topic Re: Need third credit card for AZEO in Credit Cards

Need third credit card for AZEO

Anonymous — Wed, 05 Jun 2019 23:49:54 GMT

Hey everyone,

So my credit repair jorney is going great. I applied for Capital One and got approved for platinum with $300. Also got a Disco secured. My credit score saw a huge bump. Also opened a self lender account. My score went up by 70+ by opening these 3 account since I had 0 open accounts.

Now, I want to try AZEO to give me that extra one time boost. I am looking for a third credit card but not sure which one I should go for. I received a mail, that I was pre-approved for Credit One, but after reading all the reviews here, I am gonna pass on that offer.

What other cards would you recommend that's easy to get approved for?

Fico 8 (EX) - 634, TU 609, EQ - 614

3 open collections, 2 paid charge-offs

Re: Need third credit card for AZEO

Anonymous — Wed, 05 Jun 2019 23:57:03 GMT

Secured Citi, or maybe a secured cc from a CU. NFCU for sure if you have a way in through some military affliation.

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 00:12:57 GMT

I have been trying to get into NCFU but no luck so far.

I really don't want to go secured route anymore. How long do I have to wait to apply for capone again? It has been like 5 months since I got my last card. I have seen many times that Capone easily approved for QS after your 6 months are up.

Re: Need third credit card for AZEO

K-in-Boston — Thu, 06 Jun 2019 00:34:50 GMT

Do you travel at all? American Express Delta SkyMiles Gold is sometimes approved around your Experian FICO 08 score, but admittedly it's iffy. Might not hurt to check the American Express prequalification page. Just keep in mind that charge cards (Green, Gold, Platinum) will not count as a revolver with AZEO.

Great job with your building, by the way, and good for passing on the Credit One. With patience, you should be able to choose the cards that work best for you rather than taking whatever you can get approved for.

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 01:01:40 GMT

the thing hurting the most is the bad marks on your report, if you can get them removed start by removing them with the most recent one first. dispute them, or try to make a pay for delete arrangement with the creditors.

if you can't do that, you have to wait it out. so look at how many months old the most recent bad mark is.

youll get a big score boost each time when the most recent baddie becomes: 6 months old, 1yr old, 2yrs old, and then finally 7 years old when it drops off completely.

you didn't say when you applied for all of your cards/loans, that's important to know for anyone to give you good advice. need to know how old your credit history is, and how many hard-pulls that you've made within the past 6 months, etc.

because 3 hard pulls (in a 6 mo. timeframe) = you'll lose 45 points on your fico8 score.

they hit harder with each one you do. the first pull costs you 10pts, but the 3rd pull costs you 20pts.

if you can get another secured card with only a soft pull it might help you by a small amount. if a HP is required it's probably not worth it?

either way, wait 7 months, and see if you have any good prequal offers by then.

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 01:30:53 GMT

My advice is to wait until the 3rd credit card is one you'll really use and use for a long time. That may require your CO/Disc cards to age/grow a bit first. "3 cards for AZEO" is way overrated on this forum. You're fine for now with just 2 cards and reporting a balance on 1 of the 2. The single-digit number of points you may be missing out on for not having a 3rd card currently isn't worth bringing on another meh card when 6 months from now you could probably position yourself such that you could get almost any card you want.

Re: Need third credit card for AZEO

FinStar — Thu, 06 Jun 2019 01:34:50 GMT

@Anonymous wrote:
the thing hurting the most is the bad marks on your report, if you can get them removed start by removing them with the most recent one first. dispute them, or try to make a pay for delete arrangement with the creditors.

if you can't do that, you have to wait it out. so look at how many months old the most recent bad mark is.
youll get a big score boost each time when the most recent baddie becomes: 6 months old, 1yr old, 2yrs old, and then finally 7 years old when it drops off completely.

you didn't say when you applied for all of your cards/loans, that's important to know for anyone to give you good advice. need to know how old your credit history is, and how many hard-pulls that you've made within the past 6 months, etc.

because 3 hard pulls (in a 6 mo. timeframe) = you'll lose 45 points on your fico8 score.
they hit harder with each one you do. the first pull costs you 10pts, but the 3rd pull costs you 20pts.

if you can get another secured card with only a soft pull it might help you by a small amount. if a HP is required it's probably not worth it?
either way, wait 7 months, and see if you have any good prequal offers by then.

@Anonymousthe bolded statement is not entirely accurate. While HPs can impact someone's scores and/or profile to a certain extent, let's not cite absolutes that do not have the same effect for every profile. A thinner or younger profile may see more of an impact than one that is considerably aged or thicker.

Re: Need third credit card for AZEO

Kforce — Thu, 06 Jun 2019 02:32:41 GMT

@Anonymous wrote:
My advice is to wait until the 3rd credit card is one you'll really use and use for a long time.
+ 100
That may require your CO/Disc cards to age/grow a bit first.
3 cards for AZEO is way overrated on this forum.
Yes my daughter only has 2 cards and is sitting at 830 Fico's
You're fine for now with just 2 cards and reporting a balance on 1 of the 2. The single-digit number of points you may be missing out on for not having a 3rd card currently isn't worth bringing on another meh card when 6 months from now you could probably position yourself such that you could get almost any card you want.

