My boss explained this to me and I looked at him like he had a 2nd head coming out his neck, he actually uses this technique for the business and his credit is in the 800s
Would be extra special if Christy could give us her top choices in lenders of PLOCs. She's so smart about this. What would be the critical elements of a good PLOC?
Can you believe that I have been watching your channel, since you started, and we have never, been able to Signup & get started on working your amazing programs magic, because of my health, & my wife's dought! I believe it works, so many have proven you right!
@@Tammysmithbutler It is going as expected pretty much, I'm actually a bit ahead of where I thought I would be! It pretty much works just like she has laid out, but it takes longer in real life lol. Also don't be frivolous is very sound advice! I think it is really just helping to change my mindset as well.
This was really good, simple & straight forward, thank you.. I have 2 questions, if i get a line of credit & never use it does it take from my borrowing power?? Example, if before I got the line of credit I had a borrowing power of $75,000, I get a $25,000 line of credit but never use it until I see an invesrment opportunity, does that now reduce my borrowing power to $50,000?? Also would you suggest getting dental work (dentures or implants) with a line of credit?? It is somewhat of an investment, just an investment into yourself, which could also prove valuable with how others view you more positively thus potentially creating better opportunities..
Great video. Very helpful and I appreciate the information. But, I’ve noticed that my mind keeps trying to piece together what’s written behind you. The first time I watched I couldn’t really retain what you were saying. I understood it, but the whole time my thoughts were on the chalk board. Are you doing that on purpose?
My Line of credit is 150 i just started it off but I got it to 146 points I take it out let the bill cycle next month be completely paid off get +9 Everytime then take it out and repeat the process. Money isn't the problem I just used to have bad credit and trying to get a car lot
Christy, I purchased the Mini Course, how can I download it, send me the web address to access again. And do you have any help on rebuilding my own credit/fico scores?
Great video. Since you're only charged with interest for the chunk you use within your borrowed line of credit compared to a loan where the who loan is charged why don't people use lines of credit more?
I’m struggling to find a bank that has PLOCs. I bank at a Credit Union, I have a great credit score, no late payments, great income, etc. I’ve looked at other banks too. They only offer personal loans & I always have to clarify I’m looking for a PLOC, as if they’ve never heard of them. Please advise on where people are finding PLOCs. Thank you for your informative videos!
You may have to change banks, or CUs. Put in the effort, call, email, go by and ask. That's what I did You have to build a relationship with them. Google search. If you're doing all this they may not be available in your area, and u may have to use a CC. Hope this helps.
I have several bank accounts and one is at Navy Fed CU. I got the same response as you. I checked with the bank my mortgage is through Keybank and I was just approved. I had more success with a bank than a credit union. I hope this helps😊
I wanted ask about zero interest for 15 month credit card. I want to transfer my Lowe’s credit card balance into the zero interest card but it is more that the limit they gave on the zero interest one. So I applied for another zero interest and it’s not enough either. My question is can I split the balance of the credit card I owe on that I need to transfer into both of the zero balance ones?
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market..
Hi Christi, you just posted a video and it’s coming up as private instead of public. Was this correct?! Cause I was ready to view the video and I can’t because it’s set up as private. Thanks
I’d like to know what is the between an Open-End Signature Loan and a Closed-End Fixed Rate Signature Loan? And which one do I go with? I do bank with a credit union.
So if I have my $20,000 line of credit just sitting in my savings, they won’t charge anything monthly wise until I’m ready to use that $20,000? Then they start to charge interest monthly?
Is it hard to get a PLOC if you have good credit (760) but a really high DTI ratio? Say 53%? Velocity banking will only work for us if we do a PLOC or HELOC, but I really doubt we'd get approved.
