I’m not there yet. I’m just rebuilding my credit.. my score is up almost 200 points this year alone and I’ve been approved for Discover It Secured and Navy Federal nRewards (in which I keep a ZERO BALANCE). After the cards graduate I’ll be able to use my cards more and show activity and build that relationship. I went from taking 3 payday loans and always having to choose gas of food to now, I have a cash flow monthly about $800 and I’ve even able to save almost $2000 this year. 2020 has been terrible but it also had been AMAZING for my financial education and freedom. Next year I’ll get my LLC for my Digital Media business and begin building business credit!!!! That’s the goal because my endgame I want to purchase a rental property
Denzel I’m watching your old videos cause it’s shows me how much love you still have for your VB peeps and the Latin community. My journey begins in learning how to get financial freedom cause the kingdom is for everyone who believes … thank you for the wisdom I will continue to learn and show my family there’s a way to grow wealth for years to come..
Thank you Denzel, you have surely helped me alot. I like to be in control of our finances and I also like to get a restful sleep every night. Now that I started Velocity Banking with my CC I can say that I can sleep better. I took a Cash Advance from a BofA Travel Rewards CC $20,000 credit limit and paid off 7 credit cards. I am using my CC for everything except our motorcycle loans and health insurance because I am Self Employed and leave money for my taxes from my checking account. This is awesome!!!!! Thank you from the bottom of my heart. My husband and I thank you.
Denzel Napoleon Rodriguez hey Denzel I sent an online form and email to you need your urgent help with my finances . My name is John Rushton check junk email might be in there . Look forward to hearing from you . Your videos are amazing need this help 🤞🏻🤞🏻
What a simple, straightforward idea -- call the companies i owe money and ask them to just adjust my due dates so that they are AFTER my closing date, so that i have more cashflow. I probably never would have thought of that. thanks!
Here’s something interesting… if you get a line of credit it’s reporting to your credit profile as a “loan” and not a revolving credit account ie. Credit card. And that’s important for a few reasons 1. When you go to get a limit increase the information that gets reported to the credit agency is an account that is closed and reopened to a higher limit. Erasing the previous account age. Which definitely could hurt your credit. 2. When you get a limit increase on the credit card it does 2 things lowers Utilization, and increases overall credit available, and adding more age to that account, thus putting you into a higher credit caliber. It might be a good idea to use the credit cards more and chunk form the LOC so that you get the best of both worlds at the end of the day.
I’m debt free. I use my credit cards for everything. Then pay them off before the statement date and I can max them out after the Statement date... Read it again. If there is no balance before 25 days are up no interest and your credit utilization is at its best. 30% percent is credit utilization and 35% is payments on time. And I don’t care about interest rates...
So, if I don't owe on my credit card, but use it to pay bills, it's not eliminating a credit card payment, because I wasn't paying on it anyway right? I want to make sure I am doing this right.
@@FertilityFreak Do you have a balance on your card already? If so, then yes, practicing the method you just mentioned will not hack down your credit debt.
Denzel😊 you are PR&Columbian. PR is carribean, so thats to some afrolatino (Pan African some call it)-Mixed/biracial latino/black. As my niece have your look. All in all❤thanks for what you do that saves souls from this commerce world purposely confusing the monetary jargon for self profit. Thanks. Cant wait to be ready for a consult with you as i am doing my homework with your videos.❤❤❤
You're a young Financier - Not at all 'Crazy in the head'! Thank you very much Denzel for your valuable insight toward debt elimination. Continue success!
Thank you for these videos, very educational. Question: in order to avoid interest, when is better to pay the credit card right after the closing day or 2 days before the due date.? Considering that still have balance for next month. Thanks and God bless you!
You are doing a great job helping people to get their money right. Your ideas are good and will help a lot of people. They don’t teach this stuff in school. God Bless!!
Latino isn't a race, it's an ethnicity. You can be black and latino. White and latino. Etc. Remember, there's more 'black' in Latin America, especially the Dominican Republic, Cuba, Puerto Rico, Brazil and the Caribbean combined, than in the USA. ONLY 5% of the slaves shipped out of Africa came to the USA. The other 95% went to Latin America.
@@DenzelNapoleonRodriguez love the vids man. Literally just introduced three more of my coworkers to velocity banking via your channel. My girlfriend paid off her car last month and she had 3 years left on a $1400 income. I paid off my car In September after starting in may of this year, owing 21K at the start. Two of my coworkers have already begun velocity banking and with them too, I had them reference your videos. I'll keep spreading the word. Ppreciate all you do man.
@G P I was going to educate my Christian brother Denzel on the exact same thing. Also I think when the commenter said you look black it was a compliment to you:). You told her to look at your hair but my black daughters hair is curlier than yours and she is black. Black people come in all different shades, colors, ethnic backgrounds, hair textures. At the end of the day, we are all here to talk about the green.lol financial literacy is key for us all no matter our ethnic background:). My maternal and paternal grandmothers are both latino:). You do look black, hope that doesnt offend you. I love what you teach and really enjoy your channel. God bless you and this channel!
