-kt5dc]

The 1165 is the amount of expenses you can pay with credit cards. She just put the amount to the side.

[@sarita5572]

Let him know about tax penalty forgiveness. We just got approved and got some money back even. We've only owed taxes once though...one thing is you have to have good history with the IRS...but hey its worth checking into. IRS Form 843. You may even qualify just by calling.

[@merylmcwhirt-myers3646]

I have a son that is so confused but could be doing all this. Would it be wise to pay someone to help him?

[@Paradise69258]

Hi Christy! Can velocity banking be done with almost maxed out heloc? Im awaiting final approval of the heloc. The lender is paying my cc’s from my heloc acct because the purpose of the heloc is for debt consolidation. I am kind of scared. Thanks in advance for your thoughts.

[@Jesus-kt5dc]

Yes. Just start treating the HELOC as your new checking account. Make sure you figure out if you can pay directly from HELOC or would need to transfer from HELOC to checking and pay from there. Have a good day.

[@Paradise69258]

@@Jesus-kt5dc - Thank you so much for the info. Appreciate it.

[@lagrant3914]

Does it matter about lining the due dates and closing dates up when you put money from yor income to the credit cards??

[@VanntasticFinances]

@lagrant3914 I never did worry about dates as long as I met their required payment by the due date.

[@lagrant3914]

@@VanntasticFinances ok cool... how did it affect your credit when you did it like that? Thanks

[@VanntasticFinances]

@@lagrant3914 Well...I'm in the best shape ever, so what do you think?

[@djaracareathers3049]

If you are paid bi-weekly, then you should align your bills by due date with that paycheck. Ex: paid 15th & 30th of the month, Bill dates 1 - 15 will be paid by the 30th of the previous month. 15 - 30 by the 15th check of the current month. One check a month, place your cash flow (if any) and the expense money on whichever form you are using (CC or LOC) and just set the autopay up to that form for payment.

[@mistersmith8962]

WOW

[@aprilm4423]

Christy, I got approved for a PLOC for $5k @ 17 percent--attached to prime. What do you think of the rate? I hate it, but I wanted your opinion. Thanks 💯 and love 💕 what you do!!!

[@Jesus-kt5dc]

I agree with you, it's way too high. At that rate it's basically a credit card with no rewards program. Depending on your cash flow and debts you could just leave the PLOC dormant, as your emergency fund and throw cash flow at principal. Second thing you can do is do mini chunk payments. Instead of 12 months of cash flow chunk payment, you can do 3 month chunk payments. For the reason that you can pay off the line a lot faster. Sorry for your situation but I hope this helps.

[@aprilm4423]

@@Jesus-kt5dc Food for thought--and intriguing!--thanks; but I still want to hear from Christy. I hope she answers.

[@OneGeronimo]

👍

[@TheMJT515]

Should we put all of our savings in the PLOC?

[@eunit08]

Persnally, I would. As long as you leave room for emergencies, assuming that that's what you have your savings for. Itll make lowering debt easier and faster and you can build up a savings even faster

[@Jesus-kt5dc]

Yes.

[@TheMJT515]

I just got approved for a PLOC but it's less than I wanted but it's a start.

[@DarknessFalls29]

​@TheMJT515 I felt the same way too but I am so glad they approved me. They told me to call back in 6 to 12 months for a higher limit and lower rate--currently in the teens. Stay encouraged!

[@javiersuarez5499]

🦉

[@latoshahugh7459]

How can you use a cc to pay a cc bill ???!!!

[@sheila_rabant]

I use PayPal transfers. There is a fee but I get cash back rewards to help offset the cost.

[@isaiahfelder445]

Go online to the payment section it should ask for the card number and the cvv code the three digit number on the back of the card type all the card info in and save the card schedule the payment then write down the confirmation number.God bless I hope this helps

[@isaiahfelder445]

Also there should be no charge as long as it's not a check free pay

[@w1975b]

I think she has said (in other videos) that if you have a balance transfer offer, to use that. An LOC or PLOC is considered as cash account, possibly, so can be used to pay on credit cards.

[@luisvilla799]

The only bad thing about the paying everything off early is it hurts your credit

[@Jesus-kt5dc]

Only loans.

[@patrickwilson1808]

How much is a consultation?

[@VanntasticFinances]

VANNtasticfinances.com under services

[@TheMJT515]

Should we close the PLOC when we are completely done paying the debt down?

[@Jesus-kt5dc]

Absolutely not. The complete opposite, you should start acquiring more with the lowest interest rate possible. You never want to go into a recession with none, one, few lines. From different issuers mainly credit unions. Also leverage them to buy assets. Have a great day.

[@eunit08]

​@@Jesus-kt5dcfacts

[@ivanbalanzar9785]

Hi Christy thanks for all you do and I need your help how can I contact you I don’t know where to begin please let me know God bless you.

[@MandynTack]

Hi @Vanntastic I have 4 credit cards a mortgage, and a home equity loan and a regular loan. And two vehicle loans. How do I start your plan?