1:18 you said line of credit can be a credit card and 2:39 you said the interest of the line of credit is charged different than a credit card....im confused enlight me
I've been watching your videos and am really interested in in the velocity banking approach, sounds like a no brainer. I just bought a truck and am about to start the payments on a 60 month loan, not to mention my mortgage so this would be perfect for me. My only problem is that my bank does not offer a ploc at all and they are not offering a heloc right now "due to current market conditions". Would you recommend trying to get a loc from another bank and is it possible to get one without a savings or checking account at that bank?
So…check with another credit union? Bank of America and PNC and many others don’t require direct deposits. So your area must be different. Are you outside the US?
What happends if you get the 20k and then use 4 and then pay 4 back the next day with the line of credit would it Govee the first 4K spend or would u be 4K in debt still
Hello I currently have an interest only line of credit at 13500 dollars at 12.1. I recently got a preapproved line of credit through the mail from another bank for 20,000.00 at 11.19 percent I was thinking of paying the first line off with the new line of credit So I applied for this preapproval on line and they said we are now opening your new line of credit on the next business day. My question is how do I know if its interest only or principal and interest payment ? Thanks.
We went to our credit union and asked for a PLOC and they offered us a OLOC. There is no fee to use money...interest is 13% and its revolving and also attached to our checking account. We only got approved for $5000 to start. Is this the same??? We can move money around as needed. I was just confused the bank lady had no idea what a PLOC was...only a OLOC. I Should mention OLOC is a overdraft line of credit for those who don't know.
Why can't I find a place to apply for a PLOC with? Seems like only personal loans are offered wherever I've checked. And my home loan servicer (chase bank) stopped offering HELOCS in 2020 :/
So for the sale of your home, you will have home equity line of credit paid off before you get any of your other residual equity? Can the bank ever cancel the line of credit and force you to sell your home to pay it off?
A PLOC is just a personal unsecured line of credit loan, which requires more stringent approval, because if you fail to pay it back as agreed, you loose nothing but your credit rating. The bank is taking a high risk. It’s an unsecured credit card….. sorta. You get an account; not a card.
My boss explained this to me and I looked at him like he had a 2nd head coming out his neck, he actually uses this technique for the business and his credit is in the 800s
Would be extra special if Christy could give us her top choices in lenders of PLOCs. She's so smart about this. What would be the critical elements of a good PLOC?
This is why I clicked. I was hoping for this.
Same
Check with your local credit union . Do not just go with the first choice do your research 2:51
Can you believe that I have been watching your channel, since you started, and we have never, been able to Signup & get started on working your amazing programs magic, because of my health, & my wife's dought! I believe it works, so many have proven you right!
Well, I was inspired from you and I did it...I am nervous, not gonna lie...but if it works...I'll be so happy!! I'll update you in a few months haha.
How's it going so far?
@@Tammysmithbutler It is going as expected pretty much, I'm actually a bit ahead of where I thought I would be! It pretty much works just like she has laid out, but it takes longer in real life lol. Also don't be frivolous is very sound advice! I think it is really just helping to change my mindset as well.
Update?
@veeeff2323 update please 🙏🏻
update
Just tuning in, learning soooo much thank you for the information! ❤
Excellent clarity! Thank You! keep it going and
Give us some more! ❤
So glad your channel popped in my recommendations, subbed I have a lot to learn and appreciate you sharing your knowledge
Thank you for the information. Good luck
Also thanks for just a simple explanation video.
This made money so simple for me.❤thank you
Great info! Thanks for sharing!
This was really good, simple & straight forward, thank you.. I have 2 questions, if i get a line of credit & never use it does it take from my borrowing power?? Example, if before I got the line of credit I had a borrowing power of $75,000, I get a $25,000 line of credit but never use it until I see an invesrment opportunity, does that now reduce my borrowing power to $50,000?? Also would you suggest getting dental work (dentures or implants) with a line of credit?? It is somewhat of an investment, just an investment into yourself, which could also prove valuable with how others view you more positively thus potentially creating better opportunities..
You could use it how ever you want it’s there for that reason
Thanks. I'm going to see about a ploc asap to buy a new car.
Ok. I can take out a ploc to buy my car or a house. Preferably for big purchases.
