Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Pecuniary backdoors*
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
40 now, and everything is paid for. Fortunately, I had a *pecuniary backdoors* teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *Pecuniary backdoors* , Love the knowledge keep it up
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Pecuniary backdoors* and realizes that as long as you're still alive and breathing, there's a chance, there's HOPE that the future is brighter then the present day.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
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My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude sir and *Pecuniary backdoors* was so helpful during the process of boosting my credit.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
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My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
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My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
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My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
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My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
The confidence you take in your work is really inspiring and amazing, special thanks The time and efforts you had put into deleting all inquiries and collections is beyond excellence. Take my cordial thanks! You are really an efficient, organized and result-oriented man Thank you for all the extra hours and extra effort you had to put on for getting this job done. I appreciate every bit of your effort. Thank you *Pecuniary Backdoors* for pulling this off so smoothly...
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
I believe that this works but if you have automatic payments you should stop them while doing this. If not, then after you pay 2500 (in this example) the credit card may or will make the scheduled payment, as you put all of your money into the payment you will not have any money in your bank account to pay it, then you would have both a overcharge on your bank account and possibly a late payment on your credit card. Yeah I know it does not affect your credit report until it is late for 30 days or more. Doing this while either working overtime OR a side gig could have you paying off your credit card in a very short period of time
Very great video and break-down of velocity banking. It definitely worked for me. The only hiccup was when I made a large payment to Barclay's, they immediately lowered my credit limit to the new balance. That resulted in 100% utilization again,😢 so you have to be mindful of that.
Citibank has done it the last three months for me….it is frustrating to do the right thing and try to lower the balance owed to have this done and it screws your balance available and your credit does nothing but drop.
Barclay's did that to me too and I've rarely used it since; put on one monthly small subscription to have it report use on the monthly statement balance reported to the bureaus and then pay the balance off monthly so that I don't get charged any interest fees 🙌
The efficiency of this *Top phase resolution* is next level. To juggle walk throughs of various angles on the topic delivered to-camera, differnet content per topic from various folks underneath the umbrella of the track list of the larger big band concert itself is engaging and refined. To make a dense taccess like this so digestible is really something. Awesome work jon!!
If you’re gonna say an average income is 60k and then say they bring home 5k a month that’s not possible. Is this net or gross income? If it’s gross then this example is way wrong to start with.
I use $5,000 net income and financial resources per month to do VB. I paid of $10,000 plus since April 2024 with VB and no new job but inflation. Very simple.
Be careful doing this in 2024. Some credit card companies may lower your credit limit after you make a large payment. If that happens you will not have access to funds to pay out your bills as planned. Its better to start with lower amounts maybe $400 - $500 one months and check a available balance. Remember interest charged is not shown in this video.
Thank you for your full focus on the job instead of focusing on proving yourself to others. You always tried harder to be better *Pecuniary Backdoors* and now your success speaks out louder. Thank you for a hard work. I’m sure it was worth it all. There is no doubt that you are the most deserving of all that should be given a shout out
Hello, I'm a small business owner, I make goat milk beauty products, soap, lotion, shampoo, body wash, bath salts, bath bombs. But I would love to get a shop put on our farm. I also am getting into rabbit fur blankets, hats, slippers. And would love to get a grant to start and all updated equipment to complete my business. Thank you *Pecuniary backd0ors* . Till next time. God Bless
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
I've tried this but the interest on purchases keeps adding up. My $28K CC is at a $17K balance and it's hard to decrease the balance because even though I do the trick you talked about... I keep getting added about $200 plus every month on interests alone. I think that a debt consolidation loan would help tremendously but my score has dropped to 675 Fico so not high enough to get that loan.
I might be wrong here but the $400 per month reduction in the balance doesn’t seem to pay any regard to the $200+ of interest. Your pay down schedule is therefore showing at least double the reduction than that which you would actually see - especially in the early months
I agree. Also it’s the same payment you would have been making. The difference is you are hiding your lack of cash flow by using your card ahead of time. This a useful strategy to keep your payments on time when you are in a pinch. It’s not a great debt payment strategy though.
facts, these idiots dont know what is like to have maxed out at high interest rates you will NEVER pay it off, it will take an eternity unless you either stop eating or somehow get free housing, or get an inheritance
Thank you for making this video. It is very detailed and actionable. I have been searching YT for videos to learn how to use my credit wisely for the past year. . This really helps reinforce the right way to use credit and velocity banking. Thank you
I have been thinking about starting my small business for several months. Doing the research takes the longest. So I thank you for sharing *Pecuniary backd0ors* of ideas for women like me who is thinking seriously about starting a small business. Again Thank You!!!
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
I’ve had the same credit card for 20 years and when i asked the to reduce my rate they said i was already at their lowest rate of 26%. Insane they can charge that much.
Everything sound great but even after all this information I don’t know where to start, I feel like I’m taking my first baby steps need someone holding my hand and guide me.