My credit Union advised that keeping my usage under 50% for each credit card is the way to raise my credit score.. So I do not focus on reducing one credit card to 0 balance.
Are you currently doing this ? How is it working for you and did you run the math in terms of costs? If so great if not be careful you are not over leveraging yourself and under an illusion that you are creating positive arbitrage
You’re name is Denzel and you do look like you could be mixed. Don’t be so offended lol black is beautiful ♥️. Jesus loves you, bless your heart, man of God. Bummer, great channel, just found it today. Best of luck Denzel!
Ouch on your rebuke of the person who has zero cash flow.. 31:41 Some people end up in situations that they weren't planning, like I have, and I have very little cash to use. I guess I need budgeting guidance in addition to your coaching here.
It's very rare currently to get liquidity on a credit card. Most companies currently will only do a credit card to credit card balance transfer or regular purchase.
Rare yes but not impossible. If you are willing to do the extra leg work to work with smaller banks and credit unions that do this then we never have to talk in most people or most banks or whatever people say most about. I operate in an environment where accessing liquidity is not hard for me in any environment because I’ve done the extra leg work to build relationships with banks and entrepreneurs to get things done
Oh about the mortgage payment with cards...it costs...but the way the amortization schedule works on a mortgage, more interest is paid in the early years of the loan so it’s possible to work out good even with the 3% fee
Hey Denzel....love all ur vids!!! Question: is there a way I could take some cash to the bank and "secure" an unsecured line of credit using cash as collateral??? I'm just tryna find a way to set my family up because me and my husband's debt is super low, but we have no money after expenses... thanks for your time!
Yes. Your basically using the CC for you monthly bills when you get paid pay it off completely and repeat. But when your close to your due date do not use the card until after the cycle starts over.
@@joshuayoung9913 correct, but as well, don't pay the whole thing off, credit scores increase tremendously when you have 10% or less for the period of the utilize... then you pay the extra 5-$10 b4 your closing date 📅
Make your payment on due date and Pay it all off before your statement date. Then use it the day after. Banks charge interest on you statement date. Pay it off no interest ...
Update: I called Citi back to speak to a new representative and was able to change my due date after the close date. My close date was the 7th of each month, and now it is the 10th. The representative confirmed that my close date would remain the 10th? Lesson learned. Hi Denzel, currently I am watching your videos to study and understand how to leverage my cash flow with an income that fluctuates due to my seasonal job and having the summer off without pay. I called Citi and asked about pushing out my due date after my close date. The representative was extremely helpful and kind, however, he said doing so would change the date range I am charged interest. In other words, my due date would still remain a few days before the close date. I can call back and verify with another representative if this is true. Have you heard similar things from others? One other thing, I used to have a lower rate on this card of 15.24% but due to the recent rate increases, the interest rate now sits at 20.24% which is one of my lowest credit card interest.
That is what I have been doing even before started to watch your videos but did not know what the technique was. I love watching you teach and have learned alot from you. I did not know about the due date and the closing date. I would love to teach others about velocity banking.Do you have a progtam where you teach people to teach others about velocity banking?
Hi Denzel. great videos. question. a number of companies charge like the utility companies a "convience fee" for paying bills using the credit card. how do you avoid that?
Will this work if I already have good credit and want better credit? Example currently at a 697 and I want high 700's I have 5 cc and 0 balance (on all cc) now and already corrected my UTL, I just need to pay off my car and student loans?
first and foremost run your numbers. We want to take the guessing work out of whether this will or won’t work. Second velocity banking can potentially increase your credit score overtime but there are other methods that focused on increasing the credit score that will produce faster results for sure over velocity banking.
Hello. Which reward points on credit cards are better? The 2% to 5% Cash Back on purchases or getting 1 point for every $1 you spend with the credit card?
13:34 You mention the monthly minimum payments, which is quite ok as it goes down to lover your balance. What about the interest you pay on a maxed out cc?
Do you stick with one personal line of credit if so for how long and if you’re dumping all your cash flow into that line of credit can bank close that line of credit anytime they want...
You are correct ideally you want to pay your credit card on its due date and for the statement balance. What I’m referring to in the video is about when you swipe the card. If you swipe the card after the closing date then you are basically buying yourself more time on the card before you have to pay it back.
Make sure to pay off credit card by due date. Then wait after closing date to start to max out the credit card (paying off bills) using the credit card. That way it'll buy you time (increase cash flow). And with all the cash flow earned over the course of 25 days, just make sure to then pay off your credit card by the next due date. Rinse and repeat
20:20 Denzel, why are you asking to funnel all your bills through one credit card. Doesn't it hurt your CREDIT SCORE if you utilize more than 30% of the credit limit. Should we spread our bills among 2 or 3 credit cards, so we don't use more than 30% (Utilization ratio) Please answer.
