Mrs. Vann is awesome. As my credit card balance shrinks, I've had no desire to splurge on any purchases. In five months I've reduced my balance by 80%. Soon, that cc will be paid, and I will just keep cycling my income into it for expenses, and start working on Infinity banking. Thank you for sharing.
Absolutely love your videos. So glad you're telling everyone about the credit cuts going on. I was unaware and sadly Citi cut mine at Christmas time last year. I know Synchrony hasn't only been cutting limits - they've also just been closing accounts entirely. It's good to be aware and just be careful with it.
You’re a VANNtastic lady!! Learned many hard finance lessons throughout my life. Refinancing, credit cards, you name it, I did it. My number 1 desire now that I’m on the other side of not so wise money moves, is to pay off my mortgage. This desire led me to your channel. I watched your webinar regarding automated velocity and realized I purchased something similar to that software in 2007. Thank You Lord for connecting the dots on my behalf. That software is exactly what I purchased but I guess back then it was about selling the product because I never received training or support. So after blowing my HELOC and living unwisely the software just went into the drawer and died or so I thought lol. New mindset, same software, I’m ready and very excited to do the right thing by my finances!!! My appointment with a trainer is on May 7th. Thank You so much for sharing your heart and passion.
You are an Amazing woman! Your channel and content that is deeply in depth shows your resilience to help so many situations that people truly need help with. We know you dont have to even do what you do but I am thankful for what you do. I appreciate you and I know your subscribers and other fans out there do too. ❤💯👍
I applied and was approved for a 0% for 21 months - $13k limit credit card with my bank. I transferred some of my debt into it (I will transfer more as I pay it down) I also linked that credit card to my checking account. I pay EVERYTHING from the CC and then put all my income towards that card. The CC also acts as overdrawn protection with NO fees, so I use my checking account to pay my “cash bills” (mortgage, car, ect) even if I don’t have the money in my bank when the bills are due. The money is transferred from my CC to my checking account automatically to cover any charges. By my calculations, I will be debt free (including this card) before the 21 months are up 😅
Thank you for this ! Was just starting to look into the difference between credit card and line of credit to figure out which one to use for my situation.
They did that to me. I paid a large sum and out of no where I tried using the card I land it was declined. Turned out the lowered my limit. Not just for Sam’s club but Amazon as well. Low and behold both cards are owned by synchrony
Thank you for sharing, you are such a blessing because I really dont want to eat rice an beans for 5 yrs. lol I have been watching a lot of your videos and just started on my journey this month. I have one question though. The government is planning on bringing in the CBDCs soon. When they do, what happens to the credit cards, etc... at that point? And, if we dont want to opt in to their CBDCs what other options would we have to pay for everything?
I've set everything up. All my bills that I can pay are now transferred to auto pay through my credit card and I'm going to put every available dime into my CC and pay it off after that I'll switch everything to my smaller CC and knock it out too. Right now I'm at 693 credit score so after I'm done with my CCs I'll ask the bank for a line of credit and start working on my mortgage but I have some confusion about that process, its further down the road though and I'm literally excited to pay my bills. Is that weird!?
This is weird. I made a large payment to one of my credit cards and the limit was INCREASED. I don’t understand why would a credit card company do that
My credit union doesn’t offer PLOCs, but does offer a revolving Overdraft Line of Credit with unlimited transfers and no transfer fees. The interest rate is reasonable. Can an Overdraft Line of Credit be used to reduce credit card debt when a PLOC isn’t available? Appreciate any guidance on that.
Ok serious question about newer mortgage with very little equity available & unable to obtain a HELOC. Should I consider to Use a PLOC to build equity while reducing overall interest and overall length of the loan. Then transfer to a HELOC . Thanks for your vids.
The part that really surprises me is the fact that this information is not common sense to most people. Myself, I only use interest free credit cards with cash back rewards for all chargeable expenses.
I applied for a HELOC and the credit union is saying they want me to keep a 26k balance to keep a 6.74%interest rate . Is this an attempt to stop people from paying down debt
Just a comment! I love watching your videos. I watched your old videos a few months ago and i understood what you are talking about right now. But for people that have not seen your old videos(1year old videos) they will not understand these videos. Maybe, you should link your old videos. Just a suggestion 😘
When using the credit cards in the velocity strategy, should you wait for the closing date to pay the expense so you receive the 30 day grace period on interest for that expense?