Great video. Very helpful and I appreciate the information. But, I’ve noticed that my mind keeps trying to piece together what’s written behind you. The first time I watched I couldn’t really retain what you were saying. I understood it, but the whole time my thoughts were on the chalk board. Are you doing that on purpose?
This video helped clear up a LOT for me. I plan on buying my first home later this year and will be using velocity banking to pay it off in no time
Great explanation. Easy to understand ❤
My Line of credit is 150 i just started it off but I got it to 146 points I take it out let the bill cycle next month be completely paid off get +9 Everytime then take it out and repeat the process. Money isn't the problem I just used to have bad credit and trying to get a car lot
So to buy a car is okay ??
A car for 15000 € for example?
Great video !!
Thank You for breaking this down for me🙂
Thanks for info Van.
Thanks for the info.
All this sounds great BUT getting a LOC takes high credit....but most ppl in massive debt are gonna have horrible credit
@@DrFinancialLiteracywhere did you get your ploc from?
720 usually, other data points are involved. Humans don’t approve you. Computers do. Got to know what to input. Pretty simple.
Christy, I purchased the Mini Course, how can I download it, send me the web address to access again. And do you have any help on rebuilding my own credit/fico scores?
Good foundation. Thank you ❤
Great video. Since you're only charged with interest for the chunk you use within your borrowed line of credit compared to a loan where the who loan is charged why don't people use lines of credit more?
I would think today the interest rates would be so high if you couldn’t pay back the funds borrowed…
I seen that Aven credit card that's secured with a HELOC, but would like to see more about it. Miss VANNtaatic, any thoughts?
Thank you
Vantastic 🤗
Thanks 🤗
Thank you ❤
What if your PLOC is not set up with a card that you can use like your debit/credit card? How would you use that for velocity banking?
I’m struggling to find a bank that has PLOCs. I bank at a Credit Union, I have a great credit score, no late payments, great income, etc. I’ve looked at other banks too. They only offer personal loans & I always have to clarify I’m looking for a PLOC, as if they’ve never heard of them. Please advise on where people are finding PLOCs. Thank you for your informative videos!
You may have to change banks, or CUs. Put in the effort, call, email, go by and ask. That's what I did
You have to build a relationship with them. Google search. If you're doing all this they may not be available in your area, and u may have to use a CC. Hope this helps.
I have several bank accounts and one is at Navy Fed CU. I got the same response as you. I checked with the bank my mortgage is through Keybank and I was just approved. I had more success with a bank than a credit union. I hope this helps😊
@@Jupiter888-5 thank you!!
@@bridgettfloyd36 thank you! Idk if there is a Navy FCU in MN. I was under the assumption that you had to be military to be a member.
I bank at MAX FCU. They have a PLOC but it is referred to as a Revolving Line of Credit. Maybe use different wording when you ask...
I wanted ask about zero interest for 15 month credit card. I want to transfer my Lowe’s credit card balance into the zero interest card but it is more that the limit they gave on the zero interest one. So I applied for another zero interest and it’s not enough either. My question is can I split the balance of the credit card I owe on that I need to transfer into both of the zero balance ones?
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market..
Navy Federal Credit Union offers Secured Loans at 2%+rate% on savings and CDs. I wonder how many other credit unions have anything similar?
Hi Christi, you just posted a video and it’s coming up as private instead of public. Was this correct?! Cause I was ready to view the video and I can’t because it’s set up as private. Thanks
Let's say if I use money from my line of credit and pay it back the exact same day will I have to pay interest
I’d like to know what is the between an Open-End Signature Loan and a Closed-End Fixed Rate Signature Loan? And which one do I go with? I do bank with a credit union.
How do I apply for a line of credit for a business to pay off credit card debt and start velocity banking ?
So if I have my $20,000 line of credit just sitting in my savings, they won’t charge anything monthly wise until I’m ready to use that $20,000? Then they start to charge interest monthly?