Solid video. I did something similar to this to get out of debt years back, not knowing about velocity banking. The amounts you save on interest compounds and your money actually starts eating at the principal much faster. The concept is what people should pay attention to, and not the little situational details that are specific to each individual, and their situation, because the concept will fit around those parameters and will still work. Thanks for sharing
A little accomplishment is having a low 600 score and I’m currently at 667. I’ve been paying debt off and can’t wait to be able to be in the 700/800 club. One step at a time. Any pointers or tips other than keeping credit card utilization
A credit score shouldn’t be your focus or goal. If your goal is to pay off debt and build wealth, a credit score will take care of itself. Don’t measure yourself by a credit score as it’s not an indication of financial success. My credit score is below 800. However, I have no debt (besides my mortgage) and have a net worth just under $1M. I don’t borrow money and have exactly 1 credit card with a limit of $2,000. I have a healthy emergency fund so I don’t count on credit cards as a “safety net”.
Add more unsecured lines of credit, credit cards and used it responsibly. That will make your credit score jump up. After you hit 700, keep paying on time, work on your utilization and you will make it to 800
I agree - credit score means very little unless you are shopping for a mortgage or need to borrow a large sum of money. Mine is 840 but my expenses put me in the hole about $500 a month due to some hardships. Looking for a second job to get caught up. Credit score is high because of utilization and ALWAYS paying on time.
@@ginaa284 - again, I reiterate - Credit Scores are not a measure of financial success. They are a measure of how well you manage DEBT. You’re credit score is 40 points higher than mine, but I’ll wager a months pay I’m in a much better financial position than you. People with low credit score have demonstrated that they don’t manage debt very well. Why encourage them to take out additional, unsecured lines of credit? That’s what got them in dire straights to begin with.
Most methods on the internet will work as long as you stop using the cards and are actually determined to pay off the debt. I used 0% balance transfers to juggle the debt to all cards that have the introductory 0% and have knocked my credit card debt from over $30k down to $15k and paid off a car payment as well. I have one card with a zero balance and a $24k limit that I’m waiting for a balance transfer offer from so I can move debt over to it when interest starts on the other cards in a few months. The balance transfer method can be one of the best ways to attack credit card debt
The concept sounds good but $5000 isn’t paid in a lump sum. I get paid weekly so do I save up 2500 and then put it on my credit card? Maybe break this down for people who get paid weekly or biweekly and not a lump sum every month
This sounds great EXCEPT: the balance is going only down by the amount of the monthly payment! The math isn’t mathing on this “velocity banking” idea. It’s not a scam, but it does underscore that including all the factors, including the monthly interest that he’s excluding, are so important in any consideration of finances.
Everyone that speaks on velocity banking always fails to mention that, the credit card balance is only going down the day you make the payment. The balance on the card does not go down that fast due to the interest. It just looks like it does temporarily. The math ain’t mathing.
lol you got fucked i did that once and these mofos did that since then i only pay minimum for them fuk them but now im considering stop paying cause is getting to a point where interest is too high and almost maxed out is literally impossible to get out of debt almost my whole paycheck is going to pay credit cards and their stupid interests
Applying for a line of credit is a much better choice as opposed to a loan because the loan provides a fixed rate and payment and does it go down like a credit card or a line of credit does
I must be slow… how is there $400 wiggle room if the card will get maxed out again because the expenses are $2500? Sooo coupled with the checking account expenses brings you back to 5000 which would be maxed out?
Because the credit card payment "doesn't count." So imagine this: You have a credit card payment and a car payment due on the same day. The credit card minimum payment is $100, the car payment is $400. You have $420 in your checking account. You can't miss either payment. What do you do? You pay $400 on the credit card. They only wanted $100, you gave them $400, they're happy. Now you have $20 in your checking account, and $400 of available credit. You now use the $400 of available credit to make the car payment. You still have $20 of the original $420 in your checking account, but you've paid $500 worth of bills with $400. There are TWO CATCHES. First, if the card is at or near the limit, then you have to make that second payment with the available credit BEFORE interest accrues, otherwise you may not have sufficient credit to "pay" it. Second, interest is going to accrue. So you save yourself $100 in the checking account, but the credit card balance doesn't change (+400, -400). And so now you've got, say, $75 worth of interest which is added to the balance. So, if you're using this method to get ahead, you have to calculate the difference between your minimum credit card payments and the monthly interest charges on the cards. That's the actual spread. I figured this out when I was dead broke, I didn't know it had a name.
Wouldn’t the standard $400 bill for the credit card in this scenario still be due regardless of how much money you’re putting into it? For example, you said the user puts 2500 in there, it’s not at the full balance therefore wouldn’t the remainder (7500) bill still be due each month? Because the user isn’t paying the bill on the statement due date, wouldn’t the bank automatically be direct debiting the $400 from the checking account anyway? And if you switched off direct debit, wouldn’t the bill for that same month still be sent to you because the total balance is not yet fully paid?
