How do you use your credit cards?

Thank you for educating us! We really should be taught this in Highschool...

@VIPFinancialEd

5 жыл бұрын

Coudn't agree with you more Yesenia Duran, thanks for watching.

Matthew, you are a great teacher. We have used your recommendations with a personal line of credit since 2014 to pay off debts quickly and easily handle emergencies. Thank you!

@VIPFinancialEd

5 жыл бұрын

Sandra S, thanks for your viewership and kind words. Congrats on taking action towards your financial future so happy to hear that!

Super informative! Thanks for sharing! Have a great weekend!

@VIPFinancialEd

5 жыл бұрын

Save Like a Pro with Leah, thanks for the kind words and we appreciate your viewership.

Awesome content!! Makes sense! Hopefully to apply it in near future. Talk to you in 3 months 👍👍

@VIPFinancialEd

5 жыл бұрын

Kev01167, thanks for the kind words as we appreciate your viewership. Looking forward to speaking with you too!

By they thank you so much for all the help.

@VIPFinancialEd

5 жыл бұрын

The Wicker Parker, your very welcome and thanks for watching!

Nice video to your question have I used that weapon like that no I don't have one of those but I have taken 10,000 off of Discover card used it for a month and paid it right back! Great video

@VIPFinancialEd

3 жыл бұрын

SYLVESTER ROBINSON, that's awesome and good work! Thanks for sharing.

I agree. Banks actually have their own rating scores that measure the profitability of an individual customer. So leaving a small balance raises your standing with them.

@VIPFinancialEd

5 жыл бұрын

Troy Jackson, thanks for commenting and watching.

It’s amazing !!! Thanks !!

@VIPFinancialEd

5 жыл бұрын

Chico Stick, thanks for watching and we appreciate your comment!

Great information! 👍

@VIPFinancialEd

5 жыл бұрын

O Cruz, glad you liked it and thanks for watching.

Hey Matt, I actually use a small heloc and a very small ploc in this manner. My wife and I have a startup payroll company and are in I guess what you call the seasoning period before a bloc will be given. This would be an awesome debt weapon to obtain. Thanks for all your input

@VIPFinancialEd

5 жыл бұрын

Dave Baldwin, really appreciate you sharing and watching the video.

Yes!! I was all smiles watching this. I have a personal credit card that I occasionally transfer money from into my checking account if and when needed:) Thanks Matt. Next month I should be able to if we can become a VIP:) Quick question though, I have both personal and business credit (just lucked out when I applied:), should I ask avail for both services from VIPF at the same time when I call?

@VIPFinancialEd

5 жыл бұрын

Ro Vie, are standard coaching helps with personal and business credit at the same time so there's no need to make a special request. Looking forward to our call :)

Good stuff.

@VIPFinancialEd

5 жыл бұрын

Ron Myles Jr, thanks for watching!

Awesome video!! Very well thought out! I Dave Ramsey'd it last year and got rid of all my credit cards which really hurt my personal credit this year which meant it also hurt opportunities for my small business. I'm in the process of diversifying again, and trying to get my credit back up to the 700's. Thanks for the videos!

@VIPFinancialEd

5 жыл бұрын

Fish and Dive Hawaii, glad you liked the video and thanks for sharing your Dave Ramsey experience. Keep us posted on your progress!

I have not but great information!

@VIPFinancialEd

5 жыл бұрын

1livingGod, thanks for watching.

What's up Matt, yes I am doing the paycheck park into my HELOC and using my CC for all my expenses and then paying off the balance each month. So you're saying to let interest occur for once a year and then pay it off?

@VIPFinancialEd

5 жыл бұрын

Gabriel Rubalcaba, you can do that to help expand your credit limit.

I have a city advantage credit card that allows 0% balance transfer with a 5% balance transfer fee. The nice feature of the card is that you can just get the cash deposited in a linked checking account, and then you can payoff a number of accounts with the money all at once. I usually pay the fee immediately to avoid any interest payment on the fee itself. Eventually as my business matures I will get business credit cards to use instead of my personal credit cards.

@VIPFinancialEd

5 жыл бұрын

agilgeous, sounds like this strategy is working out well for you and thanks for sharing. Keep us posted!

You got a new subscriber 👍

@VIPFinancialEd

3 жыл бұрын

Alpha Predator, Awesome and welcome to the channel. Thanks for subscribing!

I have a $40k unsecured line of credit at 6.5% apr. It’s a local bank. They don’t normally give out such good terms, but I have proven myself like you have. I am currently asking them to increase it to $70k. I love using this to buy more rental property. ✌🏼

@VIPFinancialEd

5 жыл бұрын

Top Comment, that's fantastic and thanks for sharing your experience. Keep up the good work!

