Will Using The Velocity Banking Strategy Hurt My Credit Score? | Velocity Banking Strategy Explained

Will using the velocity banking strategy hurt my credit score? In this video, I will show you why and how the velocity banking strategy could hurt your credit score and what to do about it.

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▶️▶️ DISCLAIMER ◀️◀️

Mike Adams is not a licensed mortgage broker, not a real estate agent, not a Certified Financial Planner, not a licensed attorney, and not a Certified Public Accountant. Viewers will consult with their professionals prior to engaging in any financial strategies.

Also, this video and description may contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission at no cost to you. This helps support the channel and allows us to continue to make videos like this.

Thank you for your support!

#willusingvelocitybankinghurtmycredit
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Translated titles:
¿Usar la estrategia de Velocity Banking dañará mi puntaje de crédito? El | Estrategia bancaria d

Wird die Verwendung der Velocity Banking-Strategie meinen Kredit-Score beeinträchtigen? | Velocity

L'utilisation de la stratégie bancaire Velocity va-t-elle nuire à ma cote de crédit? | Explicatio

O uso da estratégia bancária Velocity prejudicará minha pontuação de crédito? | Explica-se a e

क्या वेग बैंकिंग रणनीति का उपयोग मेरे

[justincoffman]

I use to be the Dave Ramsey guy and say that credit cards are bad. Now, because of you and other velocity gurus, I am using one to pay off debt. Love it.

[jrockel]

Sir, you don't realize how much this helps me but thank you so much for this, Peace!

[mikey]

I needed this, because this was a huge question of mine.

[billyflowers]

Nice video. In my experience, it does both. It goes down a bit when you load up the line but it goes down more once the debt is paid and the line is paid back as well.

Then you move on to the next debt rinse and repeat. Also, you are correct with the timing. If you are trying to apply for another line or something else, don't chunk right before you go or pay down the line first like you said.

[Arkine]

My credit jumped substantially in the first 4 months of doing velocity banking, then it kind of walked back down a bit, now it's heading back up, slowly. I think if you're trying to get out of debt though, opening new lines of credit might not be the best idea. ;)

[vedantpatel]

Using velocity banking to pay your mortgage, paying a chunk from your line of credit towards your mortgage, you mentioned high(90%) utilization affects credit score but recovers when that chunk is paid over few months. What about building that chunk in your line of credit and not paying it fully before due date till 5 months, does this late payments not affect our credit score permanently?

[DaveSincere]

I've been doing Velocity Banking now for about 2 months and it has slightly lowered my credit score because my utilization on my line of credit revolves around 75%.

My score is in the 770's

[DJSAMDESIGNS]

Hi Mike, will this method work for me - where paying off your mortgage or any type of loan with a credit card is concerned? I live in Cape Town, South Africa - or does only apply to America???

[georgetorres]

but if make your total line of credit amount increases it will help to keep your utilization to 32% of the total amount then perhaps it will help to keep your credit score stable.

[fostroggalf]

In terms of velocity banking, is there anything we should be concerned about with the move to using FICO 10 for credit scores?

[cesarscancerandcashflow]

I love your channel but you should do samples of your clients and show them here ! So we can all get a better understanding with real numbers just a suggestion!

[rovie]

Hello Mr. Adams, Please would you help me understand why I paid off $3500no rewards on one card and used $238 on another card with miles rewards and my credit score from transunion dropped 67points:( Was planning on refinancing next month to lower interest rate and monthly mortgage but now i think we gotta wait:-/ Your help os greatly appreciated:)