I’ll answer it for you: as long as you know the closing date of the specific credit card you’re funneling your expenses to, you don’t have to worry about utilization because you control the utilization that the bureaus will see by paying your balance down a day or 2 BEFORE the closing date. Example: your closing date is the 12th, your credit card balance is 800 out of a 1000 dollar limit. That’s bad. So to avoid this, pay that 800 balance down to $100 or below before that closing date. Boom! They report your balance to the bureaus, it shows you have 10% or less utilization even though you ran expenses all month, your score goes up. Repeat the process. Your income and cash flow is everything. As long as you get paid, you can do this. I’m currently doing it. I know tricks to using credit cards.
Quick question about the monthly payment towards the credit card to free up cashflow do you do this across multiple cards to get access to each credit cards cashflow?
I have two questions. Do I need to remain below 30% utilization when using this method? AND .. Do I need to wait until the payment on the c.c. clears before I use it again so as to not go over the 30% utilization threshold? 🤷🏾♂️
J'son the Barber I keep paying my cards off and keep utilization rate as close to 0% as possible for keeping score high...30% of your FICO is credit utilization.. Try it....
To get the best boost to your score, I’d keep utilization below 10%. If you run all expenses through ONE card, and then pay that balance down to under 10% of your credit limit on that card before the closing date, the bureaus won’t see all the spending you’ve done over the month. They’ll only see that 10% or less utilization and boost your score. You can manipulate your utilization by doing this. Which in turn manipulates the bureaus into thinking you’re not using your credit card much even though you are.
To build your credit fast, its best to use 100% and make the minimum payment for at least 6 months. I have a 815 score. I buy real estate and businesses using credit cards, lines of credit etc. It will go down a lot but shoot up 70-100 points depending on the card amount
Technically you can use your credit card to pay whatever. Yes you may pay a fee for like say rent but so long as your credit card is a cash back credit card, the cash back can potentially cancel each other..
Praise God so I’m going to close on a house soon and kind of worry on having a mortgage me and my husband cash flow of 4000.00 after taxes a month after closing I will have like about 1500. In cash left over in our savings account, so if I close by June 22 I won’t have to pay a mortgage payment until 08/01 mortgage payment of 1650.00 loan amount of 550.00 and 600. In utility and phones payment and car ins i have a credit card with 5900.00 credit limit how do I start
A house is an asset if it makes money..anything is an asset if it makes you money..truth is most houses have made people money whether they own them out right or not or rent them out so not sure I agree with that philosophy..
PLTbyCormie of the 150+ households I’ve been serving all across the United States would disagree and say there house has been a liability not an asset. Which is why we are doing what we’re doing now to convert it into an asset
If you rent out your home, the only way it's an asset is if you own the home free and clear and the rent is pure cash flow. If you're using the rent money to pay your mortgage, then the house is still a liability because you are not keeping the cash.
Good morning, I just started following you and you are very helpful! I would like to know if this is the only way you offer your service? Or do you meet with potential clients in person or over the phone?? I would love to start the process but I’m still not very knowledgeable and definitely have Specific questions regarding my Personal situation.. I appreciate any feedback, Thanks and God Bless you!
Jacqueline Piatt I do meet with people in person sometimes most of my work is done over the phone. You can visit my website www.denzelrodriguez.com and fill out a contact form
I can call any of my credit cards and ask to change the due date of my credit card. I can change when I go get gas or go buy groceries. It’s a simple timing strategy that is backed by numbers and having conversations with real clients and real life situations and my clients have benefited greatly. :) :) :) I wish you the best on your financial journey
i dont understand. someone enlighten me. why would you put all your income in a credit card that charges interest? i think you save money on interest by not using one.
Assuming majority of Americans that have credit cards have debt so I am sharing strategies on how to pay off the credit cards and reduce the interest faster than making extra payments each month. By using the credit card’s strategically I can reduce the interest faster and earn cash back rewards, points, and statement credit money that is free money which is more cashflow which is more money to pay off debt
Would you recommend asking the CC company to increase your minimum payment (to match all bills that can be paid by CC) just so that you can create that additional cash flow to pay off debt faster?
Simon Phipps what does the minimum payment have to do with your expenses? Ideally if I’m using a cc to run bills I’m not concerned with the monthly minimum payment because I want to pay the entire balance off each month
@@DenzelNapoleonRodriguez my thinking is that the more the minimum payment then the more my cashflow and therefore the more I will be able to pay off. I am new to this concept and I'm feel as though I am on the brink of understanding it. Do I have this right?