Figure out what has to be paid by cash/chequing account. The rest of it goes into the credit card. Use the credit card throughout the month on the rest of your bills. Gas, groceries etc.
Except that $400 payment also includes interest. And more will be added next month. so the new balance after 1 month isn't going to be $9600, it will be $9725 (assuming 20% interest charged on $7500). Also some cc only give you a 21 day interest free period. And most people get paid every 2 weeks. Further skewing the math and throwing off the plan. You'd get the same result more reliably if you just stopped using the card and made your $400 payment every month. Better yet, do a balance transfer.
Also people don’t usually get paid once per month so he’s making the assumption that you receive this 5000 as a one payment when you would receive probably a 2250 payment once and then another 2250 payment later in the month. With that you most likely have expenses throughout the month that you will have to use some of those funds for yes I understand putting majority of the funds on a credit card but you still have things that you need to do such as groceries, gas, etc that you will most likely put on the credit card.
he also forgot to add cc interest to the amount due next month. This video is only accurate in a world with no interest and no taxes 😂 So like, life through a child's eyes. Cool!
I don't understand. If I use the whole $5000 a month, regardless of what pot it's in it still all gets spent but now I'm spending more money out of my maxed out high interest credit card
Balance:$17,400 APR: 18% help! I already applied for a PL($15000)but I’m unsure if my job is secure.. should I pay off my car loan($13,500 APR:4.79%) or my CC? Wish I would have seen this before I applied for the personal loan
I have very low balances on my couple of cards as compared to their limits, but I'm thinking about doing this anyway. My only question is why he did not take into account the interest, so that the debit would not really be the whole four hundred.
It works I had 13 cards with about 1/2 maxed out. I now have 2 personal cards and 3 business cards. I moved most of my debt on to the business card monthly.
I’m curious. Could you put the whole check into the card. Then use a Venmo or other free way of sending money needed for non credit card bills back to your bank account? Hence expediting the payoff process?
It feels like im the only person on planet earth who isn't in a mountain of debt. How do you even find enough things to buy to max out a credit card? I don't get it
So it seems this would help someone who has a high interest cash advance on that card. From what i understand any amount you pay on your credit card that is above the amount due has to be applied to the highest interest amount on that card. So being that cash advances carry the highest interest it would eliminate that high interest portion on the card.
Not necessarily. I have cash advances but the credit card company applies my payment to purchases 1st and then to my cash advances. I have done this with 3 credit cards so far with cash advances.
Explain how to pay off Maxed Out Credit Cards with monthly Social Security Income of $1200 and monthly expenses that exceed $1200!! Rent, utilities, food, car insurance, gas, cell phone ($35 monthly) exceeds my income > $1200
Please make a video explaining the importance of using this method before the closing date and statement date etc to help the people understand how you’re actually eating down the interest over time lol so many comments are saying it won’t work because they don’t understand how making a payment at a certain time of the month is the glue to everything sticking together and being successful
Exactly. The timing of payments and charges must be precise to ensure everything aligns. After making the initial $2,500 payment (minus the $400 credit card payment), the remaining expenditures should be made as close to the next billing cycle’s closing date as possible. For essential expenses like groceries, you can purchase a grocery gift card in advance, allowing you to manage your spending throughout the month without rushing purchases into a small window. The goal is to reduce daily interest by strategically managing payments and spending-not by making a payment and immediately overspending. Since there’s zero cash flow, the $2,500 (minus the $400 credit card payment) is also used for necessary expenses, but the purchases should happen in the window just before the closing date to minimize interest, and the remaining balance should stay there until the next repayment window.
The middle class is gone. Only the rich and poor. The American dream is gone. Nobody can afford a house, car, medical, food ect. 34 trillion in debt. It is all going down. Crash and burn. So what are the benefits of good credit after the reset?
@@AzarroFineArts people hold on to it out of fear, that they may need it for emergency but all the money you paying for maxed out cards with raping interest, just file bankruptcy or stop paying and now you have thousands of dollars into your savings every month, before you know it in one year you have a considerate savings for emergencies and chances are you can still keep a credit or open one 1 or 2 years later
That mindset is what will help you to reduce debt and build wealth. My wife and I have no credit card debt and haven’t used them in over a dozen years. Our net worth is nearly $1M
Paid off a 30 year mortgage in 1 month using and teaching velocity banking and accelerated banking principles, theories, assumptions, and conjectures. I also employed cash advances, quickcash, and convenience checks to refuce about $25,000 to $30,000 in credit cards and loans in 6 months.
If you do not qualify for a line of credit because of your current credit score choose the credit card that will free up the most cash. Meaning, focus on the credit card with the largest minimum monthly payment. Use this card to “park your pay cheque” and use throughout the month for expenses like gas, groceries etc. And, continue to pay the minimum monthly payments on the rest of your credit cards. Hope this helps!