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 03:04:18 GMT

those lost points i mentioned aren't affected by profile age. old or new you lose the exact same amount of points for this. some things are affected by age but this isn't. got that information directly from fico.

Re: Need third credit card for AZEO

FinStar — Thu, 06 Jun 2019 03:19:41 GMT

@Anonymous wrote:
those lost points i mentioned aren't affected by profile age. old or new you lose the exact same amount of points for this. some things are affected by age but this isn't. got that information directly from fico.

Can you provide a link to the info? IME, having 3 HPs on a single CRA, whether spread or in a single shot in a 24 hour period did not result in such an extreme impact scoring-wise (all things considered) + the applicable FICO version.

From an educational standpoint, some relevant information is also provided here, specific to the section "How much will credit inquiries affect my score?" > https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 05:12:14 GMT

creds, I believe you were misguided or misinformed regarding inquiry impact. I too like Finstar would like to see a link to this information you said came from FICO.

Re: Need third credit card for AZEO

K-in-Boston — Thu, 06 Jun 2019 13:26:30 GMT

Certainly going to say that is not correct for most profiles. It’s rare for me to even lose a single point for HPs and I probably have a good 50-60 data points of that over the past 3.5 to 4 years.

As a point of reference, I took 2-4 HPs on each bureau over the past couple of months, had several new accounts report (one with very high utilization), and temporarily crossed back over the 10% overall utilization scoring threshold due to some large purchases - still only lost about 20 points on each bureau, most of which can be attributed to the 10% mark and should bounce back next month.

Re: Need third credit card for AZEO

jbestman007 — Thu, 06 Jun 2019 13:52:17 GMT

@Anonymous wrote:
those lost points i mentioned aren't affected by profile age. old or new you lose the exact same amount of points for this. some things are affected by age but this isn't. got that information directly from fico.

Bold statement but fortunately I don't believe it is accurate. I always check my score after every HP. The average lost (for me) is 3 points. Recouped them after getting the credit. Those Inqs are only truly damaging if you accumulate them and don't get approved. Really don't know where you got your information from but my experience would not support that.

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 17:46:46 GMT

@Anonymous wrote:
the thing hurting the most is the bad marks on your report, if you can get them removed start by removing them with the most recent one first. dispute them, or try to make a pay for delete arrangement with the creditors.

if you can't do that, you have to wait it out. so look at how many months old the most recent bad mark is.
youll get a big score boost each time when the most recent baddie becomes: 6 months old, 1yr old, 2yrs old, and then finally 7 years old when it drops off completely.

you didn't say when you applied for all of your cards/loans, that's important to know for anyone to give you good advice. need to know how old your credit history is, and how many hard-pulls that you've made within the past 6 months, etc.

because 3 hard pulls (in a 6 mo. timeframe) = you'll lose 45 points on your fico8 score.
they hit harder with each one you do. the first pull costs you 10pts, but the 3rd pull costs you 20pts.

if you can get another secured card with only a soft pull it might help you by a small amount. if a HP is required it's probably not worth it?
either way, wait 7 months, and see if you have any good prequal offers by then.

As others have stated, I too do not believe this is accurate. I just recently had like seven HPs in the span of five days and ended up with only a three point decrease in my EX Fico 8 score.

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 20:18:36 GMT

Hey, can @creds @FinStar , could either of you link me to some references on data for this stuff? This is exactly what I wanted to learn more about (even if it's not an exact science), with the "TO WHAT DEGREE" questions, like 'TO WHAT DEGREE' does a certain amount of inquiries affect your score (by approx how many points).

Anywhere I can read up on some of this? Like that ~3inq in 6 mo = about 45 points for some profiles kind of information.

Thanks!

Re: Need third credit card for AZEO

Remedios — Thu, 06 Jun 2019 20:22:48 GMT

If that was the case, my scores would be in negative number range.

Re: Need third credit card for AZEO

Anonymous — Thu, 06 Jun 2019 23:53:17 GMT

i was trying to be helpful to a guy rebuilding his credit, but you all come in here only to say i'm wrong and give him no help and me no kudos? that's not nice, i thought we are all trying to help each other here.

the info put out by fico for consumers is vague and somewhat misleading. but i found a booklet created by fico intended for bank managers and the like which is very detailed.

it shows exactly how many points you will and will not get for doing many different things. it doesn't show the entirety of the system for obvious reasons, but it does show the most important things.

i'm not allowed to share copies of the book, it says right on the front not to share it. but if you look hard enough maybe you will find a copy of it for yourself.

