Hi Denzel So glad I found you. This video made me jump into velocity banking. Started in November and already swing results. I am using CC instead of Loc as a debt weapon. You are a godsend. Thank you. God bless you🙏🏿
Denzel, I know this is an old video/post but for 2020 what banks or credit unions do you recommend to get an Unsecured Personal Line of Credit (PLOC). I'm in California what a good credit score (710-720). Thanks
Leon Flores he is my hero too. I’ve been binge watching his videos and it wasn’t until him that I now understand velocity banking! I am so grateful for his videos.
so, say i got a line of credit $10k on oct 1....spent $5K on oct 10 ---put $5k back in via income on oct 31- how is the payment determined? and does the LOC take your lowest balance (during 30 days) & charge interest? can you show this? thanks...BTW your new mic is dope (on ur latest vids) is an LOC typically over 12 months?
payment will be determined based on the balance owed on a daily basis. Interest is added on a daily basis based on daily balance owed. A LOC is revolving the term is undetermined. If your just spending money from the LOC then the process is useless because now your paying interest. You'll be paying back more than what you spent. LOC must be used to pay off debts or invest not to spend. Use a credit card if your going to spend money so you don't owe interest till after the 30 day period.
Thank you for your videos, they are so enlightening. Another question, when I call around for LOC's, most say rate is attached to prime + margin, I've called 5 and all say they don't have simple-interest. Would a loc (prime+margin) be ok too? P.s. - I love your kingdom principles :)
@@DenzelNapoleonRodriguez - I went to a few credit unions, and figured out that all variables, if it's not amortized, it is simple interest (they are Synonymis). If not amortized, a variable is calculated via simple interest. I get it now.
Liz Litaea for majority of the time yes but it is always best to read the terms and agreements HELOCs can be tricky sometimes. But with a Personal Line of Credit there pretty straightforward if it says daily interest rate it’s the same as saying simple interest
I believe so because it's money you can get screwed over with interest. A good rule of thumb is any money that you don't pay fully in cash is payed with credit/ "loan" in some way. Say new phone 2k, you pay $100 a month for 2k phone, the remainder of the amount is money that is against your credit score until it's payed off in full. A credit card 6k limit is 6k against your name (with probably high interest), a line of credit say 15k, is 15k available to use against your credit card debt (good use) to lower/ avoid high interest and give you more time to pay. Or buy a car (liability) (not as good use depending on situation) therefore you might not be able to pay it back which would affect your credit score and your trust with lenders. I would recommend credit cards for monthly bills (utilities, groceries, transportation fees, ect) and in the event of an emergency that you can't pay your credit cards with cash you can use a line of credit to pay credit cards (transfer debt) (preferably before you pay credit card intrest) buying you time to make more income to meet the amount owed on line of credit. I would personally only use lines of credit to build assets (stuff that puts money in your pocket) (one example: downpayment of a mortgage of a rental property for passive income). Or in the case of an emergency when you have bills coming up that you can't pay and your car broke down and you have to choose between fixing your car ($1500 on a credit card if not in cash), paying your bills (yearly car insurance $3000 credit card if not cash, credit card used for gas $200 for rewards for cheaper gas) and $300 total in your bank account available to use. (This is my current situation btw) I applied for a 15k line of credit (just an hour ago and waiting on response for approval and interest rate). My plan is to pay everything with credit cards and pay off credit cards as much as possible and when I'm about to pay intrest on those credit cards I will use a line of credit and pay off as quick as possible. (Also just to add to the situation I've lived off of $1300 (last paycheck) for 6 weeks because of not working for family emergency reasons. I now had to decide on if I want to pay off my credit card or car repair to go to work to pay off credit cards. Until I learned about lines of credit and used TH-cam go learn way more than the bank was capable of explaining. I spent 6 hours on TH-cam and 1 hour talking with the bank and I'm pretty sure I'll be able to build my wealth comfortably and pay my bills comfortably no matter my bank account balance. The internet is a pretty good tool make sure to use it to your advantage.
Where did you get the term “Debt weapon”? I heard it before with VIP Financial education TH-cam channel, where did that term come from? Maybe A book you both read? Thanks
Bro... this is similar so my scenario. I don’t make a lot of money but I want to pay off my car loan of $11,200 before my forbearance is up in September and have to start paying the mortgage. I Bank with Baxter Credit Union and I have a credit card with a limit at $5,000.Th apr is at 18% if I take out a cash advance I am hit with a 3% fee and will pay 18% on what I take out.. my income is $2800 and my expenses are $2600. Will I be able to do what I want with what I have?? Thanks Denzel God bless you brotha.