So with this method you pay off 400 a month, which is what you would've done anyway. I could understand if he did the interest calculation and the average daily balance significantly affects the interest charged. But he didn't even consider that. This is so silly.
Yeah good video but you put half your paycheck on the credit card but you still have to pay whatever you put on the card plus the monthly payment! 🤷🏽♀️
Your numbers are way off. 5k a month is the gross. Where I’m from I pay high state taxes and federal taxes along fica. Just be more realistic when you tell people about paying off credit card debt.
Hello Naam. great video. Most of us get paid weekly. If I did this every week, will this have the same affect? Will my credit improve if I did this weekly?
0:55 People who weren't disciplined enough to not rack up credit card debt, all the sudden have the wisdom and control of monks to use "velocity banking"? Nah man, that ain't the move.
False. if you owe 9600 and pay 2500 your balance Will Not Be 7100. a portion of payment goes to principal. you need another job or side hustle to put money aside then pay off in full credit card balance
but you didnt get shit by paying them off, your score will remain shit to average as it already was, just file for bankruptcy if you are maxed out and getting raped by interest if thats not possible just stop paying altogether, now you can build up your savings big time probably over a thousand if not more every month
❗️❗️❗️In your example, when the person pays $400, you show it all going directly to principal balance. The balance would have also accrued interest in all cases except if the card had zero interest. So, your calculations are off. The general concept helps reduce the budget, just not as good as shown on the video.
Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Pecuniary backdoors*
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you...
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What is Pecuniary backdoor?
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40 now, and everything is paid for. Fortunately, I had a *pecuniary backdoors* teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
@@mentzo1Amen
@@DaniyellasingsHow are you doing now with your scores?
So why you ended up watching this video ? 😮🤔
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *Pecuniary backdoors* , Love the knowledge keep it up
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
Amen and simple!
@@Daniyellasings How is going?
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Wow, I've never heard of velocity banking explained in such a way! Thanks!
Welcome
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say not to loans..., keep doing the VB strategies and then apply for a line of credit once your debt to income ratio and credit score improves
Amen!
velocity banking in a nut shell. we gotta remember though, this concept is not for everyone. diligence is the key component.
Amen!
I believe that this works but if you have automatic payments you should stop them while doing this. If not, then after you pay 2500 (in this example) the credit card may or will make the scheduled payment, as you put all of your money into the payment you will not have any money in your bank account to pay it, then you would have both a overcharge on your bank account and possibly a late payment on your credit card. Yeah I know it does not affect your credit report until it is late for 30 days or more.
Doing this while either working overtime OR a side gig could have you paying off your credit card in a very short period of time
Amen!
Very great video and break-down of velocity banking. It definitely worked for me. The only hiccup was when I made a large payment to Barclay's, they immediately lowered my credit limit to the new balance. That resulted in 100% utilization again,😢 so you have to be mindful of that.
Chase did that to me
Best Buy does that too😮😢
Citibank has done it the last three months for me….it is frustrating to do the right thing and try to lower the balance owed to have this done and it screws your balance available and your credit does nothing but drop.
Barclay's did that to me too and I've rarely used it since; put on one monthly small subscription to have it report use on the monthly statement balance reported to the bureaus and then pay the balance off monthly so that I don't get charged any interest fees 🙌
Amen!
The efficiency of this *Top phase resolution* is next level. To juggle walk throughs of various angles on the topic delivered to-camera, differnet content per topic from various folks underneath the umbrella of the track list of the larger big band concert itself is engaging and refined. To make a dense taccess like this so digestible is really something. Awesome work jon!!
If you’re gonna say an average income is 60k and then say they bring home 5k a month that’s not possible. Is this net or gross income? If it’s gross then this example is way wrong to start with.
I use $5,000 net income and financial resources per month to do VB. I paid of $10,000 plus since April 2024 with VB and no new job but inflation. Very simple.
Don’t over think the annual. He just showed annual maybe they make more but the net 60k so monthly is 5k. If that helps.
Do t get lost in the sauce.
Be careful doing this in 2024. Some credit card companies may lower your credit limit after you make a large payment. If that happens you will not have access to funds to pay out your bills as planned. Its better to start with lower amounts maybe $400 - $500 one months and check a available balance. Remember interest charged is not shown in this video.
Amen. I have made large payments through VBand no lowering has occured yet.
This is true. Happened to me its funny how when you ask for a credit limit increase they check your credit score.
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Hello, I'm a small business owner, I make goat milk beauty products, soap, lotion, shampoo, body wash, bath salts, bath bombs. But I would love to get a shop put on our farm. I also am getting into rabbit fur blankets, hats, slippers. And would love to get a grant to start and all updated equipment to complete my business. Thank you *Pecuniary backd0ors* . Till next time. God Bless
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I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
I've tried this but the interest on purchases keeps adding up. My $28K CC is at a $17K balance and it's hard to decrease the balance because even though I do the trick you talked about... I keep getting added about $200 plus every month on interests alone. I think that a debt consolidation loan would help tremendously but my score has dropped to 675 Fico so not high enough to get that loan.