So how does the PLOC work when you say use it for expenses? Do they give you card, like how do you use it for gas and groceries? Or do you transfer from PLOC to checking to buy that stuff. That’s the part I am confuse with on the line of credit.
It’s usually linked to your checking account so your debit card is used for the expenses and the money is automatically transferred to the checking from the PLOC. You always have the option to transfer the money. I don’t transfer. I just swipe and let it transfer automatically
I'm slowly grasping these concepts and I'm looking forward to implementing them when I get an income going again. Is there any benefit to making my mortgage payments come out of my LOC? Instead of my bank account?
So your just saying to put all expenses on CC's and pay it off every month? To get the benifit of credit usage and card benifits? Been doing that for YEARS
My son is buying a house this month. He applied for the mortgage loan and was approved. Does he get the line of credit after or before buying the house? And will that affect his eligibility for a mortgage loan? Thanks in advance
Christy, my husband and I are closing on our HELOC this week. We were using velocity banking with our credit card and will now move over to the HELOC. My question is, I have an AmexPlatinum Delta card, which we were using to accumulate miles for travel. Can I still use the Amex card for our monthy expenses and make the payment to that card once or twice a month from the HELOC?
@Jesus-kt5dc Thank you for your reply. One additional question, the Heloc monthy payments will be due on the 10th. Our rewards credit card reporting date is the 11th, I'm trying to make it make sense in my head. Does it make sense to possibly change the due date of my credit card to the end of the month? I'm thinking the 27th.
👋 If I have multiple cards with balances should I start with the highest limit/ balance or smallest? I just took everything off auto pay so I can start working this method but I need your help 🙏🏽
The biggest mistake with the velocity banking is the assumption that the deposit lowers the total interest paid that month because it reduced the balance owed for the WHOLE month. This is just a really bad assumption because you are paying multiple bills through the month using your credit line. So essentially, you are paying same balance you started with.
But you are paying less interest at the end of the month, because they charge daily interest on the balance, so if you start low, and slowly build up through the month, then pay a big chunk, you end up paying less daily interest than if you just charge up the whole amount you would use at the beginning of the cycle.
Hi! What I don't understand is if your expenses keep going on your card your balance will keep going up? You Are paying on the interest as well as the balance! Isn't that just going around in circles?
Yes. Your card will keep going up and you will pay interest UNLESS you put your whole paycheck on the card. There are so many reasons why this is a horrible idea. Please don't do any of this. For instance, what if you put more charges on your card than your paycheck? That means you can't pay off your credit card every month and it accrues interest. Cut up your cards. You can't get out of debt with more debt. This is nonsense. Cut the cards, pay them off by starting with one and paying extra while paying the minimum on the other cards. Then when the first one is paid off, go after the next one and so on. That's what I did years ago. I also made a budget and stuck to it. I took my paycheck and got cash to put in envelopes and made categories like groceries, household, personal, etc. I only used my debit for gas and utilities, rent. I was super focused on my credit card debt and went after them one by one. I've been out of debt for many years now and it's wonderful. I have tried to watch these videos with an open mind but I think they're dangerous. A heloc is a loan against your HOUSE. If you can't pay, they take your house. A credit card can sue you for the balance if you can't pay and they did sue my daughter who wouldn't listen to me. They won and now they can garnish 25% of her wages. CUT THEM UP. Use cash. Get on a written budget. Go after each card like it's a disease. Don't play around with them because you'll get burned.
@@tammydye1902 I basically said the same thing and explained why this getting out of debt by using more debt is a horrible idea. My comment got deleted. I got out of debt years ago by writing out a budget, using cash envelopes and going after each card one by one. I started with the card that bothered me the most. I went after it. I paid it off then did the rest. I've been debt free for years. Cards cut up. No loans of any kind. I'm sure this comment will get deleted too.
The point is to utilize the card or line of credit to pay your expenses. Her examples are mainly expenses only and eventually the balance is paid off when you’re doing expenses only. Now of course things outside of the expenses brings the balance up but that’s where budgeting and being responsible comes in.