@@DenzelNapoleonRodriguez your videos are fantastic, so much information - I wish I could absorb everything and understand it all in a short period of time. Am I right in thinking you could use cashflow through a line of credit (we call them overdrafts in the UK) and then a credit card in order to use one dollar/pound multiple times a month? Keep up the good work - I'm watching :)
Jas D watch the video again it’s titled how to use credit cards. I also have other detailed videos on my channel showing you how I use credit cards. Just look for similar titles
Denzel can a 83 year old buy whole life cash value insurance , for my parents they have 350k dead equity in there home i mentioned to my father , please let me know thank you .
Yes, I would like to be fully educated on this case here because their maybe other options to consider or look at. It's worth scheduling a call with my team of Insurance Advisors and discussing possible options to protect his wealth. www.whycashvaluelife.com/denzel/
Denzel my Christian brother, there are black Latinos and you look like one. You look way more black than alot of my black family. My maternal grandmothers maiden name is Garcia and my paternal grandmothers maiden name is flores. I said that to say black people come in all shades, colors with all different hair types. My black daughters hair is way curlier than yours so when someone tells you that you look black and you tell them to look at your curly hair...your curly hair doesnt mean a thing. You look like a black dude with curly hair. I hope that doesnt offend you. I love what you teach and I can assure you it doesnt matter what color you are, we are all just talking about green...financial literacy is key for all of us no matter our ethnic background:). God bless you and your channel.
Let me ask you this.... If you have a credit card with a line of credit of 7,000 can you deposit 9000 to increase your line of credit 16000 utilizing your own money gaining interest from that bank institution?
I’m not there yet. I’m just rebuilding my credit.. my score is up almost 200 points this year alone and I’ve been approved for Discover It Secured and Navy Federal nRewards (in which I keep a ZERO BALANCE). After the cards graduate I’ll be able to use my cards more and show activity and build that relationship. I went from taking 3 payday loans and always having to choose gas of food to now, I have a cash flow monthly about $800 and I’ve even able to save almost $2000 this year. 2020 has been terrible but it also had been AMAZING for my financial education and freedom. Next year I’ll get my LLC for my Digital Media business and begin building business credit!!!! That’s the goal because my endgame I want to purchase a rental property
I love your calm presentation... People who use too much emotion in their presentation distract from the information..
Denzel I’m watching your old videos cause it’s shows me how much love you still have for your VB peeps and the Latin community. My journey begins in learning how to get financial freedom cause the kingdom is for everyone who believes … thank you for the wisdom I will continue to learn and show my family there’s a way to grow wealth for years to come..
21:30-24:30 was such a clear explanation. Making sense
Thank you Denzel, you have surely helped me alot. I like to be in control of our finances and I also like to get a restful sleep every night. Now that I started Velocity Banking with my CC I can say that I can sleep better. I took a Cash Advance from a BofA Travel Rewards CC $20,000 credit limit and paid off 7 credit cards. I am using my CC for everything except our motorcycle loans and health insurance because I am Self Employed and leave money for my taxes from my checking account. This is awesome!!!!! Thank you from the bottom of my heart. My husband and I thank you.
awesome work keep it going stay focused hit your goals
Denzel Napoleon Rodriguez hey Denzel I sent an online form and email to you need your urgent help with my finances . My name is John Rushton check junk email might be in there . Look forward to hearing from you . Your videos are amazing need this help 🤞🏻🤞🏻
What a simple, straightforward idea -- call the companies i owe money and ask them to just adjust my due dates so that they are AFTER my closing date, so that i have more cashflow. I probably never would have thought of that.
thanks!
you really didnt
Here’s something interesting… if you get a line of credit it’s reporting to your credit profile as a “loan” and not a revolving credit account ie. Credit card. And that’s important for a few reasons 1. When you go to get a limit increase the information that gets reported to the credit agency is an account that is closed and reopened to a higher limit. Erasing the previous account age. Which definitely could hurt your credit.
2. When you get a limit increase on the credit card it does 2 things lowers Utilization, and increases overall credit available, and adding more age to that account, thus putting you into a higher credit caliber. It might be a good idea to use the credit cards more and chunk form the LOC so that you get the best of both worlds at the end of the day.
I’m debt free. I use my credit cards for everything. Then pay them off before the statement date and I can max them out after the Statement date...
Read it again. If there is no balance before 25 days are up no interest and your credit utilization is at its best. 30% percent is credit utilization and 35% is payments on time.
And I don’t care about interest rates...
So, if I don't owe on my credit card, but use it to pay bills, it's not eliminating a credit card payment, because I wasn't paying on it anyway right? I want to make sure I am doing this right.
@@FertilityFreak
Do you have a balance on your card already? If so, then yes, practicing the method you just mentioned will not hack down your credit debt.
I thank god I found you. You have helped a poor girl all her life have power to achieve better. Thank you Denzel.
Thank you for sharing, you were my God sent I prayed on. Watching and learning to start velocity Banking the spiritual path. Ty
Denzel😊 you are PR&Columbian. PR is carribean, so thats to some afrolatino (Pan African some call it)-Mixed/biracial latino/black. As my niece have your look.
