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[Music] hey folks my goal is to help you eliminate debt fast and one of the best ways that we can do that by using the dynamic banking strategy that I've gone over in a number of videos and for a good breakdown of how that works check out this video it's called beat the bank with dynamic banking and it talks about our debt elimination banking tools or debt weapons that we use to attack that debt as quickly as possible now with dynamic banking also known as velocity banking it's just a simple offset accounting technique that maximizes the use of your cash flow to minimize interest charges and it's through the minimizing of those interest charges that you can take whatever you're spending now whatever income you have now and start going after that debt that seems so impossible to do now specifically in today's video I want to talk about personal lines of credit now one of our favorite debt weapons or debt elimination banking tools is the home equity line of credit but it's not the only way to utilize dynamic banking to offset interest charges so today I want to talk about a personal line of credit how you can get your personal line of credit and how you use that personal line of credit now before we get into this be sure to hit the subscribe button below so that you can stay up to date on new videos as they come out and hopefully we'll be able to keep expanding your financial education and help you not just eliminate your debt but then go on to grow your wealth and become financially free welcome to organ cashflow pro where we're here to help you take control of your finances maximize your cash flow and financial freedom let's get into it when it comes to personal lines of credit you can get these at almost any banking institution or credit union so we have secured lines of credit and unsecured lines of credit and the secured lines of credit can either be secured by capital or money cash a personal line of credit is the same way so there's nothing underlying it you know I'm a home backing it up but the bank may require you to have cash in one of their accounts you might need to have money in the savings account to secure whatever the personal line of credit is now our goal is always to use unsecured lines of credit because it's just less risky for you it puts more risk on the bank now as such you end up paying a higher interest rate for that unsecured line of credit as well but the way that we utilize these lines of credit to attack debt the interest rate doesn't matter a whole lot as long as it's fairly low and by low we mean under 10 percent there's a lot of debt that we can attack even fairly low interest credit debt that we can attack with the debt weapon that has an interest rate of 10% or lower now we can certainly do it with higher interest rates as well a lot of it will just depend on the situation and how the numbers figure so this is a reminder if you have a situation where you want to figure out dynamic banking will work for you I'm happy to help you out with that in the show description below you can find a link where you can fill out a form and tell me about your situation and I will be glad to do a breakdown for you on how dynamic banking can work where your savings are at how often you need to chunk all of those things that have to do with making this system work for you so I'm happy to do that but you got to fill out the form so personal lines of credit may range anywhere from 4% if you just have stellar credit and you've been with a bank for a long long long time I've heard of people with a 4% interest rate and they can go up to 15 or 17 maybe even higher but a lot of the good banks will cap that out so if you have just barely qualifying credit you'll still get you know lower rate than you would from a credit card so typically with a personal line of credit you're gonna want to have a 680 or higher credit score and if you haven't gotten to there yet check out this other video that I've done on how to maximize your credit score everything we do here when it comes to eliminating debt revolves around having a good credit score so that you can qualify for better rates so you can qualify for special introductory rates there's so many good reasons to have a good credit score and that video will help you get there and if you're already there it'll help you maximize that credit score there's a lot of good information in that video you should definitely check that one out so 680 or above credit score is what we're looking for for personal lines of credit really you should start off check with a credit union near you those are usually the best places to go start building a relationship and you really do want to have a relationship with the banks that you use or the credit union that you use because you can go in there and you can talk to them about specific situations it may feel especially if you're talking to a large corporate bank it may feel like they don't have any type of flexibility but they actually do so get in there start building those relationships because you're going to get some flexibility if your situation isn't ideal for their books now your personal line of credit it's going to be easiest to use it for debt elimination if it's at the same Bank that you actually have your check in in your savings account and where you get your paycheck deposited I know this from personal experience I have my home equity line of credit with that bank and the process is really easy for us to transfer back and forth from our line of credit and really when it comes to getting rid of the debt we want this to be as easy and painless as possible so try and reach out to the bank that knows you already because you have accounts with them and see if they'll extend to you a personal line of credit now one thing to keep in mind is anytime you're trying to expand your credit it's always best to do it when you don't need it when you're not desperate for it so check in with your bank as soon as possible don't wait until you get behind don't wait until you've struggled with late payments or any of that you want to get in there preferably you've got a good credit score your debt-to-income ratio is good and you're not begging for their help but what you're doing is you're saying hey do you want to make this available to me I can really take it or leave it I mean that's kind of the attitude that you need to have if you want banks to be throwing money at you one thing you'll find out is banks love to throw money at people who don't need to borrow their money and they hate to give money to people who desperately need to borrow money so always try and get your credit card limits increased and your personal lines of credit either established or increased home equity lines of credit try and do all of these things when you aren't in an emergency situation where you don't have to have the money and it makes it a lot easier to acquire those now as with all debt weapons and debt elimination tools that we acquire we've got to be really careful that we are using those for the purpose they're intended we're not expanding our credit in order to just make impulse buying decisions like you want to have a plan you want to make sure that we're using this for good debt purposes and that means using it to eliminate our debt I always need to put that caveat in there because we really don't want you to just expand the amount of debt you have our goal is to eliminate that debt and it can be really challenging if you don't have a plan in place before you get the credit now once you get your personal line of credit now you can use it just like you would a home equity line of credit in the examples that I've shown in previous videos so check out this video here you'll be able to see how a home equity line of credit is used to pay down all kind of debt in a hurry using dynamic banking and really using dynamic banking and a home equity line of credit or personal line of credit you can pay off a 30-year mortgage in five years now of course that's going to depend on your cash flow the less money you pay towards other bills the more you'll be able to pay that down and the more your income the quicker you'll be able to pay that down doesn't happen by magic but it does happen and we can accelerate it using this dynamic banking strategy so if you have any questions about personal lines of credit leave them in the comment section below and we'll be sure to get those answered for you and we'll see you next time now go maximize your cash flow [Music] you [Music]