Walked into my bank and I told him that I needed around ten thousand dollars line of credit and that I don't own a home so the only thing they could offer me was a fifteen month card or an eighteen month card. Is that good?
Mrs. Vann is awesome.
As my credit card balance shrinks, I've had no desire to splurge on any purchases. In five months I've reduced my balance by 80%. Soon, that cc will be paid, and I will just keep cycling my income into it for expenses, and start working on Infinity banking.
Thank you for sharing.
That’s amazing!!!
Absolutely love your videos. So glad you're telling everyone about the credit cuts going on. I was unaware and sadly Citi cut mine at Christmas time last year. I know Synchrony hasn't only been cutting limits - they've also just been closing accounts entirely. It's good to be aware and just be careful with it.
@Jesus-kt5dc Oh gosh that's terrible
Holy cow…that’s horrible 😮
@@MyMusiclover28 It really is!!
AND THEY JUST RAISED INTEREST RATES TO 36% on some cards! @latesummer93
@@VanntasticFinancesnow I am going to check all of my interest rates for each credit card
You’re a VANNtastic lady!! Learned many hard finance lessons throughout my life. Refinancing, credit cards, you name it, I did it. My number 1 desire now that I’m on the other side of not so wise money moves, is to pay off my mortgage. This desire led me to your channel. I watched your webinar regarding automated velocity and realized I purchased something similar to that software in 2007. Thank You Lord for connecting the dots on my behalf. That software is exactly what I purchased but I guess back then it was about selling the product because I never received training or support. So after blowing my HELOC and living unwisely the software just went into the drawer and died or so I thought lol. New mindset, same software, I’m ready and very excited to do the right thing by my finances!!! My appointment with a trainer is on May 7th. Thank You so much for sharing your heart and passion.
AWESOME!! It's all about mindset! You can do this!
You are an Amazing woman! Your channel and content that is deeply in depth shows your resilience to help so many situations that people truly need help with. We know you dont have to even do what you do but I am thankful for what you do. I appreciate you and I know your subscribers and other fans out there do too. ❤💯👍
@dt9233 THANK YOU SO MUCH!!! ❤❤
You are God sent, keep up the great work
I applied and was approved for a 0% for 21 months - $13k limit credit card with my bank. I transferred some of my debt into it (I will transfer more as I pay it down) I also linked that credit card to my checking account. I pay EVERYTHING from the CC and then put all my income towards that card. The CC also acts as overdrawn protection with NO fees, so I use my checking account to pay my “cash bills” (mortgage, car, ect) even if I don’t have the money in my bank when the bills are due. The money is transferred from my CC to my checking account automatically to cover any charges. By my calculations, I will be debt free (including this card) before the 21 months are up 😅
What bank is it ?
Thank you for this ! Was just starting to look into the difference between credit card and line of credit to figure out which one to use for my situation.
They did that to me. I paid a large sum and out of no where I tried using the card I land it was declined. Turned out the lowered my limit. Not just for Sam’s club but Amazon as well. Low and behold both cards are owned by synchrony
They cut all my cards and I had a zero balances
Thank you for sharing, you are such a blessing because I really dont want to eat rice an beans for 5 yrs. lol I have been watching a lot of your videos and just started on my journey this month. I have one question though. The government is planning on bringing in the CBDCs soon. When they do, what happens to the credit cards, etc... at that point? And, if we dont want to opt in to their CBDCs what other options would we have to pay for everything?
My Chase card was over limit-$3.56 for 2 days and they reported and my score decreased 😪
The most logical video on the internet ❤❤
I've set everything up. All my bills that I can pay are now transferred to auto pay through my credit card and I'm going to put every available dime into my CC and pay it off after that I'll switch everything to my smaller CC and knock it out too.
Right now I'm at 693 credit score so after I'm done with my CCs I'll ask the bank for a line of credit and start working on my mortgage but I have some confusion about that process, its further down the road though and I'm literally excited to pay my bills. Is that weird!?
Yes, it is weird to be excited about paying bills. There are very very few of us. ;)
@Joe-em3iw credit score already increased since this post and I'm ahead of my bills by a mile now
I'm just starting this process and I am also excited! The hardest part right now for me is being patient because I want to do this quicker lol.
Barclay lowered my limit and I only did a $400 payment to test it. I’m glad I didn’t put more in.
why do they lower the limit if your paying them back??
