topic Re: Capital One Credit Steps & AZEO in Rebuilding Your Credit

Capital One Credit Steps & AZEO

EverForward — Sun, 05 Apr 2020 14:30:30 GMT

I have 2 cards, a $500 unsecured Capital One Platinum card, and a $300 secured NFCU nRewards card, both cards obtained mid February, 2020. I am just trying to define my two card payment strategy for the next several months. I don't plan on apping for more cards for 4+ months, then I plan to app for my 2nd NFCU card.

My Capital One qualified for the "Credit Steps" program. If I make 4 more payments on time I'll qualify for a $250 CLI. Last month, I PIF one day after the statement cut, I actively use the card, and presently it has a $0 balance.

I also use my $300 secured NFCU nRewards card, but last month I PIF before the statement cut so $0 payment was due. This month I was considering letting a small payment post, current balance, $8.99, as this card has not reported to to any CRA as of yet.

So my question/dilemma with AZEO in mind is:

1) Is it better to rotate balances due on my Cap One and NFCU cards, reflecting <8.9% balance due, and the other $0 balance? And, not worry about the Cap One Credit Steps program?

2) Do I, for the next four months, only let my Cap One post a small balance due <8.9% , and continue NFCU as a $0 balance, so I can stay on the Credit Steps program?

3) Do I, use both cards, but limit cards to post small balances, <3%, so they both report use to the CRA?

I have read some posts that say just ask for a CLI in 3+ months, as it's a SP to Cap One anyways? And, that I might receive more than a $250. But, as I am 1 year post Ch7, do I take that chance?

I still plan to heavily use both cards, in preparation for future CLI requests. Of course, with only two cards, and a Self loan, I am also looking for the best route to increase my credit score. NFCU will report in a week or so, so that will help, =)

Thanks in advance for your input.

Re: Capital One Credit Steps & AZEO

FireMedic1 — Sun, 05 Apr 2020 16:07:17 GMT

Congrats! It doesnt matter which one reports as the AZEO card. Just keep it consistant. Say $20 each month on the Cap1 card. Use them both. But pay one down to $20 and the ohter each month to $0. If Cap1 gives you a CLI before credit steps is completed. It will be deducted from your $250 auto CLI after credit steps post. So either way its $250. Yes use them. Just stay at AZEO.

Re: Capital One Credit Steps & AZEO

EverForward — Sun, 05 Apr 2020 16:35:18 GMT

Thank you @FireMedic1, I know I was overthinking it, this will be easier to manage moving forward, at least until I get my 3rd card, lol.

Re: Capital One Credit Steps & AZEO

Brian_Earl_Spilner — Sun, 05 Apr 2020 16:42:13 GMT

Cap1 requires a statement balance for credit steps. They are also very hard to get increases from, especially with a starter limit like yours. People have gone years without getting an increase even with high spend. It would be in your best interest to get the steps increase.

Re: Capital One Credit Steps & AZEO

Anonymous — Sun, 05 Apr 2020 19:04:19 GMT

@FireMedic1 wrote:
Congrats! It doesnt matter which one reports as the AZEO card. Just keep it consistant. Say $20 each month on the Cap1 card. Use them both. But pay one down to $20 and the ohter each month to $0. If Cap1 gives you a CLI before credit steps is completed. It will be deducted from your $250 auto CLI after credit steps post. So either way its $250. Yes use them. Just stay at AZEO.

I thought optimal AZEO used 3 cards: 2 cut at $0 and one below 8.9%...?

Re: Capital One Credit Steps & AZEO

Brian_Earl_Spilner — Sun, 05 Apr 2020 19:25:03 GMT

@Anonymous wrote:
@FireMedic1 wrote:
Congrats! It doesnt matter which one reports as the AZEO card. Just keep it consistant. Say $20 each month on the Cap1 card. Use them both. But pay one down to $20 and the ohter each month to $0. If Cap1 gives you a CLI before credit steps is completed. It will be deducted from your $250 auto CLI after credit steps post. So either way its $250. Yes use them. Just stay at AZEO.
I thought optimal AZEO used 3 cards: 2 cut at $0 and one below 8.9%...?

Optimal score boosts are 3 revolvers, 1 installment. You can still get AZEO boost with just 2 cards.