@dsanti4069

5 жыл бұрын

Can you please share what bank you are using ?

This information is AWESOME!!!! Thank you

@VIPFinancialEd

3 жыл бұрын

Lisa Smith, so glad you enjoyed it and thanks for watching!

Love it

@VIPFinancialEd

5 жыл бұрын

Blaine Bond, glad you enjoyed it and thanks for watching!

Do you have a list of recommended biz credit cards?

@VIPFinancialEd

5 жыл бұрын

Michael Sutherland, we recommend going to creditcards.com and choose the best rewards that fit your needs. Thanks for watching.

Hey, just a quick question. I can't pay my c.c. in one day but if i pay it every wk is it good?

@VIPFinancialEd

4 жыл бұрын

negrochulo, absolutely that's good! Thanks for watching.

Hey Matt quick question. So I’ve seen quite a bit of your content thank you super 🔥. My question is instead of paying off student loans completely wouldn’t it be ideal to maximize your credit by loan length to pay them down to a balance of say $100-$200 and go full term length? So sure you’d be paying a little in interest over the term length but very little and you’d still have the maximum benefit of the credit 20 year length or the aoc? I personally have 5 loans (which is fine) but I was thinking about pay check parking / debt weapon strategy to pay them off but since they are 20 year terms I figured why not pay them down to a low balance and have autopay like $1 a month and go full term length. Of course this wouldn’t work with mortgage but with 5 student loans at 20 years be nice average age of credit. Just wanted to see your thoughts?

@VIPFinancialEd

4 жыл бұрын

John Anderson, without knowing anything about your current financial situation it really comes down to what strategy you are wanting to implement. In the scenario you have described the strategy would be to acomplish a higher credit score by maximizing your credit by loan length in particular the student loans which I can get on board with especially if you pay them down to a balance of $100-200 and then go full length of the term with a very low payment. This would also introduce another strategy by then which we call cash flow optimization as this obviously would increase as well once those loans are paid down. I definitely would implement the pay check parking/debt weapon strategy as well assuming your credit score can acquire a debt weapon in the near future. Again without seeing everything about your finances this seems to be an overall strategy I could get on board with. If you implement, please keep us posted on your progress and thanks for the question!

@JWSC2024

4 жыл бұрын

​@@VIPFinancialEd Seriously thank you! I greatly appreciate the reply and acknowledging the strategies mentioned above. I was watching a few of your cash flow cruncher videos and saw you completely eliminate the student loan debt completely. I figured that seeing as I could potentially get them down by paycheck parking/debt weapon strategy (instead of paying off completely) would greatly increase my credit profile/benefit from the AOC term length. As my payments are around $250 a month towards student loans getting them down to even just a $1 a month + whatever interest is for $100-$200 for full-term length would greatly maximize/optimize my cash flow, plus reap the benefits of the AOC. I've been discussing with my partner about you, your channel and your strategies. We both love the content. We aren't in a position (quite yet), but we'd love to work with you in the near future. In 24 months we are looking to buy our first home and at what point would you suggest working with you? I will keep you posted on how the student loan situation goes! Thanks again, much respect.

@VIPFinancialEd

4 жыл бұрын

@@JWSC2024 That's great to hear about your plan of attack with the student loans and appreciate your kind words especially your plan with buying your first home. We suggest to any future coaching members who want to work with VIP is to have at least $500 in positive cash flow per month and a credit score of 700 or better. If your not there yet then no problem just keep doing what your doing until you have reached that which usually happens quicker than most people think. You can always consider signing up for a free coaching session with me to discuss further. Keep in mind they are pretty popular so there's a waiting list but wanted to throw it out there as you can get on the calendar here: www.FreeCoachingCalendar.com. Hope that helps and definitely keep us posted on your progress either way. Thanks for commenting and watching the video!

Great stuff. I’m only starting with a $300 limit. Ha. Any advice. Thanks

@VIPFinancialEd

5 жыл бұрын

Raza Sharp International, use it and pay it back on time often. Thanks for watching!

@RAZASHARP

5 жыл бұрын

VIPFinancialEd thank you!!

No, I haven't. This is my first time viewing your videos. This is great.

@VIPFinancialEd

4 жыл бұрын

Zender 2016 C, welcome to the channel my friend and so glad you are enjoying the videos. Thanks for watching and checking them out as we hope they will help!

Dang it will take me about 2 more months before I can pay interest. Haha been paying it off about 5 or 6 times a month and just had a reporting day where I paid it in full. I will have to remember to not pay it all. Maybe leave $50 on it.

@VIPFinancialEd

5 жыл бұрын

James P, thanks for commenting and sharing your experience.