@@RealBoyBeats Good question, I would like to know too. They just gave me a generic answer of high balances on cards and no mortgage payment.
They did the same stuff in 2008 after the stock market crash.
Yep, looks like Barclay's is having a money problem. Just an opinion.
This is weird. I made a large payment to one of my credit cards and the limit was INCREASED. I don’t understand why would a credit card company do that
My credit union doesn’t offer PLOCs, but does offer a revolving Overdraft Line of Credit with unlimited transfers and no transfer fees. The interest rate is reasonable. Can an Overdraft Line of Credit be used to reduce credit card debt when a PLOC isn’t available? Appreciate any guidance on that.
Ok serious question about newer mortgage with very little equity available & unable to obtain a HELOC. Should I consider to Use a PLOC to build equity while reducing overall interest and overall length of the loan. Then transfer to a HELOC . Thanks for your vids.
@StraightRazorChef-sm4ow Yes! Thank you!
Citi did that to me last month...
The part that really surprises me is the fact that this information is not common sense to most people. Myself, I only use interest free credit cards with cash back rewards for all chargeable expenses.
I applied for a HELOC and the credit union is saying they want me to keep a 26k balance to keep a 6.74%interest rate . Is this an attempt to stop people from paying down debt
Just a comment! I love watching your videos. I watched your old videos a few months ago and i understood what you are talking about right now. But for people that have not seen your old videos(1year old videos) they will not understand these videos. Maybe, you should link your old videos. Just a suggestion 😘
I am new to your channel and velocity banking. Question: can I pay smaller balance credit cards with the income I put on the card that acts as my loc?
Banks and credit cards are getting scared people learning how to get of debt.
When using the credit cards in the velocity strategy, should you wait for the closing date to pay the expense so you receive the 30 day grace period on interest for that expense?
Any recommendations on which banks or Cresi Unions to look at getting a HELOC? Low rates little fees for someone with excellent credit
So how does the PLOC work when you say use it for expenses? Do they give you card, like how do you use it for gas and groceries? Or do you transfer from PLOC to checking to buy that stuff. That’s the part I am confuse with on the line of credit.
Me too
Same
It’s usually linked to your checking account so your debit card is used for the expenses and the money is automatically transferred to the checking from the PLOC. You always have the option to transfer the money. I don’t transfer. I just swipe and let it transfer automatically
What is the difference with HELOC, PELOC and BELOC?
I'm slowly grasping these concepts and I'm looking forward to implementing them when I get an income going again. Is there any benefit to making my mortgage payments come out of my LOC? Instead of my bank account?
Can I have several “expense” credit cards to satisfy monthly payments ?
Thank you this is PERTENT INFORMATION...
How do I sign up? Why do credit cards do that? I was paying off Lowes. Regularly. Yet they lowered my credit limit Noy fif that piss me off !❤❤❤❤❤❤❤❤❤
But it's a store card you don't buy anywhere else ask for an increase if you want to use
So your just saying to put all expenses on CC's and pay it off every month? To get the benifit of credit usage and card benifits? Been doing that for YEARS
Wondering if you are familiar with the use of obtaining an LLC and business LOC or Credit card to pay off or purchase your home?
What if you can’t qualify for a line of credit and/or don’t have enough equity built up in home but have substantial debt?
maybe you should ask Christy for 1 on 1 session
My son is buying a house this month. He applied for the mortgage loan and was approved. Does he get the line of credit after or before buying the house? And will that affect his eligibility for a mortgage loan? Thanks in advance
Is there a specific time during the billing cycle that we should deposit our check or pay our bills.
Christy, my TRANSUNION score went up 19 points🎉 Reason? Because my balance went UP. Crazy 🤪 SMH
Citi and Discover just raised my limit. They were almost maxed, should I pay more than 50 a day?
Hello, which companies or banks offer line of credit nowadays? I’m not a homeowner.
Love my Capital One card!!!
Good Educational Content
Thank you!
If I have the cash to pay my bills why would I put it into the loc and pay from there? That’s the place I am stuck
Chase did that to me cut down 2k owed 4.5k can i sue them?
Why not just apply 75% of the 5000 toward that card?
Christy how do we send you the worksheet when we fill it out
can i get a heloc on a manufactured home on 6 acres that has been converted to real property?