Don’t get into that trap. A loan is front loaded with interest and it will make it worse. Now you will have an additional debt
@@gina77duc44 then what's the answer ? Because a loan at least has a final date while the credit card keeps charging u interest forever it seems like.
Amen!
Give a call or email to walk through this.
@@gina77duc44 Loans can help in some situations. I three loan mortgage and they are paying for themselves and then some.
I might be wrong here but the $400 per month reduction in the balance doesn’t seem to pay any regard to the $200+ of interest. Your pay down schedule is therefore showing at least double the reduction than that which you would actually see - especially in the early months
I agree. Also it’s the same payment you would have been making. The difference is you are hiding your lack of cash flow by using your card ahead of time. This a useful strategy to keep your payments on time when you are in a pinch. It’s not a great debt payment strategy though.
If they did that on a 2% cash back card. Wouldn’t the 2% pay the interest back to you?
Amen!
facts, these idiots dont know what is like to have maxed out at high interest rates you will NEVER pay it off, it will take an eternity unless you either stop eating or somehow get free housing, or get an inheritance
@@cadiotsavant2397Hard no
Thank you for making this video. It is very detailed and actionable. I have been searching YT for videos to learn how to use my credit wisely for the past year. . This really helps reinforce the right way to use credit and velocity banking. Thank you
Have you seen other VB videos?
@ I have all of them provide nuggets of valuable insight
That BILT card is AMAZING. No fees to pay your rent with that card. And you get points for it❤️
Mortgage, bills, or rent
@@jynettelewis1514does it do cash back?
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My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Strategic techie* . I thank God for this wisdom. Bless you.
I’ve had the same credit card for 20 years and when i asked the to reduce my rate they said i was already at their lowest rate of 26%. Insane they can charge that much.
Yes. the cost of borrowing but VB can help
Thank you for explaining it better than others out there. This has been a confusing topic for me to understand
Amen!
Have you started velocity banking yet?
Everything sound great but even after all this information I don’t know where to start, I feel like I’m taking my first baby steps need someone holding my hand and guide me.
Solid video.
I did something similar to this to get out of debt years back, not knowing about velocity banking. The amounts you save on interest compounds and your money actually starts eating at the principal much faster.
The concept is what people should pay attention to, and not the little situational details that are specific to each individual, and their situation, because the concept will fit around those parameters and will still work. Thanks for sharing
Amen!
Super insightful!
Can you do this when you have multiple credit cards with high balances? This looks easy for one credit card with a high credit limit
A little accomplishment is having a low 600 score and I’m currently at 667. I’ve been paying debt off and can’t wait to be able to be in the 700/800 club. One step at a time. Any pointers or tips other than keeping credit card utilization
A credit score shouldn’t be your focus or goal. If your goal is to pay off debt and build wealth, a credit score will take care of itself. Don’t measure yourself by a credit score as it’s not an indication of financial success. My credit score is below 800. However, I have no debt (besides my mortgage) and have a net worth just under $1M. I don’t borrow money and have exactly 1 credit card with a limit of $2,000. I have a healthy emergency fund so I don’t count on credit cards as a “safety net”.
@@aeromedical6776 I appreciate you sharing the knowledge.
Add more unsecured lines of credit, credit cards and used it responsibly. That will make your credit score jump up. After you hit 700, keep paying on time, work on your utilization and you will make it to 800
I agree - credit score means very little unless you are shopping for a mortgage or need to borrow a large sum of money. Mine is 840 but my expenses put me in the hole about $500 a month due to some hardships. Looking for a second job to get caught up. Credit score is high because of utilization and ALWAYS paying on time.
@@ginaa284 - again, I reiterate - Credit Scores are not a measure of financial success. They are a measure of how well you manage DEBT. You’re credit score is 40 points higher than mine, but I’ll wager a months pay I’m in a much better financial position than you. People with low credit score have demonstrated that they don’t manage debt very well. Why encourage them to take out additional, unsecured lines of credit? That’s what got them in dire straights to begin with.
How the heck is the average person making 5 k a month
They don’t. I thought that too
Amen!
That is just an average but many people in the skilled trades and professionals are making above $60,000.
also, who is getting a lump sum payment. Paid bi weekly and cards and things need pmnts different times through out the month
@@cmp319 1,000s are making that amount.
Semper Fi! The snowballing method works ....I have used it.
Amen!
