Velocity Banking Beginner Steps

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VELOCITY BANKING PRE-GAME WORK

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[Jesus-ktdc]

Denzel I think you messed the bigger picture on the CC as LOC situation. A lot of people are new to VB. They are you about 5-6 years ago, when you did your video VB with capital one. A lot of people have never even heard of a PLOC or HELOC. People are carrying balances on multiple CC with high utilization. That's why they can't get a PLOC, HELOC, CLOC, better debt tools. So what they do is start utilizing their CC as debt tools. Which is probably why Betty said she needed to use her CC as her debt tool. This situation of carrying multiple CC with high utilization isn't (for the most part) people doing a chunk payment to pay off debt. It's people using their CC and only making minimum payments, which is the old way of doing things. It's the transition of the old system of making payments to VB of parking cash flow and credit expenses, that triggers the algorithm, that leads to credit limit cuts. That's why it's recommend to do multiple micro payments. Making a 1K dollar transfer/payment to a CC looks different than five 200 dollar payments. Multiple micro payments to a CC seems to solve for problem (for the most part) of getting credit limits cut. Have a great day.

[KJotis]

Your pre-game playlist has already saved me from a couple of SERIOUS potential mistakes that would have cost me thousands of dollars. Thank you so much for your service to those of us who are on a DIY financial recovery journey. I appreciate your discernment within this financial guru space.

[mollions]

Thanks. I am a very very brand new to this strategy.

[rubyyoung]

That was excellent. So clear and understandable. I am also looking into recasting my mortgage to increase my cash flow every 10k chunck reduces my mortgage payment by $53. I'm going to chunck anyway so to recast the loam it's just an enhancement like you said. I am the 50 plus lady that you spoke about. I just got a 20k p-loan. Now my credit card is paid off and the p-loan will be paid off next month and I will float all my bills with the credit card except for my mortgages.

[mermaidgurl]

Hi Denzel - glad I found your channel! I was just approved for a 65k HELOC. I will use it to make 5k chunk payments towards my 40k mortgage instead of transferring the entire mortgage balance. BTW I will have my credit cards paid off by next paycheck. I will continue to use them for my expenses to get cash back rewards and pay it off each month using my HELOC. My paycheck will be deposited directly to my HELOC. I'm sooo close to owning my home!

[Kevin-wfmo]

Love you're videos. You're far more on point on solid numbers.

[MimaHope]

Hi Denzel ~ I will continue to watch the videos until I understand the system.

[DMariaLR]

Thank you Denzel You explain throughly and we appreciate it.

[theresafutrell]

I use a CC as a debt weapon. Once the debt is paid off, I move onto another CC. As much as pay on my card to get balance down, my CC have never been reduced. If anything I gained a credit increase because company saw I was making $$thousand dollar payments each month and they saw I was using the card.

[ElizabethKnezevic]

Hey Denzel! Your content has been instrumental in helping me pay off all loans. Do you have any videos on how to use velocity banking to grow investments/wealth once we are debt-free? Also, do you have any videos on life insurance products in Canada (not the US)? Thank you!

[khamisinorwood]

Is it worth getting multiple person lines of credit?

[shannonnelson]

I have so many questions. Is there a place I can email you about my situation it seems simple to me because I don’t have a lot of debt but I can’t wrap my head around this!!

[JuanVargas-tldj]

Hi Denzel I want to know if you have to have the same bank checking account from the same bank you took the heloc?

[rubyyoung]

Denzell, i could only get a 13.04 % interest rate at Golden 1. I will look into those other 3 banks you suggested. Golden 1 offered me a HELOC for 9.25%. That seems high but its better than the p-loan at 13.04%.

[TinaMcCauley]

Could you please help me understand how to do velocity banking without a heloc or mortgage. Maybe a case study ? We have a few credit cards that are maxed out limit’s between 500-1500. My husband makes good money we just don’t mange well.

[zulya]

The moment he said he owns a Money Max account I lost respect for him. He teaches people and he can’t do it himself?? This is simple math.

[jdrankwalter]

Beginner steps: Never do Velocity Banking!