But what happens when or if they cut hours at jobs or random accident what would happen ?😮
Christy, my husband and I are closing on our HELOC this week. We were using velocity banking with our credit card and will now move over to the HELOC. My question is, I have an AmexPlatinum Delta card, which we were using to accumulate miles for travel. Can I still use the Amex card for our monthy expenses and make the payment to that card once or twice a month from the HELOC?
@Jesus-kt5dc Thank you for your reply. One additional question, the Heloc monthy payments will be due on the 10th. Our rewards credit card reporting date is the 11th, I'm trying to make it make sense in my head. Does it make sense to possibly change the due date of my credit card to the end of the month? I'm thinking the 27th.
@Jesus-kt5dc Awesome! Thank you so much!
@JDPopo That’s exactly what I do!
Is it normal for a heloc to have a redraw period of like 30% of the total time it's good for?
👋 If I have multiple cards with balances should I start with the highest limit/ balance or smallest? I just took everything off auto pay so I can start working this method but I need your help 🙏🏽
I believe Christy always says to start with the highest monthly payment…that way you’ll instantly have that in cash flow.
The biggest mistake with the velocity banking is the assumption that the deposit lowers the total interest paid that month because it reduced the balance owed for the WHOLE month. This is just a really bad assumption because you are paying multiple bills through the month using your credit line. So essentially, you are paying same balance you started with.
But you are paying less interest at the end of the month, because they charge daily interest on the balance, so if you start low, and slowly build up through the month, then pay a big chunk, you end up paying less daily interest than if you just charge up the whole amount you would use at the beginning of the cycle.
Hi! What I don't understand is if your expenses keep going on your card your balance will keep going up? You Are paying on the interest as well as the balance! Isn't that just going around in circles?
Yes. Your card will keep going up and you will pay interest UNLESS you put your whole paycheck on the card. There are so many reasons why this is a horrible idea. Please don't do any of this. For instance, what if you put more charges on your card than your paycheck? That means you can't pay off your credit card every month and it accrues interest. Cut up your cards. You can't get out of debt with more debt. This is nonsense. Cut the cards, pay them off by starting with one and paying extra while paying the minimum on the other cards. Then when the first one is paid off, go after the next one and so on. That's what I did years ago. I also made a budget and stuck to it. I took my paycheck and got cash to put in envelopes and made categories like groceries, household, personal, etc. I only used my debit for gas and utilities, rent. I was super focused on my credit card debt and went after them one by one. I've been out of debt for many years now and it's wonderful. I have tried to watch these videos with an open mind but I think they're dangerous. A heloc is a loan against your HOUSE. If you can't pay, they take your house. A credit card can sue you for the balance if you can't pay and they did sue my daughter who wouldn't listen to me. They won and now they can garnish 25% of her wages. CUT THEM UP. Use cash. Get on a written budget. Go after each card like it's a disease. Don't play around with them because you'll get burned.
It's just moving money around you're not paying anything off.
@@tammydye1902 I basically said the same thing and explained why this getting out of debt by using more debt is a horrible idea. My comment got deleted. I got out of debt years ago by writing out a budget, using cash envelopes and going after each card one by one. I started with the card that bothered me the most. I went after it. I paid it off then did the rest. I've been debt free for years. Cards cut up. No loans of any kind. I'm sure this comment will get deleted too.
The point is to utilize the card or line of credit to pay your expenses. Her examples are mainly expenses only and eventually the balance is paid off when you’re doing expenses only. Now of course things outside of the expenses brings the balance up but that’s where budgeting and being responsible comes in.
It happened to me last month. Lol 😂
Does chunking only apply when you max out your credit card?
No it's any amount
Say you have a $1000 limit
You chuck say $300 on something you paying down. Get that payed back to say $50 chuck another $300.
😮 that’s EXACTLY WHAT HAPPENED 😂
AMEX
Walked into my bank and I told him that I needed around ten thousand dollars line of credit and that I don't own a home so the only thing they could offer me was a fifteen month card or an eighteen month card. Is that good?
Thank you very much for your help. How can we contact you? Personally I did exactly as you said, but they did not raise my credit limit now I’m stuck.
Banks and credit cards are getting scared people learning how to get of debt.