EDIT: Community member @Marlita Williams found a free link for those who don’t have WSJ https://onemileatatime.com/news/bilt-economics-wells-fargo-losing-money/

It can be easy to think that a $50,000 Credit Card from Chase is Equal to $50,000 Credit Card from TD bank 💳 = 💳 At face value it might seem the same, both giving you $50,000 but like a good chess player one must think 2 moves ahead ♟️ In life, shit happens. We all love to think that we’re going to take $50,000 and flip it. In a perfect world it will work out 100% of the time. Unfortunately we don’t live in a perfect world. So here’s what happens if you CAN’T pay back the $50,000 with each bank. Chase Bank 🏦- $50,000 gets charged off after 180 days, they assign the debt to an In-House collection company that does NOT report separately on your credit report. ⏰ The older the debt is, if you’re nice at negotiating you can get a 80% discount or more on the debt. Yup this means that $50,000 you owed can be settled for $10,000 Now let’s look at TD bank TD Bank 🏦- After 180 days the debt gets charged off. In some cases depending on the debt they will assign the debt not to a collection company but a LAW FIRM. The law firm is quick to sue on TD bank behalf in order to get a judgement against you but the good news is that they are willing to settle ⏰ they will be willing to settle for around a 35-40% discount. Meaning if they’re feeling generous they’ll settle your $50,000 for $30,000. So keep this in the back of your mind It’s not just about who gives you the money, but think about what happens if you can’t pay that money back, what’s your next move ♟️

Hey everyone 👋🏼 this is a chart i got directly from FICO employees over at CreditCon last year and i wanted to share it EXCLUSIVELY on NuLeaf Academy. I love this chart because it demystifies a HUGE credit myth that’s often talked about in the community. Look under the “Outstanding Debt” section. You’ll often see credit “gurus” talk about you have to keep your utilization under 30% Although TECHNICALLY they are correct, there is a better % that you can use to optimize for a higher score and that’s to have your utilization between a 1-5% Now you might be wondering why is 1% better than 0% ? Doesn’t debt make you a higher risk regardless. Well FICO is an algorithm that uses data to determine how likely you are to default on debt within the next 24 months, and having 0% doesn’t show them ANY data so they have nothing to work with. 1-5% utilization actually gives them enough data to make a calculation but the levels of debt aren’t high enough where you get dinged for being a risk. Any questions ? Drop them below fam 👇🏽

Want to earn FREE credit repair for you or a friend? Here is the LAST way to earn it in 2024 Here’s how it works: Introducing The NuLeaf Academy Games ⚔️ where the ONLY way to win is to engage in the community 🏦 👍 Earn Points to Level Up: You gain points by receiving likes from OTHER members. 1 like = 1 point So engage in conversations, help others, share insights, and become active community members to level up faster. 📈 Level Up To Unlock Perks: Here are the 9 levels and what you will unlock after each level 😬 Level 1 (Credit Newbie) 🎓 - You'll have access to the "Credit Education" & "Fundamental Of Credit" Courses, Virtual Live Experience Recordings, and much more!! Level 2 (Credit Explorer) 👀 - You'll unlock access to the "Debt Resolution" Course where I will show you how debt works in this country and how to use that information to get a 30-80% discount on your debt. Level 3 (Credit Achiever) 🏋️ - You unlock access to the "Advanced Credit Disputing" course where I'll show you every dispute tactic available INCLUDING the exact methods that NuLeaf Financial uses to get clients LEGAL results. Level 4 (Credit Innovator) 🧪 - You unlock access To the "Advanced Credit Building" course where I'll show you how to build your credit from scratch and how to build on TOP of negative items. Level 5 (Credit Strategist) 🗺️ - A Free 30-minute personalized Credit Strategy Call where we review your credit report LINE BY LINE and come up with a personalized game plan to get you to your end credit end goal. Level 6 (Credit Leader) 🫡 - A Free 1-hour "Pick My Brain" session where NO questions are off limits. Want to learn how to travel for free? How do you get $100,000 in lines of credit? Or do you want to learn how to start your OWN credit management company? Ask away. Level 7 - (Credit Expert) 🚀 - Although we teach you how to settle your debt in the "Debt Resolution" course. Wouldn't it be AMAZING if an EXPERT with over 20 YEARS of experience negotiating debt could just negotiate for you?? When you get to this level NuLeaf Academy will cover the cost of hiring an expert debt negotiator, to negotiate your debt ON US.

In Part-1, we went over how debt works in the United States 🇺🇸 I went over how debt goes from paid on time to charged off status, how it can then get assigned to a collection company or completely sold to a Junk Debt Buyer. We also went over Statute Of Limitations and Time Barred debt. ⭐️ Understanding this is how you can get up to 80% discount on your debt 🤝🏽 ⭐️ Watch the Replay : https://www.skool.com/nuleaf-credit-academy-9261/classroom/028f6024?md=71ee062aba884c6cb450e0bb77c81123 In Part-2, we went over some advanced tactics to pay off debt, a two step system that focuses on reducing the risk of the debt and the interest you’re paying on that debt. We also discussed two debt repayment methods that work if you like to use logic or emotions when looking at debt. ⭐️ using these methods have been proven to help people pay off debt faster ⭐️ Watch the replay: https://www.skool.com/nuleaf-credit-academy-9261/classroom/028f6024?md=390f580b3f6e4e308e904b63592a6bac Tonight is the main event part-3 and I’m bringing in a heavy hitter to come speak to us. She’s been in the debt settlement space negotiating debt for her clients for over 25 YEARS. She manages $7,000,000 worth of debt every year and she holds contracts with 18 law firms around the US. Tonight Tina will be on zoom with me going over some advanced strategies to get higher discounts on debt (talking 80-100% 🤫) and more importantly she will be answering all your questions. Register here: https://lu.ma/8cvi2450 We don’t have too much time with her so I’m trying to get all the questions ready before hand. Drop any question you have for Tina below👇🏽