All in all❤thanks for what you do that saves souls from this commerce world purposely confusing the monetary jargon for self profit.
Thanks. Cant wait to be ready for a consult with you as i am doing my homework with your videos.❤❤❤
You're a young Financier - Not at all 'Crazy in the head'! Thank you very much Denzel for your valuable insight toward debt elimination. Continue success!
I’ll be using this with my Capital One Credit Card 💳. I’m excited 😊
I’ve been watching & learning, trying to see where to begin. I have several small credit cards but hopefully will get an increase in a few months.
Thank you for these videos, very educational. Question: in order to avoid interest, when is better to pay the credit card right after the closing day or 2 days before the due date.? Considering that still have balance for next month. Thanks and God bless you!
You are doing a great job helping people to get their money right. Your ideas are good and will help a lot of people. They don’t teach this stuff in school. God Bless!!
Latino isn't a race, it's an ethnicity. You can be black and latino. White and latino. Etc. Remember, there's more 'black' in Latin America, especially the Dominican Republic, Cuba, Puerto Rico, Brazil and the Caribbean combined, than in the USA. ONLY 5% of the slaves shipped out of Africa came to the USA. The other 95% went to Latin America.
G P good to know thanks 🙏 ✅
@@DenzelNapoleonRodriguez love the vids man. Literally just introduced three more of my coworkers to velocity banking via your channel. My girlfriend paid off her car last month and she had 3 years left on a $1400 income. I paid off my car In September after starting in may of this year, owing 21K at the start. Two of my coworkers have already begun velocity banking and with them too, I had them reference your videos. I'll keep spreading the word. Ppreciate all you do man.
G P good work keep it up that’s great progress for your girlfriend
@G P I was going to educate my Christian brother Denzel on the exact same thing. Also I think when the commenter said you look black it was a compliment to you:). You told her to look at your hair but my black daughters hair is curlier than yours and she is black. Black people come in all different shades, colors, ethnic backgrounds, hair textures. At the end of the day, we are all here to talk about the green.lol financial literacy is key for us all no matter our ethnic background:). My maternal and paternal grandmothers are both latino:). You do look black, hope that doesnt offend you. I love what you teach and really enjoy your channel. God bless you and this channel!
My credit Union advised that keeping my usage under 50% for each credit card is the way to raise my credit score.. So I do not focus on reducing one credit card to 0 balance.
You’re on fire 🔥 Denzel...love it!!!
I’m excited, I scheduled my 1hr phone call with the man DENZEL. Can’t wait.
I can use the 0% interest credit cards using that money to put it into my insurance policy and thus grow my cash box from my policy
Are you currently doing this ? How is it working for you and did you run the math in terms of costs? If so great if not be careful you are not over leveraging yourself and under an illusion that you are creating positive arbitrage
Wow, best explanation ever!!
You’re name is Denzel and you do look like you could be mixed. Don’t be so offended lol black is beautiful ♥️. Jesus loves you, bless your heart, man of God. Bummer, great channel, just found it today. Best of luck Denzel!
Ouch on your rebuke of the person who has zero cash flow.. 31:41 Some people end up in situations that they weren't planning, like I have, and I have very little cash to use. I guess I need budgeting guidance in addition to your coaching here.
It's very rare currently to get liquidity on a credit card. Most companies currently will only do a credit card to credit card balance transfer or regular purchase.
Rare yes but not impossible. If you are willing to do the extra leg work to work with smaller banks and credit unions that do this then we never have to talk in most people or most banks or whatever people say most about. I operate in an environment where accessing liquidity is not hard for me in any environment because I’ve done the extra leg work to build relationships with banks and entrepreneurs to get things done
I appreciate you sharing your knowledge- How wonderful you are for sharing!
Oh about the mortgage payment with cards...it costs...but the way the amortization schedule works on a mortgage, more interest is paid in the early years of the loan so it’s possible to work out good even with the 3% fee
As a cash advance? It still works out good?
Hey Denzel....love all ur vids!!! Question: is there a way I could take some cash to the bank and "secure" an unsecured line of credit using cash as collateral??? I'm just tryna find a way to set my family up because me and my husband's debt is super low, but we have no money after expenses... thanks for your time!
Thank you. You are making Kings of Men!
So the credit card should be paid fully every month before the due date that way I don't pay any interest correct?
Yes. Your basically using the CC for you monthly bills when you get paid pay it off completely and repeat. But when your close to your due date do not use the card until after the cycle starts over.
@@joshuayoung9913 correct, but as well, don't pay the whole thing off, credit scores increase tremendously when you have 10% or less for the period of the utilize... then you pay the extra 5-$10 b4 your closing date 📅
That's why your
Due date
Closing date
&
Statement date... are VERY IMPORTANT to know 💪🏾
Make your payment on due date and Pay it all off before your statement date. Then use it the day after. Banks charge interest on you statement date. Pay it off no interest ...
