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 hope you're all having a phenomenal day i just wanted to stop by and let everyone know that I just dropped 6 videos & 1 info post over in the Debt Resolution Section. Although the Debt Resolution section is not fully complete, I wanted to send this out in case anybody wants to get a head start. Here is why the 6 videos I dropped & Info post are so important Statute Of Limitations ⏰ - This video breaks down why knowing the statute of limitations on your debt is so important (Hint: If your old debt is past the statute of limitations it becomes OPTIONAL to pay it) Statute Of Limitations By State 📰- This is not a video but an info post. Inside you'll find the 4 categories of debt AND you'll be able to see what the statute of limitation is for each category for each state 🔥 Time-Barred Debt 🔐 - This video is important because once the debt is OUTSIDE of the statute of limitations it becomes known as TIME-BARRED DEBT, but what does this mean exactly, and how can you use this If a creditor is suing you? Item Got Removed, Should I Pay It ❔ - This breaks down my thought process on why you should consider paying off old debt AFTER it has been removed from your credit report. Bankruptcy Chapter 7 vs Chapter 13 💰 - What's The difference between these two completely different types of bankruptcy that you as a consumer have access to? I also give my opinion on which type of bankruptcy is better.

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.