Most methods on the internet will work as long as you stop using the cards and are actually determined to pay off the debt. I used 0% balance transfers to juggle the debt to all cards that have the introductory 0% and have knocked my credit card debt from over $30k down to $15k and paid off a car payment as well. I have one card with a zero balance and a $24k limit that I’m waiting for a balance transfer offer from so I can move debt over to it when interest starts on the other cards in a few months. The balance transfer method can be one of the best ways to attack credit card debt
I pay my utilities on my CC
400 hundred actually will be needed paying if you pay near the dd date as they will normally still take payment
What happened to the interest charge, it’s not free?
It is charged monthly!
I am confused. 🤔
And then sometimes the credit card company lowers your limit after though pay it down. Tragedy for me right now
Yes sometimes it happens
This is my 1st month trying this. It makes sense but it's Def very scary! Just gotta take the plunge!
I would assume you will spend less in order to have this debit go down?
The concept sounds good but $5000 isn’t paid in a lump sum. I get paid weekly so do I save up 2500 and then put it on my credit card? Maybe break this down for people who get paid weekly or biweekly and not a lump sum every month
This sounds great EXCEPT: the balance is going only down by the amount of the monthly payment! The math isn’t mathing on this “velocity banking” idea. It’s not a scam, but it does underscore that including all the factors, including the monthly interest that he’s excluding, are so important in any consideration of finances.
Amen!
It has worked well for me. I have elimanted about $20,000 in debt in 7 months.
Everyone that speaks on velocity banking always fails to mention that, the credit card balance is only going down the day you make the payment. The balance on the card does not go down that fast due to the interest. It just looks like it does temporarily. The math ain’t mathing.
That's the same as your minimum payment....and that's without apr factored in. This seems very dumb
I started trying to do this but it backfired bc the creditor lowered my available credit. I waited too long with maxed out balances.
Amen!
Sorry to hear that happened!
lol you got fucked i did that once and these mofos did that since then i only pay minimum for them fuk them but now im considering stop paying cause is getting to a point where interest is too high and almost maxed out is literally impossible to get out of debt almost my whole paycheck is going to pay credit cards and their stupid interests
Applying for a line of credit is a much better choice as opposed to a loan because the loan provides a fixed rate and payment and does it go down like a credit card or a line of credit does
Amen!
Loans can help in some instances.
I must be slow… how is there $400 wiggle room if the card will get maxed out again because the expenses are $2500? Sooo coupled with the checking account expenses brings you back to 5000 which would be maxed out?
Possibly bu you willl save on interest, time, and principal reduction!
Because the credit card payment "doesn't count." So imagine this:
You have a credit card payment and a car payment due on the same day. The credit card minimum payment is $100, the car payment is $400. You have $420 in your checking account. You can't miss either payment. What do you do?
You pay $400 on the credit card. They only wanted $100, you gave them $400, they're happy. Now you have $20 in your checking account, and $400 of available credit.
You now use the $400 of available credit to make the car payment. You still have $20 of the original $420 in your checking account, but you've paid $500 worth of bills with $400.
There are TWO CATCHES. First, if the card is at or near the limit, then you have to make that second payment with the available credit BEFORE interest accrues, otherwise you may not have sufficient credit to "pay" it.
Second, interest is going to accrue. So you save yourself $100 in the checking account, but the credit card balance doesn't change (+400, -400). And so now you've got, say, $75 worth of interest which is added to the balance.
So, if you're using this method to get ahead, you have to calculate the difference between your minimum credit card payments and the monthly interest charges on the cards. That's the actual spread.
I figured this out when I was dead broke, I didn't know it had a name.
Wouldn’t the standard $400 bill for the credit card in this scenario still be due regardless of how much money you’re putting into it? For example, you said the user puts 2500 in there, it’s not at the full balance therefore wouldn’t the remainder (7500) bill still be due each month? Because the user isn’t paying the bill on the statement due date, wouldn’t the bank automatically be direct debiting the $400 from the checking account anyway? And if you switched off direct debit, wouldn’t the bill for that same month still be sent to you because the total balance is not yet fully paid?
Correct!
What do you do with 25.000$/ year
FYI.. you can use your credit card for some rental places
correct!
Amen!
Would i include that credit card payment in the monthly expense and add to balance, pay to cc?
Figure out what has to be paid by cash/chequing account. The rest of it goes into the credit card. Use the credit card throughout the month on the rest of your bills. Gas, groceries etc.
Not if the amount you deposited on the credit card is more than the payment amount. You satisfied that payment with the deposit.
Would it
Except that $400 payment also includes interest. And more will be added next month. so the new balance after 1 month isn't going to be $9600, it will be $9725 (assuming 20% interest charged on $7500). Also some cc only give you a 21 day interest free period. And most people get paid every 2 weeks. Further skewing the math and throwing off the plan. You'd get the same result more reliably if you just stopped using the card and made your $400 payment every month. Better yet, do a balance transfer.
What if you have multiple cards? Should you do one card at a time or spread your money over the cards each month?
I have done this over the past 6 months and have reduced about $15,000-$20,000 in debt along with a 30 year mortgage. Please give it a try.