I'm a VIP coaching member and I've got to say, Matthew and the team at VIP are the real deal. They are changing lives. The rate they charge is nothing compared to the value they provide. I would highly recommend taking in this content as much as possible.

@VIPFinancialEd

5 жыл бұрын

Garrett Colburn, thanks for the kind words and so glad to have you on board!

Hi Matthew, amazing content. Do you recommend creating a business just for holding personal debt weapons? If so, is an LLC required or would a sole prop or same name business (ex: John Doe Family Management) be sufficient with an EIN?

@VIPFinancialEd

4 жыл бұрын

JR Berard, I would definitely run that by your CPA/Accountant or business entity professional as I've only held my debt weapons either personally or in my business entities. Have never created a business for just holding debt weapons as I don't think they would qualify as a income producing business unless you put real estate into that entity as well. I would be interested in hearing what you find out though and would really appreciate you sharing if you don't mind. Thanks for watching and your question!

@JRBerard

4 жыл бұрын

VIP Financial Education My pleasure, I’ll keep you posted. Thanks Matthew

Yup I have a $30k unsecured loc with Wells Fargo. Just purchased a 2016 Toyota Sienna with it for my wife and we’re parking our income and rental income against it until paid. Getting ready to utilize HELOC advance proceeds for down payment on our fourth rental property.

@VIPFinancialEd

5 жыл бұрын

Matt Reed, that's awesome and thanks for sharing. Keep up the good work!

@dsanti4069

5 жыл бұрын

So you Used unsecured debt to leverage and buy a depreciating secured debt (a car) . I would use that LOC to buy a rental property .

So if you don't mind me asking? When I use my credit card for let's 100 then when my payment comes to do : I should pay 80 and leave 20 for the next month?

@seanwickerpark

5 жыл бұрын

Just wondering if I did that! Don't you think that would hurt my credit score?

@VIPFinancialEd

5 жыл бұрын

The Wicked Parker, it depends on the 5 factors of what makes up your credit score and what your trying to accomplish.

@VIPFinancialEd

5 жыл бұрын

The Wicker Parker, it depends on what your trying to accomplish. Higher credit score? More credit? etc.

Banks make plenty of income from transaction fees, so don't think you're not a valued customer when you don't pay interest.

@VIPFinancialEd

4 жыл бұрын

mikeconnerfff, of course as they know you will need their #1 product someday: money! Thanks for watching.

Some of my credit cards only allow me to make 3 payments a month

@VIPFinancialEd

5 жыл бұрын

Hill Top, thanks for sharing and watching.

Gold

@VIPFinancialEd

5 жыл бұрын

RC2INFINITY, thanks for watching.

Make it a great day

@VIPFinancialEd

5 жыл бұрын

R G, you as well. Thanks for watching!

That’s how we roll at VIP

@VIPFinancialEd

5 жыл бұрын

Shawn Broussard, glad you liked it and looking forward to our next coaching session!

please show how to get business credit i want to buy my first house

@VIPFinancialEd

5 жыл бұрын

Touch Smith, here is a couple more videos showing you how to get business credit: kzread.info/dash/bejne/ZqB10tFydqeWqso.html kzread.info/dash/bejne/maeHlcZpqs-tecY.html Hope this helps and thanks for watching!

Robbing Peter to pay Paul, I see it's best to do this with business accounts because it doesn't affect personal credit

@VIPFinancialEd

3 жыл бұрын

Jalen Gross, great and thanks for watching!

Priceless Info for FREE!!!💖

@VIPFinancialEd

3 жыл бұрын

Lisa Smith, thanks for watching and glad it was helpful!

@lisasmith742

3 жыл бұрын

@@VIPFinancialEd No thank you I truly appreciate it. Have a great day on purpose😊

What are the differences between a business line of credit and a personal line of credit?

@VIPFinancialEd

5 жыл бұрын

Luis Egea, you can only use a business line of credit for business activities and personal line of credits can only be used for personal activities. Thanks for watching!

@Jshanks21

5 жыл бұрын

​@@VIPFinancialEd, what would happen if I crossed their usage? Thank you for the great content! It's been very eye-opening.

@VIPFinancialEd

5 жыл бұрын

Luis Egea, you would have to ask your CPA that question but I'm pretty sure it would get you in trouble with the IRS. Glad you enjoyed the content and thanks for watching!

@crisrangel6024

4 жыл бұрын

Is business lines of credit still tied to a person individually?

I build my PLine to 120k just to kill my Credit Card.

@VIPFinancialEd

5 жыл бұрын

Super Jchen, that's awesome, great job!

I'll much rather just have my money taken automatically

@VIPFinancialEd

5 жыл бұрын

LiftWeigh, that does make it easier. Thanks for watching!