so anyways, for those who are interested:

the max penalty for inqs is 50 points. after 4 pulls in a 6mo timeframe you aren't doing further damage to the score. it still looks bad on the report regardless of your score so you don't want to do this. the reason why you lose points for inqs is because statistically people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. probably the reason why chase has their 5/24 rule.

the age of things only really matters for 4 years, you get no extra points in the score past that point.

bad idea to close any revolving account before its been open for 4yrs too. and because it's going to stay on your report for 10 whole years, you'll be dinging yourself for these lost points for 10 whole years with no way to recover them.

i found a reason and mechanism which allows this azeo method to work, and i found a way to improve upon it too. so if you want to get the maximum points for azeo, then you have to not report a 0 balance (everyone already knew this) but also, not report a balance greater than $99. the people on the forum here have been advocating to let the reported balance fall at 8.9% or less of their limit, but that's not going to get you the max amount of points. So i hereby dub this Mr. Creds' AZEO method.

another interesting thing, you actually get dinged 10 points for carrying more than 3 cards, but since payment history counts a lot in your score it's to your benefit to carry more cards and take that hit. the people with the highest fico scores carry 10 cards.

have fun bashing me and saying i'm a liar now. i know how it goes on internet forums.

Re: Need third credit card for AZEO

Anonymous — Fri, 07 Jun 2019 02:36:15 GMT

@Anonymous wrote:

it shows exactly how many points you will and will not get for doing many different things.

have fun bashing me and saying i'm a liar now. i know how it goes on internet forums.

Nothing will tell you exactly how many points you'll lose for different things for at least 2 reasons. One, no two profiles are the same, so Person A isn't necessarily going to lose the same amount of points for an event as Person B. Two and most important, the FICO algorithms are proprietary information and no one knows exactly how they work. Therefore there's no way to know for sure how many points any certain person is going to lose for X event.

No one is going to call you a liar. I will however call you dramatically misinformed, though.

Re: Need third credit card for AZEO

Anonymous — Fri, 07 Jun 2019 03:41:09 GMT

1. people can make unique choices, but the set of choices everyone can make are identical and this set is finite for scoring purposes.

2. the score can be determined without any guessing game nonsense, so that it can come out the same way every time.

3. there are 5 categories, some hold more weight than others, this info is widely known.

4. each category has clear cut and specific criteria in it that determine exactly how many points are gained for each action taken.

5. the info booklets put out for consumers only shows the name of the categories and the importance that they hold as a %.

6. as i already said above, the full algorithm isn't listed in the booklet for obvious reasons. yes, because it's proprietary.

i never said i can calculate exactly your final fico score, i only said you will lose a set amount of points for taking a specific action. if you don't see a 50 point drop after doing 4 inq's it's because you gained points in addition to that loss. you gained new credit accounts out of all the inqs you did, right? but you still did lose those points for inqs, they are gone, lost. it works the exact same way for everyone, no matter what. to open those same accounts with only soft-pulls, you'd have gotten 50 more points.

Re: Need third credit card for AZEO

Anonymous — Fri, 07 Jun 2019 03:52:43 GMT

@Anonymous wrote:
1. people can make unique choices, but the set of choices everyone can make are identical and this set is finite for scoring purposes.
2. the score can be determined without any guessing game nonsense, so that it can come out the same way every time.
3. there are 5 categories, some hold more weight than others, this info is widely known.
4. each category has clear cut and specific criteria in it that determine exactly how many points are gained for each action taken.
5. the info booklets put out for consumers only shows the name of the categories and the importance that they hold as a %.
6. as i already said above, the full algorithm isn't listed in the booklet for obvious reasons. yes, because it's proprietary.

i never said i can calculate exactly your final fico score, i only said you will lose a set amount of points for taking a specific action. if you don't see a 50 point drop after doing 4 inq's it's because you gained points in addition to that loss. you gained new credit accounts out of all the inqs you did, right? but you still did lose those points for inqs, they are gone, lost. it works the exact same way for everyone, no matter what. to open those same accounts with only soft-pulls, you'd have gotten 50 more points.

Re: #1: So how do you explain the several posters on here (including myself) who did NOT lose points like you're saying?

And you're wrong.. new accounts don't immediately show up on your credit report, so people don't typically gain points for adding new credit accounts simultaneously with taking HPs to get those accounts. As I explained earlier, I took like 7 HPs last week for a car loan (and not all of those HPs were coded as a car loan, either, because most of them were from credit unions and one was even coded as a bank card inquiry). I also took a separate bank card HP when I applied and was approved for a Chase Sapphire Preferred card a few days prior to the auto loan inquiries. I have not purchased the vehicle yet, so no new auto loan has been added to my credit report. The CSP also has NOT posted to my credit report. Yet, I did NOT lose 50 points, I lost 3. And I get a daily Experian score, so it's not like the score hasn't updated yet or something.

My oldest account is 17 years old, and my AAoA is like 6 years. I'm sure that had somehing to do with it. In any event, what you are stating is the gospel truth simply isn't.