This won’t work because of the interest rates. Especially with the large CC balance.
Amen!
Wrong. I have paid off $20,000 with this method.
The math is off on this. He says income at 5k a month, when in reality after taxes and deductions and 401k its more like 3500 a month.
Amen
Also people don’t usually get paid once per month so he’s making the assumption that you receive this 5000 as a one payment when you would receive probably a 2250 payment once and then another 2250 payment later in the month. With that you most likely have expenses throughout the month that you will have to use some of those funds for yes I understand putting majority of the funds on a credit card but you still have things that you need to do such as groceries, gas, etc that you will most likely put on the credit card.
@@anfdelarosa Awesome. Thanks
he also forgot to add cc interest to the amount due next month. This video is only accurate in a world with no interest and no taxes 😂 So like, life through a child's eyes. Cool!
It's a frickin example.. think for yourself to apply it
Isn’t this called velocity?
Ppl he clearly said 5k was the take home! It assumes taxes have been removed 🤦🏽♂️
I don't understand. If I use the whole $5000 a month, regardless of what pot it's in it still all gets spent but now I'm spending more money out of my maxed out high interest credit card
Use and budget and you will see the difference.
This sounds great, but what if it's a maxed out card but a store card where you can't put other expenses on it. How would that work?
Amen!
@@DrFinancialLiteracyyou didn’t answer the question
Balance:$17,400 APR: 18% help! I already applied for a PL($15000)but I’m unsure if my job is secure.. should I pay off my car loan($13,500 APR:4.79%) or my CC? Wish I would have seen this before I applied for the personal loan
Definitely you CC cause your credit card has a way higher APR than your Car loan
I would say to pay off the car, because you need that to make money. Kinda pays for itself. And you might need it to live out of someday.
Use this method!
This scenario does not include taxes/insurance, your monthly take home pay would not be $5k on a $60k yearly salary…
My example does!
I have very low balances on my couple of cards as compared to their limits, but I'm thinking about doing this anyway. My only question is why he did not take into account the interest, so that the debit would not really be the whole four hundred.
Amen!
He just overlooked it. Have you started VB yet?
Guess i'm not "average", have to put in alot of OT to hit $5k a month. Starting this strategy this week.
Lets go!
Did you start?
@@DrFinancialLiteracy I had a rocky start but i did.
That's easy when you have only 1 CC maxed out, but what about when you have 5, 6 or more CC maxed out. I don't think this method works.
It works I had 13 cards with about 1/2 maxed out. I now have 2 personal cards and 3 business cards. I moved most of my debt on to the business card monthly.
if you ask them to lower apr do you just call them and ask? do they re-run your credit with a hard pull?
Nope, just ask
Amen
Asking to lower interest is a hard pull. Tried it and regretted it.
I’m curious. Could you put the whole check into the card. Then use a Venmo or other free way of sending money needed for non credit card bills back to your bank account? Hence expediting the payoff process?
Amen!
I use convience checks, cash advances, and HELOC to pay off credit lines. Good luck!
Why doesn't anyone talk about the monthly and daily interest rates credit cards charge. The annual rate they only charge once a year.
It’s to simplify the topic
I do!
Thank you for your explanations of how credit cards "are just another operating account for your money transactions "
WOW 😊 thank you
Amen!
Great video!
Amen!
What if you have multiple credit cards?
Same process
Same manner to reduce debt
Can this work if I have a $300 n $400 credit....an my monthly bills are $500 I pay ?I make $2000-$3000 month
It feels like im the only person on planet earth who isn't in a mountain of debt. How do you even find enough things to buy to max out a credit card? I don't get it
Consumption and sometimes emergency personal and business.
So it seems this would help someone who has a high interest cash advance on that card. From what i understand any amount you pay on your credit card that is above the amount due has to be applied to the highest interest amount on that card. So being that cash advances carry the highest interest it would eliminate that high interest portion on the card.
Not necessarily. I have cash advances but the credit card company applies my payment to purchases 1st and then to my cash advances. I have done this with 3 credit cards so far with cash advances.
@@DrFinancialLiteracy yes anything you pay over the monthly amount is required by law to go towards the item that has the highest interest.
Explain how to pay off Maxed Out Credit Cards with monthly Social Security Income of $1200 and monthly expenses that exceed $1200!!
Rent, utilities, food, car insurance, gas, cell phone ($35 monthly) exceeds my income > $1200
Just get a job making 5 grand a month then it's easy, just like this video showed.
Amen!
In california there are a number of jobs paying above $60,000 that are going unfilled.
You need a job.
None of my credit card companies are willing to lower rstes
Amen!