@@natebillups8983 Confused?? What is the Closing Date? I just learned about the Due Date and the Statement Date on my credit card bill.
With this method we can’t save right?
Great job!!
Update: I called Citi back to speak to a new representative and was able to change my due date after the close date. My close date was the 7th of each month, and now it is the 10th. The representative confirmed that my close date would remain the 10th? Lesson learned.
Hi Denzel, currently I am watching your videos to study and understand how to leverage my cash flow with an income that fluctuates due to my seasonal job and having the summer off without pay. I called Citi and asked about pushing out my due date after my close date. The representative was extremely helpful and kind, however, he said doing so would change the date range I am charged interest. In other words, my due date would still remain a few days before the close date. I can call back and verify with another representative if this is true. Have you heard similar things from others? One other thing, I used to have a lower rate on this card of 15.24% but due to the recent rate increases, the interest rate now sits at 20.24% which is one of my lowest credit card interest.
That is what I have been doing even before started to watch your videos but did not know what the technique was. I love watching you teach and have learned alot from you. I did not know about the due date and the closing date. I would love to teach others about velocity banking.Do you have a progtam where you teach people to teach others about velocity banking?
Good gracious! You go boy!!
How are you paying the chunk? Cash advance?
When I make a payment on my credit card?
Only part of that goes to the principle so I really would not have a $150.
Hi Denzel. great videos. question. a number of companies charge like the utility companies a "convience fee" for paying bills using the credit card. how do you avoid that?
Pay online
If the fee doesn't make sense monetarily, you would treat it like rent and leave the cash available to pay the bill without using the credit card.
Will this work if I already have good credit and want better credit? Example currently at a 697 and I want high 700's I have 5 cc and 0 balance (on all cc) now and already corrected my UTL, I just need to pay off my car and student loans?
first and foremost run your numbers. We want to take the guessing work out of whether this will or won’t work. Second velocity banking can potentially increase your credit score overtime but there are other methods that focused on increasing the credit score that will produce faster results for sure over velocity banking.
How can i use the credit card? Using 0% interés in the wholife ?
This video is fire! Thank you for the explanation for Joel and ME!
Hello. Which reward points on credit cards are better? The 2% to 5% Cash Back on purchases or getting 1 point for every $1 you spend with the credit card?
13:34 You mention the monthly minimum payments, which is quite ok as it goes down to lover your balance. What about the interest you pay on a maxed out cc?
Thank you! This was very informative and you remind me of my son.
Make Money & Spend It All...Wealth Is Taught!!!
Do you stick with one personal line of credit if so for how long and if you’re dumping all your cash flow into that line of credit can bank close that line of credit anytime they want...
I am a little confused. I thought you should pay your charges before the closing date? God Bless Loving your videos
You are correct ideally you want to pay your credit card on its due date and for the statement balance. What I’m referring to in the video is about when you swipe the card. If you swipe the card after the closing date then you are basically buying yourself more time on the card before you have to pay it back.
My due date is 21st and my closing date is 23rd. What’s your suggestion for me to set my due dates?
Make sure to pay off credit card by due date. Then wait after closing date to start to max out the credit card (paying off bills) using the credit card. That way it'll buy you time (increase cash flow). And with all the cash flow earned over the course of 25 days, just make sure to then pay off your credit card by the next due date. Rinse and repeat
I’m new to your channel. Loving what you are teaching. Want to learn more.
I deeply came across this trustworthy vendor *Ericroboti* on telegram this my second time for getting cc from him
You are doing a wonderful thing. I need some mrehearsed info please.
Thanks for the info awesome situation
Hey DNR,what's the process on how to you qualify to get insurance? Because not everyone will be able to get insured right? Thx
you can get whatever you want in life as long as you put your mind to it. The process is very basic starts with a conversation
Man thank so much I’m this video ,this is like exactly what I needed to know
Can you apply the same concept on Student Loans?
Thank you for your videos,excellent content.
I’m from Wi and I want to now when Is the best time to join or open whole life ins
How soon can I get my money available to borrow from a cash insurance policy
Why not pay your bills into your cheque account from your cc to pay out to your a count
What do you mean by the kingdom?
DNR thank you brother!!!
I have LOC . I have equity in my home I have cc with no balance. I'm in a crappy mortgage would lo to move to a heloc
My home is worth 3000.00 equity 28000. Bal of Mortgage 10800. Don't know how to use debt weapon
What up. God bless. Life liberty prosperity to all.
I;m glad your Christian. empowering people
20:20 Denzel, why are you asking to funnel all your bills through one credit card. Doesn't it hurt your CREDIT SCORE if you utilize more than 30% of the credit limit. Should we spread our bills among 2 or 3 credit cards, so we don't use more than 30% (Utilization ratio) Please answer.
