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How To Get A Personal Line of Credit



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hello YouTube family welcome to here for

the first time welcome my name is Denzel

and we are going to be going over how to

obtain a line of credit Oh a line of

credit how do I do it this was a

question from a fellow subscriber so I

want to shout them out thank you and

let's dive into it it's not wasting time

alright so what are we gonna solve for

today we have to solve for how do I get

a line of credit right what is a line of

credit what do I you know need to have

and how does it work okay so a line of

credit is multiple of things okay and I

listed them out right here you have

personal and business lines of credit

there's unsecured and secured lines of

credit both personal and business and

then you have credit cards which are

like so many different options out there

okay so those are your criterias

basically if you don't know for my maybe

my students may not understand this but

unsecured basically means you didn't put

no money to get the actual line of

credit secured means you actually put

some of your own money your own capital

in the bank gives you a line of credit

right back for the same amount or a

little bit more okay with personal lines

of credit tends to be a lower amount

than business lines of credit reason

being is this is more regulated right

then business typically business

companies can get like well over a

hundred thousand two hundred thousand

three hundred thousand of credit to use

for their business right and that's

that's pretty typical even for like

startups because it's all based on

person's personal credit if they have

business credit already cool no issue

right but the question really is just

how do I get in how do I get started

with it how do I you know apply this

into velocity banking which is what I

teach a lot of a line of credit is a

vital tool in succeeding with with

velocity banking to pay off debt

increase cash flow lower expenses and

raise our credit score all using our own

income so I'll just let you know what I

did to get my own personal line of

credit unsecured all right so I have a

little my little map okay and whatever

state you live in city town wherever you

live I want you to go on Google and set

the radius for like ten twenty five

miles okay

north south east west right and I want

you to type in the name of your state or

city right and type in credit unions so

Florida I live in Florida right Florida

credit unions or Florida non-for-profit

banks that's what I want you to type in

and look up in your area and you find

something that's close to you okay and

you're gonna give them a call before you

go there before you actually go to the

bank all right or the credit union I

want you to call them first and you're

gonna ask a couple of questions okay or

you go on their website and you can look

for it but it's easier to just call

because they're usually always nice

not-for-profit banks credit unions they

they put more into I should say like

customer service and trying to help the

consumer out because they're not for

profit banks so all the money that they

make they put back into the members that

bank with them that get credit lines in

all kinds of different services right so

you're gonna call them if you like hey

how you doing how's your day build some

rapport right understand there's a human

on the other side of that phone so if

you build rapport with them and you make

a connection you may not you may get

more than you originally asked for right

and that's always just being nice okay

but the main things you want to ask for

it is do you have do you offer personal

lines of credit okay most of the time

they're going to say yes all right but

you need to definitely make sure that it

is a line of personal line of credit

because it has multiple meanings you

could be taught big they could think

that you're talking about a credit card

or alone even right like line of credit

means to other people

oh alone right and that's technically

what it is but there's some differences

that we need to separate right to make

sure that we're getting the line of

credit that we want to do velocity

banking right so when you're talking

them you want to ask them is it

revolving okay so you asked them do you

guys offer personal lines of credit yeah

we do okay

is it revolving okay if they'll be like

yeah it's revolving all right how is the

interest calculated oh the interest is

calculated amortized up no all right

call the next credit union all right or

you can stay on the phone with them

just say do you offer personal lines of

credit calculated simple interest oh yes

we do we do we offer that as well okay

what are the interest rates on that

simple interest okay when you're first

starting out if you're young like myself

or you don't if you're older and you

don't have a lot of credit history in

your name there's really not much you

can do in terms of getting the lowest

interest rate whatever you get there's

really not a big deal as long as it's

not over like 15% or 12% that's kind of

high for for a personal line of credit

simple interest you want to be like 10%

and under is is good but it all depends

on where you live and the state and kind

of like how their averages work but

that's what you would ask is what is the

average interest rate on personal lines

of credit that are revolving that are

calculated

simple interest okay so those are three

criteria is it revolving is it

calculated simple what's the interest

rate alright you want to just try and

get the low as possible

you can get and you'll ask them what

credit score do I need to qualify for

that low interest rate say oh you need

about 650 okay cool

if you have a 650 or higher cool apply

all right you don't want to just apply

everywhere

does that go hurt your credit and then

that could affect your chances of

getting the right line of credit that

you originally wanted to do velocity

banking so you don't want to get you

know just applying everywhere all right

that can mess up your credit okay where

we're simply talking about what you can

do on your own without actually paying

anybody

to do it for you right and it's not that

hard

I I did it I found my local credit union

in my area where I live and the name of

that Bank was bright stark reading in

there in South Florida cool

during with driving distance okay I

called them I asked I said hey do you

offer personal lines of credit sure it

thins out yes we do

is it revolving yes it is you can use it

over and over again there's no time

limit on the loan on the line of credit

right is it simple interest yes it's

simple interest cool what's the interest

rate ten point nine nine percent okay

cool all my other debts paying fifteen

twenty twenty-five right so that's a

good cushion right there good interest

rate I apply Oh before I apply said what

credit score do I need to apply oh we

need you know six six twenty six 30 or

higher or something like that it was

awhile ago that I got it but I remember

it was definitely above 600 and I got it

I started doing velocity banking boom

pretty simple so yeah that that's how

you can obtain a line of credit on your

own without having to pay anyone you

just make those phone calls call the

banks build rapport be nice be courteous

be respectful

ask these three questions right here to

make sure that it is a line of credit to

use for velocity banking okay and then

you could either walk into the bank and

ask for the person that you spoke to

because typically with credit unions

when you call that branch right it

typically is the same persons they don't

have a lot of employees right so that's

what that's what helps to and they mean

oh I remember you cool that's rapport

you never know they might do something

that gets you an extra 5,000

in in a personal line of credit I did

that it helped me I went I originally

got $5,000 line of credit and then

recently I boosted it up to 10 just by

building rapport with someone and you

know I give him my business car and I

talked and made them laugh right simple

things so yeah I hope that helps quick

video just how to obtain a line of

credit simple things that you can do to

get started on your own the right

questions to ask what it is how it works