topic Re: Azeo in Understanding FICO® Scoring

Azeo

Anonymous — Sat, 12 May 2018 01:40:41 GMT

Good evening. Have a quick question regarding Azeo and CC's.

I have 4 revolving accts.

ExxonMobil-200CL-$0 balance
DiscoverIt Secured-400CL-$14.04 balance
CapitalOne Secured-200CL-0 balance (Approved 5/9, have not received card yet)
Sears Card-2000CL-$1573.xx balance (paying in full 5/17)

Question is, in regards to maxing out credit score, would the exxon and sears count towards azeo, or would those be considered store cards? If so, should I apply for another CC to make three?

Thanks in advace!!

Re: Azeo

DollyLama — Sat, 12 May 2018 02:54:15 GMT

@Anonymous wrote:
Good evening. Have a quick question regarding Azeo and CC's.

I have 4 revolving accts.

ExxonMobil-200CL-$0 balance
DiscoverIt Secured-400CL-$14.04 balance
CapitalOne Secured-200CL-0 balance (Approved 5/9, have not received card yet)
Sears Card-2000CL-$1573.xx balance (paying in full 5/17)

Question is, in regards to maxing out credit score, would the exxon and sears count towards azeo, or would those be considered store cards? If so, should I apply for another CC to make three?

Thanks in advace!!

Yes, they will count towards azeo, albeit they are store cards, they are still revolving credit. Having the bank card report the low utilization balance is just better than a store card.

Re: Azeo

Anonymous — Sat, 12 May 2018 05:18:21 GMT

Good to hear. Thank you very much for your reply.

Re: Azeo

Anonymous — Tue, 15 May 2018 01:29:13 GMT

Forgot to ask this question in original post.

The Sears store card, ($2k limit), paying in full 5/17, was closed by grantor last summer due to inactivity. So I'm PIF this week after making minimum payments since then.

Are they going to automatically "close" this account after PIF, and it won't be considered for revolving utilization in the future?

Re: Azeo

DollyLama — Tue, 15 May 2018 12:54:26 GMT

If the creditor closed it last summer, the account is fully closed. That would have been hurting your credit since closure, since it was running over 100% utilization alone. Glad you are paying it in full. It will help your scores a great deal.

Re: Azeo

HeavenOhio — Tue, 15 May 2018 17:33:59 GMT

@Anonymous, all of your current cards will count toward AZEO for utilization purposes. But it's best to leave the small balance on one of your major cards rather than a retail card. What you're doing right now is perfect.

Re: Azeo

Anonymous — Sun, 20 May 2018 22:16:43 GMT

Thanks for your help. I pif the Sears card on 5/17. Here's my updated balances.

ExxonMobil-$0.00/200cl

Discover-$14.04/400cl

Sears-$0.00/2000cl

CapitaOne-$0.00/200cl

As stated before, the sears card was closed by grantor last June due to inactivity. Glad to finally have it paid off, not to worry about it anymore. We'll see how they report it due to it being CBG and paid off. I'm sure the credit utilization will take a hit.

Thanks for all the advice! Would love to see a fico score jump, but not giving my hopes up.

Re: Azeo

SouthJamaica — Sun, 20 May 2018 23:09:10 GMT

@Anonymous wrote:
Good evening. Have a quick question regarding Azeo and CC's.

I have 4 revolving accts.

ExxonMobil-200CL-$0 balance
DiscoverIt Secured-400CL-$14.04 balance
CapitalOne Secured-200CL-0 balance (Approved 5/9, have not received card yet)
Sears Card-2000CL-$1573.xx balance (paying in full 5/17)

Question is, in regards to maxing out credit score, would the exxon and sears count towards azeo, or would those be considered store cards? If so, should I apply for another CC to make three?

Thanks in advace!!

Yes they count.

No you shouldn't apply for another card.

Re: Azeo

SouthJamaica — Sun, 20 May 2018 23:10:01 GMT

@Anonymous wrote:
Forgot to ask this question in original post.

The Sears store card, ($2k limit), paying in full 5/17, was closed by grantor last summer due to inactivity. So I'm PIF this week after making minimum payments since then.

Are they going to automatically "close" this account after PIF, and it won't be considered for revolving utilization in the future?

It's already closed.

Yes it will not be considered for utilization.

Re: Azeo

Anonymous — Mon, 21 May 2018 00:00:51 GMT

OP, what were your FICO scores pre-5/17/18 when you paid off your maxed out card?

In going from an individual card that's maxed out to an individual card (AZEO) witha tiny balance, you'd stand to probably gain 20-25 points on your scores just from the individual card highest balance changed dramaticaly. It also appears that you may have taken your aggregate utilization from maxed out to ideal. If that's the case, you could stand to see an improvement of 80-100 points. Please report back!

Re: Azeo

NRB525 — Mon, 21 May 2018 04:00:37 GMT

@Anonymous wrote:
OP, what were your FICO scores pre-5/17/18 when you paid off your maxed out card?

In going from an individual card that's maxed out to an individual card (AZEO) witha tiny balance, you'd stand to probably gain 20-25 points on your scores just from the individual card highest balance changed dramaticaly. It also appears that you may have taken your aggregate utilization from maxed out to ideal. If that's the case, you could stand to see an improvement of 80-100 points. Please report back!

This.

And to be clear why the question is asked, are there any late payments of any kind on the OP credit file?

In my opinion, an Exxon card is one step above a store card. People buy / consume gasoline much more commonly than new shoes, so an Exxon card could be used as the One card in AZEO.

Re: Azeo

Anonymous — Tue, 04 Dec 2018 11:04:43 GMT

Sorry to bump an old thread but, I'm also curious as to how much your score changed after paying off the closed card.

Re: Azeo

NRB525 — Tue, 04 Dec 2018 13:06:22 GMT

@Anonymous wrote:
Sorry to bump an old thread but, I'm also curious as to how much your score changed after paying off the closed card.

That is an interesting question. We are debating that at the moment, but it is a sort of FICO Sasquatch in my opinion.

Do you have any closed cards with balances?

I have a $500 balance on a closed card with over $5,000 CL. I do not think it reports as 100% Utilization because my scores are in the 820 ranges with a lot of the cards reporting and several cards over 10% utilization.

I recently took a $500 Secured card over 90% ( maxed out ) to see the score change, and it brought scores down a bit, below 800 on two bureaus. I would expect this, unless I already had a “maxed out” card with the closed card.

So I will be bringing that $500 card to lower utilization in December, making sure all open cards report below 50% and then paying off the closed card to see what that final change is. I expect no change from paying it off, but we’ll see what happens.

Re: Azeo

Anonymous — Tue, 04 Dec 2018 15:09:01 GMT

I have one closed card right now due to inactivity. My scores are just fair with EX being 674, TU 682. I'm going to balance transfer that balance to another card which I was going to do for lower interest rate anyways. My utilization is at 1% not counting the closed card. I'll let you know how much of a change happens.