I’ll answer it for you: as long as you know the closing date of the specific credit card you’re funneling your expenses to, you don’t have to worry about utilization because you control the utilization that the bureaus will see by paying your balance down a day or 2 BEFORE the closing date. Example: your closing date is the 12th, your credit card balance is 800 out of a 1000 dollar limit. That’s bad. So to avoid this, pay that 800 balance down to $100 or below before that closing date. Boom! They report your balance to the bureaus, it shows you have 10% or less utilization even though you ran expenses all month, your score goes up. Repeat the process. Your income and cash flow is everything. As long as you get paid, you can do this. I’m currently doing it. I know tricks to using credit cards.
Pay it down before the closing date below 10%
Quick question about the monthly payment towards the credit card to free up cashflow do you do this across multiple cards to get access to each credit cards cashflow?
Have you ever received an answer? I am wondering the same as well.
25:20 Question: Is velocity banking before we hit 20% equity in a House? Denzel please answer and explain this question
I have two questions.
Do I need to remain below 30% utilization when using this method?
AND ..
Do I need to wait until the payment on the c.c. clears before I use it again so as to not go over the 30% utilization threshold? 🤷🏾♂️
J'son the Barber I keep paying my cards off and keep utilization rate as close to 0% as possible for keeping score high...30% of your FICO is credit utilization..
Try it....
To get the best boost to your score, I’d keep utilization below 10%. If you run all expenses through ONE card, and then pay that balance down to under 10% of your credit limit on that card before the closing date, the bureaus won’t see all the spending you’ve done over the month. They’ll only see that 10% or less utilization and boost your score. You can manipulate your utilization by doing this. Which in turn manipulates the bureaus into thinking you’re not using your credit card much even though you are.
To build your credit fast, its best to use 100% and make the minimum payment for at least 6 months. I have a 815 score. I buy real estate and businesses using credit cards, lines of credit etc. It will go down a lot but shoot up 70-100 points depending on the card amount
Well done Denzel.
Best video ever!
If my credit card statement is from December 8- January 8 when is my closing date?
You have to call the number on the back of the credit card it usually doesn’t show on the statements
@@DenzelNapoleonRodriguezthank you
Can you talk about owning a business and using business line of credit!
Here you go - th-cam.com/video/H4KOUSmsKno/w-d-xo.html
I have another video here - th-cam.com/video/CJIYceSZ0tI/w-d-xo.html
Technically you can use your credit card to pay whatever. Yes you may pay a fee for like say rent but so long as your credit card is a cash back credit card, the cash back can potentially cancel each other..
Dope information. I love it.
What should I look for in a return from and insurance policy
Or you can set it up for automatic payment on the credit card
Praise God so I’m going to close on a house soon and kind of worry on having a mortgage me and my husband cash flow of 4000.00 after taxes a month after closing I will have like about 1500. In cash left over in our savings account, so if I close by June 22 I won’t have to pay a mortgage payment until 08/01 mortgage payment of 1650.00 loan amount of 550.00 and 600. In utility and phones payment and car ins i have a credit card with 5900.00 credit limit how do I start
th-cam.com/video/7Rpqz8nIvHc/w-d-xo.html watch more videos I lay out all the pre game work
Why would someone want to use a line of credit that is assessed interest, to pay for other credit cards?
is it better for me to make an additional $300 a month on a credit card or pay bills with the credit card with an extra $300?
A house is an asset if it makes money..anything is an asset if it makes you money..truth is most houses have made people money whether they own them out right or not or rent them out so not sure I agree with that philosophy..
PLTbyCormie big if
PLTbyCormie of the 150+ households I’ve been serving all across the United States would disagree and say there house has been a liability not an asset. Which is why we are doing what we’re doing now to convert it into an asset
@@DenzelNapoleonRodriguez qp
If you rent out your home, the only way it's an asset is if you own the home free and clear and the rent is pure cash flow. If you're using the rent money to pay your mortgage, then the house is still a liability because you are not keeping the cash.
Hi Denzel, I've been watching your videos for about 5 months now and i'm very confused now. I think its time for me to sign up. Talk to you soon.
Not understanding this, have to watch again
We don't have a house....
Good morning,
I just started following you and you are very helpful!
I would like to know if this is the only way you offer your service? Or do you meet with potential clients in person or over the phone?? I would love to start the process but I’m still not very knowledgeable and definitely have Specific questions regarding my Personal situation..
I appreciate any feedback,
Thanks and God Bless you!
Jacqueline Piatt I do meet with people in person sometimes most of my work is done over the phone. You can visit my website www.denzelrodriguez.com and fill out a contact form
I thank you for your Response.
I will visit your website and will be in touch.
Gracias!!
