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When to pay before statement date

longtimelurker
Mega Contributor

Re: When to pay before statement date


@Saeren wrote:

AZEO isn’t for credit card applications really. You can actually shoot yourself in the foot because you are seen to not be using the credit you have currently. Keep aggregate below 8.9% and leave the rest alone. 


While not an AZEO fan at all (because of the oppotunity costs) this probably varies from file to file.   In some cases, AZEO is going to boost the score enough to make an app approved automatically without concern for credit use.   In other cases, it may hurt for the reasons Saren says.

Message 11 of 13
Saeren
Mega Contributor

Re: When to pay before statement date


@longtimelurker wrote:

@Saeren wrote:

AZEO isn’t for credit card applications really. You can actually shoot yourself in the foot because you are seen to not be using the credit you have currently. Keep aggregate below 8.9% and leave the rest alone. 


While not an AZEO fan at all (because of the oppotunity costs) this probably varies from file to file.   In some cases, AZEO is going to boost the score enough to make an app approved automatically without concern for credit use.   In other cases, it may hurt for the reasons Saren says.


There is no scoring benefit for AZEO in FICO 8/9 other than the known less than 1/3 of accounts with a balance on Equifax and less than 1/2 of accounts with a balance on Experian and TransUnion that one can achieve by just paying off 2/3 of their cards. It’s a lot of extra work for next to no benefit unless going for a mortgage/auto loan or the lender is like DCU and uses the mortgage score for everything. 



Message 12 of 13
Remedios
Moderator

Re: When to pay before statement date

I dont think OP intended for this thread to be a discussion whether AZEO was a valid approach or not, and they already stated it's a temporary event for them. 

 

Message 13 of 13
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