Please make a video explaining the importance of using this method before the closing date and statement date etc to help the people understand how you’re actually eating down the interest over time lol so many comments are saying it won’t work because they don’t understand how making a payment at a certain time of the month is the glue to everything sticking together and being successful
Exactly. The timing of payments and charges must be precise to ensure everything aligns. After making the initial $2,500 payment (minus the $400 credit card payment), the remaining expenditures should be made as close to the next billing cycle’s closing date as possible. For essential expenses like groceries, you can purchase a grocery gift card in advance, allowing you to manage your spending throughout the month without rushing purchases into a small window. The goal is to reduce daily interest by strategically managing payments and spending-not by making a payment and immediately overspending. Since there’s zero cash flow, the $2,500 (minus the $400 credit card payment) is also used for necessary expenses, but the purchases should happen in the window just before the closing date to minimize interest, and the remaining balance should stay there until the next repayment window.
Why pay off our debts?
The middle class is gone. Only the rich and poor. The American dream is gone. Nobody can afford a house, car, medical, food ect. 34 trillion in debt. It is all going down. Crash and burn. So what are the benefits of good credit after the reset?
Amen!
@@AzarroFineArts people hold on to it out of fear, that they may need it for emergency but all the money you paying for maxed out cards with raping interest, just file bankruptcy or stop paying and now you have thousands of dollars into your savings every month, before you know it in one year you have a considerate savings for emergencies and chances are you can still keep a credit or open one 1 or 2 years later
@@naegleriafowleri2230 unfortunately there'll be never enough, only one major illness will wipe out your emergency savings.
thank you for your service
Awesome!
Welcome!
Im so bad with money! I just dont get it.
20% to 30% interest ?? where do you live ?
California!
@@DrFinancialLiteracy damn thats really high!
That will not work because credit card companies will not release the funds till 14 days after you pay them
Thanks!
What about tax?
What about taxes?
Omg credit card debt is so stressful. I am done using them until I pay them off. I just can't stand it.
That mindset is what will help you to reduce debt and build wealth. My wife and I have no credit card debt and haven’t used them in over a dozen years. Our net worth is nearly $1M
I use them for cash rewards to build my net worth towards $1 million. I love credit cards!
@@aeromedical6776 I use them for cash rewards to build my net worth towards $1 million. I love credit cards!
What are the score requirements for the 0 percent apr cards?
680+. Could be lower at CU's
This is great but seems like it only works for one card. What if you have multiple maxed out cards?
I've done this and it works!! ❤
Great to hear!
Paid off a 30 year mortgage in 1 month using and teaching velocity banking and accelerated banking principles, theories, assumptions, and conjectures. I also employed cash advances, quickcash, and convenience checks to refuce about $25,000 to $30,000 in credit cards and loans in 6 months.
If you’re maxed on your card you can’t use it for NON-card expenses!!
The take home pay is less. They take $1000 off the bat, retirement, taxes.
I agree it is a challenge
How do you do it if you have several cards at max?
If you can do a balance transfer to avoid interest charges.
If you do not qualify for a line of credit because of your current credit score choose the credit card that will free up the most cash. Meaning, focus on the credit card with the largest minimum monthly payment. Use this card to “park your pay cheque” and use throughout the month for expenses like gas, groceries etc. And, continue to pay the minimum monthly payments on the rest of your credit cards.
Hope this helps!
Amen!
Anyone here got a interest reduction calling CC companies ?? Not me … help
Yes. Navy federal from 18% to 16.14%!
So with this method you pay off 400 a month, which is what you would've done anyway. I could understand if he did the interest calculation and the average daily balance significantly affects the interest charged. But he didn't even consider that. This is so silly.
Yeah good video but you put half your paycheck on the credit card but you still have to pay whatever you put on the card plus the monthly payment! 🤷🏽♀️
Your numbers are way off. 5k a month is the gross. Where I’m from I pay high state taxes and federal taxes along fica. Just be more realistic when you tell people about paying off credit card debt.
Hello Naam. great video. Most of us get paid weekly. If I did this every week, will this have the same affect? Will my credit improve if I did this weekly?
Very quickly!
0:55 People who weren't disciplined enough to not rack up credit card debt, all the sudden have the wisdom and control of monks to use "velocity banking"? Nah man, that ain't the move.
Sometimes bills come up more than emergency saving to rack up cards.
False. if you owe 9600 and pay 2500 your balance Will Not Be 7100. a portion of payment goes to principal. you need another job or side hustle to put money aside then pay off in full credit card balance
No. I paid of $10,000 plus since April 2024 with VB and no new job but inflation. Very simple.
How to pay off debts: have money. Simple.
That does help
Use your money to make money before you spend it
but you didnt get shit by paying them off, your score will remain shit to average as it already was, just file for bankruptcy if you are maxed out and getting raped by interest if thats not possible just stop paying altogether, now you can build up your savings big time probably over a thousand if not more every month
thnx!
Welcome!
❗️❗️❗️In your example, when the person pays $400, you show it all going directly to principal balance. The balance would have also accrued interest in all cases except if the card had zero interest. So, your calculations are off.
The general concept helps reduce the budget, just not as good as shown on the video.