I applied for a PLOC with Georgia United Credit Union for $25K. They countered with $5K at 9.69%. I felt insulted. My credit score is in 780's with no derog, no late payments ever for the past 20 years. It made no sense to me. Maybe because I just opened an account last week. I'm going to check with other CU'S
@@konnen4518 No. They gave me the $25K 4 months later after I started Direct Deposit with them. Reason was its a relationship based credit union and they didn't have a relationship with me. Once DD kicked in after a few months and score rose they gave it to me.
Any local credit union in your area that offers my criteria I put out. I'm serving the whole USA so to pinpoint one bank would not be effective for everyone.
Sir,I called my local credit union to ask about an LOC.They will extend a line of credit to me with no problem.However the LOC will be set up as an overdraft protection.How will that work for me?
moneymitch means the same variable, simple interest, daily average interest all the same with a revolving line of credit. It’s all set up to confuse you
On Line of Credit soon as your approved interest rate is deducted right away for the whole amount your approved, so better use that LOC soon as possible.
Hi Denzel
So glad I found you. This video made me jump into velocity banking.
Started in November and already swing results. I am using CC instead of Loc as a debt weapon. You are a godsend. Thank you. God bless you🙏🏿
Seeing results I meant to say 🙈
Denzel: You don't know what you don't know until you know.
Me: I know!!
Denzel, I know this is an old video/post but for 2020 what banks or credit unions do you recommend to get an Unsecured Personal Line of Credit (PLOC). I'm in California what a good credit score (710-720). Thanks
u dont know what u dont know till ya know!
Bryan T Barker ya know!
I went to get one but they said it wasn't smart to use to pay off my car loan. What should I tell the bank?
Denzel your my hero!!
Leon Flores he is my hero too. I’ve been binge watching his videos and it wasn’t until him that I now understand velocity banking! I am so grateful for his videos.
Me three💪🏽💯
As always a very useful video with great information! Thank you for teaching us!
I'll have to show this to my wife,she likes to spend( Too much) lol! 😎
Geeky Gibo lol yes show her how she can spend the money and not go broke :)
so, say i got a line of credit $10k on oct 1....spent $5K on oct 10 ---put $5k back in via income on oct 31- how is the payment determined? and does the LOC take your lowest balance (during 30 days) & charge interest? can you show this? thanks...BTW your new mic is dope (on ur latest vids) is an LOC typically over 12 months?
payment will be determined based on the balance owed on a daily basis. Interest is added on a daily basis based on daily balance owed. A LOC is revolving the term is undetermined. If your just spending money from the LOC then the process is useless because now your paying interest. You'll be paying back more than what you spent. LOC must be used to pay off debts or invest not to spend. Use a credit card if your going to spend money so you don't owe interest till after the 30 day period.
Denzel Napoleon Rodriguez but what about interest on loc as well whats the differrnce between loc and creditcard
Quick question about the line of credit. Do acquire interest on approval or only when you utilize it?
only what gets utilized
Thank you for your videos, they are so enlightening. Another question, when I call around for LOC's, most say rate is attached to prime + margin, I've called 5 and all say they don't have simple-interest. Would a loc (prime+margin) be ok too? P.s. - I love your kingdom principles :)
there just confusing you with words. Watch my whole series I just did on the Line of Credit. It will break everything down.
@@DenzelNapoleonRodriguez - I went to a few credit unions, and figured out that all variables, if it's not amortized, it is simple interest (they are Synonymis). If not amortized, a variable is calculated via simple interest. I get it now.
Liz Litaea for majority of the time yes but it is always best to read the terms and agreements HELOCs can be tricky sometimes. But with a Personal Line of Credit there pretty straightforward if it says daily interest rate it’s the same as saying simple interest
@@DenzelNapoleonRodriguez - great, thanks for the further clarification
Does line of credit show up as credit available on credit report ?
I believe so because it's money you can get screwed over with interest. A good rule of thumb is any money that you don't pay fully in cash is payed with credit/ "loan" in some way. Say new phone 2k, you pay $100 a month for 2k phone, the remainder of the amount is money that is against your credit score until it's payed off in full. A credit card 6k limit is 6k against your name (with probably high interest), a line of credit say 15k, is 15k available to use against your credit card debt (good use) to lower/ avoid high interest and give you more time to pay. Or buy a car (liability) (not as good use depending on situation) therefore you might not be able to pay it back which would affect your credit score and your trust with lenders.