Is it hard to get a PLOC if you have good credit (760) but a really high DTI ratio? Say 53%? Velocity banking will only work for us if we do a PLOC or HELOC, but I really doubt we'd get approved.
Some people start out with a credit card. We are.
1:18 you said line of credit can be a credit card and 2:39 you said the interest of the line of credit is charged different than a credit card....im confused enlight me
I've been watching your videos and am really interested in in the velocity banking approach, sounds like a no brainer. I just bought a truck and am about to start the payments on a 60 month loan, not to mention my mortgage so this would be perfect for me. My only problem is that my bank does not offer a ploc at all and they are not offering a heloc right now "due to current market conditions". Would you recommend trying to get a loc from another bank and is it possible to get one without a savings or checking account at that bank?
Good information
Hello Christy! Has your website changed? I can't access it. Says may have moved or been deleted. Thank you!
What is the best line of credit to get? A ploc, hloc, or eloc?
hi does the line of credit brings the fico score down when you pull money line credit card or it is only the hard pull like the loan
My credit union doesn’t offer loc. many banks do not offer loc unless you do direct deposit with them.
So…check with another credit union? Bank of America and PNC and many others don’t require direct deposits. So your area must be different. Are you outside the US?
@@VanntasticFinances I will check,thank you.
make of video about llc and loans
So can I use a credit cards as my line of credit?
What happends if you get the 20k and then use 4 and then pay 4 back the next day with the line of credit would it Govee the first 4K spend or would u be 4K in debt still
Im having issues downloading the work sheet. Can i please have a link that works?
Hello I currently have an interest only line of credit at 13500 dollars at 12.1. I recently got a preapproved line of credit through the mail from another bank for 20,000.00 at 11.19 percent I was thinking of paying the first line off with the new line of credit So I applied for this preapproval on line and they said we are now opening your new line of credit on the next business day. My question is how do I know if its interest only or principal and interest payment ? Thanks.
Can I use personal line of credit to pay off credit card bills? Thank you
We went to our credit union and asked for a PLOC and they offered us a OLOC. There is no fee to use money...interest is 13% and its revolving and also attached to our checking account. We only got approved for $5000 to start. Is this the same??? We can move money around as needed. I was just confused the bank lady had no idea what a PLOC was...only a OLOC. I Should mention OLOC is a overdraft line of credit for those who don't know.
Which credit union? Navy Federal?
@@isweatglitter5809 Bison Federal Credit Union
Just got a home equity loan line of credit I got a question
I got 20000 for my line of credit at 6% intrest rate what would be the best method to pay it back thanks 😊 I appreciate your videos
@@DrFinancialLiteracy not yet
Got it! Thanks 🤗
Is LOC something that is owed to us or why would bank institutions even offer us LOC and HELOC?
Why can't I find a place to apply for a PLOC with? Seems like only personal loans are offered wherever I've checked. And my home loan servicer (chase bank) stopped offering HELOCS in 2020 :/
Have you tried PNC or Bank of America
Thanks for the suggestions 💖
@@VanntasticFinances Bank of America's website states they don't offer personal lines of credit.
@jenn5772 They have credit cards you can use as linked lines to checking accounts 🤔
nice
I’m from the UK, is this just an American thing?
Anyone has a good bank to apply for a ploc? And is this a personal loan
what the best small loan to start a business
No loans. Only lines…
But what is better a Peloc or Heloc? thanks
Same
@@VanntasticFinancesI would think ploc is better because you aren’t putting your home at risk if something happens
Great video
So for the sale of your home, you will have home equity line of credit paid off before you get any of your other residual equity?
Can the bank ever cancel the line of credit and force you to sell your home to pay it off?
❤
A PLOC is just a personal unsecured line of credit loan, which requires more stringent approval, because if you fail to pay it back as agreed, you loose nothing but your credit rating. The bank is taking a high risk. It’s an unsecured credit card….. sorta. You get an account; not a card.
Can you please show it instead of talking about it. Thanksg