Bless you
I deeply came across this trustworthy vendor *Ericroboti* on telegram this my second time for getting cc from him
@@jacquelinepiatt4652 I deeply came across this trustworthy vendor *Ericroboti* on telegram this my second time for getting cc from him
@@scortcorell5346seems legit... 🤔
Is this assuming that all the credit cards you use have a 0% APR right?
Doesn't matter since you zero out your credit cards at the end of every month.
Don't keep a balance on it and you will never have to pay interest.
What’s the closing date?
look at your credit card statement to see what the closing date is
A lot of companies won't set up specific due dates. So you're "pushing" December charges till february? What are you smoking???
I can call any of my credit cards and ask to change the due date of my credit card. I can change when I go get gas or go buy groceries. It’s a simple timing strategy that is backed by numbers and having conversations with real clients and real life situations and my clients have benefited greatly. :) :) :) I wish you the best on your financial journey
Why are you not on LinkedIn?
i dont understand. someone enlighten me. why would you put all your income in a credit card that charges interest? i think you save money on interest by not using one.
Assuming majority of Americans that have credit cards have debt so I am sharing strategies on how to pay off the credit cards and reduce the interest faster than making extra payments each month. By using the credit card’s strategically I can reduce the interest faster and earn cash back rewards, points, and statement credit money that is free money which is more cashflow which is more money to pay off debt
Denzel, why don't I see the one expense which is the highest for everyone: mortgage or rent ?
Can you pay mortgage or rent with a credit card?
I can’t pay my mortgage with a cc. I have to leave that one flowing thru my checking account.
No one can pay mortgage or rent on credit cards without an extra fee.
Would you recommend asking the CC company to increase your minimum payment (to match all bills that can be paid by CC) just so that you can create that additional cash flow to pay off debt faster?
Simon Phipps what does the minimum payment have to do with your expenses? Ideally if I’m using a cc to run bills I’m not concerned with the monthly minimum payment because I want to pay the entire balance off each month
@@DenzelNapoleonRodriguez my thinking is that the more the minimum payment then the more my cashflow and therefore the more I will be able to pay off. I am new to this concept and I'm feel as though I am on the brink of understanding it. Do I have this right?
Simon Phipps keep watching more videos I do not agree with your idea of increasing the minimum payment because of my first statement.
@@DenzelNapoleonRodriguez your videos are fantastic, so much information - I wish I could absorb everything and understand it all in a short period of time.
Am I right in thinking you could use cashflow through a line of credit (we call them overdrafts in the UK) and then a credit card in order to use one dollar/pound multiple times a month?
Keep up the good work - I'm watching :)
How do u pay ur rent or mortgage? Can’t use CC’s?
Cecilia Charon with a line of credit
There's a service called "Plastiq" that will pay your mortgage directly to the company and apply the balance against your credit card.
Just tried it for the first time and it works! Plastiq. If you have mortgage you will need a discover card not visa.
@@DenzelNapoleonRodriguez without a line of credit and only credit cards how do u do it?
Jas D watch the video again it’s titled how to use credit cards. I also have other detailed videos on my channel showing you how I use credit cards. Just look for similar titles
Yes doing this with 2 cc...let’s see 🥰❤️
@Tearose
Well what happened?
Let us know.
Thank you.
It’s been three years did it work?
Hello
Denzel can a 83 year old buy whole life cash value insurance , for my parents they have 350k dead equity in there home i mentioned to my father , please let me know thank you .
Yes, I would like to be fully educated on this case here because their maybe other options to consider or look at. It's worth scheduling a call with my team of Insurance Advisors and discussing possible options to protect his wealth.
www.whycashvaluelife.com/denzel/
@@DenzelNapoleonRodriguez sounds good thanks
Latina is not a race. There are black, white or mixed latinas. You look mixed.
Denzel my Christian brother, there are black Latinos and you look like one. You look way more black than alot of my black family. My maternal grandmothers maiden name is Garcia and my paternal grandmothers maiden name is flores. I said that to say black people come in all shades, colors with all different hair types. My black daughters hair is way curlier than yours so when someone tells you that you look black and you tell them to look at your curly hair...your curly hair doesnt mean a thing. You look like a black dude with curly hair. I hope that doesnt offend you. I love what you teach and I can assure you it doesnt matter what color you are, we are all just talking about green...financial literacy is key for all of us no matter our ethnic background:). God bless you and your channel.
Hi how can I speak with u 1on 1?
Can you send me an excel spreadsheet of how this works?
I deeply came across this trustworthy vendor *Ericroboti* on telegram this my second time for getting cc from him
Let me ask you this.... If you have a credit card with a line of credit of 7,000 can you deposit 9000 to increase your line of credit 16000 utilizing your own money gaining interest from that bank institution?
dude you live with your moms? you must be saving alot of money then
Haha😂
Brilliant bingeing on your vids I wish i knew this years ago better late than never God Bless bro lets bring Heaven on earth....
❤😊
Happy you are here
Maritza from Florida. Hey