I would recommend credit cards for monthly bills (utilities, groceries, transportation fees, ect) and in the event of an emergency that you can't pay your credit cards with cash you can use a line of credit to pay credit cards (transfer debt) (preferably before you pay credit card intrest) buying you time to make more income to meet the amount owed on line of credit.
I would personally only use lines of credit to build assets (stuff that puts money in your pocket) (one example: downpayment of a mortgage of a rental property for passive income). Or in the case of an emergency when you have bills coming up that you can't pay and your car broke down and you have to choose between fixing your car ($1500 on a credit card if not in cash), paying your bills (yearly car insurance $3000 credit card if not cash, credit card used for gas $200 for rewards for cheaper gas) and $300 total in your bank account available to use. (This is my current situation btw) I applied for a 15k line of credit (just an hour ago and waiting on response for approval and interest rate). My plan is to pay everything with credit cards and pay off credit cards as much as possible and when I'm about to pay intrest on those credit cards I will use a line of credit and pay off as quick as possible. (Also just to add to the situation I've lived off of $1300 (last paycheck) for 6 weeks because of not working for family emergency reasons. I now had to decide on if I want to pay off my credit card or car repair to go to work to pay off credit cards. Until I learned about lines of credit and used TH-cam go learn way more than the bank was capable of explaining. I spent 6 hours on TH-cam and 1 hour talking with the bank and I'm pretty sure I'll be able to build my wealth comfortably and pay my bills comfortably no matter my bank account balance.
The internet is a pretty good tool make sure to use it to your advantage.
Where did you get the term “Debt weapon”? I heard it before with VIP Financial education TH-cam channel, where did that term come from? Maybe A book you both read? Thanks
Duke Shadows I got the term from that channel VIP financial education
Thanks for the videos man 👍
Happy to help
Bro... this is similar so my scenario. I don’t make a lot of money but I want to pay off my car loan of $11,200 before my forbearance is up in September and have to start paying the mortgage. I Bank with Baxter Credit Union and I have a credit card with a limit at $5,000.Th apr is at 18% if I take out a cash advance I am hit with a 3% fee and will pay 18% on what I take out.. my income is $2800 and my expenses are $2600. Will I be able to do what I want with what I have?? Thanks Denzel God bless you brotha.
Very knowledgeable information
Personal credit line of 5000 was offered to me is that what I need to get?
I applied for a PLOC with Georgia United Credit Union for $25K. They countered with $5K at 9.69%. I felt insulted. My credit score is in 780's with no derog, no late payments ever for the past 20 years. It made no sense to me. Maybe because I just opened an account last week.
I'm going to check with other CU'S
That means you don’t have a high income. It’s not wise to seek $25K PLOC while making $50K a year
@@konnen4518
No.
They gave me the $25K 4 months later after I started Direct Deposit with them.
Reason was its a relationship based credit union and they didn't have a relationship with me. Once DD kicked in after a few months and score rose they gave it to me.
Well said! So what’s a good bank to open a LOC?
Highest regards 👐
Any local credit union in your area that offers my criteria I put out. I'm serving the whole USA so to pinpoint one bank would not be effective for everyone.
Can I use a PLOC to pay principal on a mortgage???
Albert Davila yes
Sir,I called my local credit union to ask about an LOC.They will extend a line of credit to me with no problem.However the LOC will be set up as an overdraft protection.How will that work for me?
it's probably a CLOC works the same way unless it's a small LOC you would just need to build it up
Thanks! GOD willing...I will be contacting you with a testimony of success.
Great video!
Excellent information
Keep up the videos!
maydey.com you got it will do catch my New one I dropped today
Thanks man ! Can I send you my info for your next example? :)
yes you may
www.patreon.com/DenzelRodriguez
how about make similar videos but espanish
Calculated simple? I keep seeing variable
moneymitch means the same variable, simple interest, daily average interest all the same with a revolving line of credit. It’s all set up to confuse you
@@DenzelNapoleonRodriguez I emailed u with the numbers
moneymitch what is your name
@@DenzelNapoleonRodriguez cc
moneymitch got it
Good to know. You know what I'm saying 😁
On Line of Credit soon as your approved interest rate is deducted right away for the whole amount your approved, so better use that LOC soon as possible.
Not true.
I’m with navy federal and they offer an overdaraft line of credit is that the same thing?
similar it gets the job done
helo denzel can you make a video also on how to open a whole life insurance like this?
CRANK IT UP, YOUR VOLUME IS TOO LOW, DENZEL...!
clemente miranda all part of the learning process building a TH-cam channel. All of my latest videos have better audio now