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Do what works for you

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Dmessina666
Frequent Contributor

Do what works for you

Since I've been in this forum for some time now, figured I'll throw my 2 cents in after reading another post just now about someone preaching AZEO and no inquiries. 

Im in the tail end of a rebuild myself, and sometimes it takes closing cards. Sometimes it takes a lot of hard inquiries. Sometimes it takes a score loss to come out even higher down the line. Every time, it takes time. 

I did what worked for me, which was go from 493 to 696-699 in 14 months. The past year I've opened 13 accounts, an auto lease, and my first mortgage. 

12/13 approvals, 1 denial. I amassed 41 hard pulls as of right now combined from cards and car/mortgage hunting. All this with 4 PIF CO's and 16 30-day lates that happened when my children's mother passed unexpectedly. Everything closed is PIF and two years from falling off, and putting me on a clean card. 

You don't always need to be AZEO. You certainly don't need to have 0/0/0 inquiries either. Do what works for you, and do it right. Unless you need some extra desperate points for a mortgage or MAYBE a car deal, you don't need to be AZEO. Lenders like seeing balances post, and balances paid. I feel there's too many ppl pushing a perfect credit profile on ppl who need something much different than that with their situation. There's vast knowledge from ppl in here, and I honestly don't know where I'd be without a few ppl here. Take what helps you and leave the rest. 

Rant over. 

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Do what works for you

Yep I have the same gripes with how much AZEO and no inquiries gets pushed around here. It doesn't make sense for the majority of people and actually just causes even more stress when something inevitably screws up their AZEO. I tried it for a few months and noticed no movement in my FICO 8s at all, just me getting increasingly frustrated trying to manage it all. Seeing how my TU FICO8 is 798 and even Vantage is at 793, up from around 630~670 in 2018, my 7 of 19 cards with a balance method (all < 19% and dropping) seems to suit me just fine. 

So much less stress too. I get my bills and I pay them. No more freaking out when I use the wrong card and have to push a payment before it reports a balance. 

If I ever go for a mortgage, I will AZEO, but otherwise it's too much hassle for nothing. 

Message 2 of 10
ccquest
Established Contributor

Re: Do what works for you

For living life, I agree with this and letting things handle naturally. But if you know you're working towards something (IE a mortgage or car purchase which you've been saving for already and have a date in mind) and have the means, I'd say go for maximizing your score as best as you can (which may be AZEO). Even if it nets you a .5% decrease in interest rate, that can be massive in the long run.
as of 1/1/23
Current Cards:
Message 3 of 10
Andypanda
Established Contributor

Re: Do what works for you

I agree, have had no prolems getting good cl (might have taken me time) i have no big purchase in the future, so I don't bother with azeo.

Message 4 of 10
Anonymous
Not applicable

Re: Do what works for you

Very well said. I'll have to remember this as I roll along on my credit journey...

Message 5 of 10
cashorcharge
Community Leader
Super Contributor

Re: Do what works for you

Thanks @Dmessina666 I agree...."what works for you" should be a mantra.  I admit, sometimes I get caught up in others' experiences and think those DP's behind the scenes will help form the results I want.

 

I have pondered this theory.  I did AZEO for my initial mortgage and my refi and it was beneficial in the banks eyes so that was great.  On a go-forward basis, I read conflicting threads and wonder what really is the best approach for X goal I'm trying to achieve.  I've read:

"Don't worry/don't be afraid of inquirie"s...as well as....."my inquiries were 20-30-LOL/24 month."  Those thoughts align.  

 

Then I read about people getting declined or having adverse experience and the results given surrounded "Credit seeking behavior" or "too many inquiries" and I think that goes against what I've read about "don't worry" so the existence of conflicting information to create a theory does exist.  While I haven't been turned down for anything or been given the reasons stated, I sometimes think twice before app'ing for something in the event that may be a response.  All the factors in my file (Thick, Clean, Aged, C2) are spot on.

 

I guess it's the result of reading too many posts on MF.  Appreciate the conversation!

Message 6 of 10
Conceptual23
Frequent Contributor

Re: Do what works for you

 I couldn't agree more.  I was once told there's "more than one way to skin a cat".  Though don't agree with that statement in the literal sense,  I do agree with the point it emphasizes, and in this case, it means there's more that one way of achieving your desired score.  No two lives are completely identical so why should the approach to building our credit profiles be?  That is something I've never understood.  Research and study how money/credit works from all angles, and then make your own blueprint. 

Starting FICO 8s | 06/2018: EX 601 ✦ EQ 605 ✦ TU 590
Current FICO 8s | 9/2022: EX 732 ✦ EQ 739✦ TU 743
2023 Goal Score: 760+





Business Cards:


Message 7 of 10
Dmessina666
Frequent Contributor

Re: Do what works for you

Everybody is unique when it comes to reports, just like fingerprints. Those 12/13 approvals I received for cards, I had at least 40 hard pulls. My last two apps, Verizon Visa and Lowe's Card........I know for a fact I had over 23 pulls under 1 year old. Based on my profile, which is a dirty card with 4 CO'S PIF and a slew of 30-day lates on a closed auto loan......Something told me I'd be ok applying based not just on my scores, but the positive things I've got going. Surprisingly, I didn't get no rookie SL's either. I was very happy. 

Now, I know what I need to do. I've got a **bleep**-ton of HP's that need to fall off and a bunch of young accounts. 2 years from now when the pulls are gone, the accounts aged, and the CO+lates drop.......I'll be in prime position and ready for my next step: HELOC and two rentals properties. 

Message 8 of 10
Iusedtolurk
Established Contributor

Re: Do what works for you


@Dmessina666 wrote:

Everybody is unique when it comes to reports, just like fingerprints. Those 12/13 approvals I received for cards, I had at least 40 hard pulls. My last two apps, Verizon Visa and Lowe's Card........I know for a fact I had over 23 pulls under 1 year old. Based on my profile, which is a dirty card with 4 CO'S PIF and a slew of 30-day lates on a closed auto loan......Something told me I'd be ok applying based not just on my scores, but the positive things I've got going. Surprisingly, I didn't get no rookie SL's either. I was very happy. 

Now, I know what I need to do. I've got a **bleep**-ton of HP's that need to fall off and a bunch of young accounts. 2 years from now when the pulls are gone, the accounts aged, and the CO+lates drop.......I'll be in prime position and ready for my next step: HELOC and two rentals properties. 


Seems like you are definitely doing what works for you and it shows it's working for you. It's always said that building good credit is a marathon and not a sprint which is definitely true.

 

I look at the AZEO method as a sprint within the marathon.  You use it at the specific time that you need it to maximize your scores when preparing to app for a Big Purchase or Prime card other than that you do what works for you as your regular marathon journey.

Message 9 of 10
ccquest
Established Contributor

Re: Do what works for you

And if you accidentally let everything hit $0 again, there's still plenty of time to catch back up by letting a balance report. I got an EX alert that my score dropped 16 points and was wondering what happened since my AMEX shouldn't have reported yet...well it's BoA update time and now I'm at all zero and that's why. There's really no reason to be so worried about your score unless you're going for new credit (and even then it's only part of the story unless it's super low due to derogs).
as of 1/1/23
Current Cards:
Message 10 of 10
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