Trying to figure out if my “line of credit” counts for AZEO

[NGeorge]

Hey all—

I’m working in refinancing my house and really trying to tip my middle score over 700 for this next reporting period in the next few weeks. I got all my credit cards reporting paid off with the exception of $15 on my Synchrony PayPal MasterCard and a couple hundred bucks on my credit union “line of credit” (under 5 pct until) — which I missed the reporting cutoff date on to get it to zero in 30 days.

I really would like to try All Zero Except One since unless I’m mistaken it really can help with the mortgage specific scores.

My question is if the line of credit counts as the “one”... I can send the $15 to Synchrony to pay off the Mastercard, but missed the reporting on the line of credit. The line of credit is rotating, its open ended, and MyFICO shows it in my balances. CreditKarma counts it as “other loans” and does not show it in my credit card balances....

So... for the best impact should I pay off the Synchrony? If so then the line of credit would be the only rotating (not counting fixed monthly payment loans) thing that would be reporting a balance.

Thanks!

[Anonymous]

I don't have first hand experience with LOC, though I would think that it has the same terms as other "revolving" accounts?

You would need to PIF anything that's not an imstallment loan, and only leave a small balance on one revovling account. LOC may count as such.

Other forum members with experience may be able to better answer this.

[Anonymous]

Will confirm that my Lines of Credit report the same as other "revolving credit" and figure into the regular Fico formulas the same as a credit card.

[NGeorge]

Yep — exactly what I’m wondering... if the LOC counts, I’ll pay off the Synchrony and all my credit cards will be zero with the LOC reporting a small balance. If the LOC doesn’t count, I’ll keep 15 on the Synchrony and it’ll be my only credit card with a balance and the LOC balance will stay since it won’t cut again until 1/29.

EDIT — just read the rest above — so assuming it should count as a CC? It basically works like a CC... the payment amount changes as the balance goes down. It revolves... it does show in my CC balances on MyFICO and has the little credit card icon by it.

I think CreditKarma just separates it out since it its not a credit card and they can’t try and use it as an excuse to sell me another card lol

[Anonymous]

I wouldn't try it for AZEO purposes. Use a major credit card from a national bank. The PayPal Mastercard would be a better choice although Synchrony's random reporting can mess you up. Your best bet is something consistent like a Capital One card. Synchrony and Chase are both awful choices for example because of their reporting habits (Chase will off cycle report if you pay to $0) and credit union accounts don't count in some of the scoring models. 

[Anonymous]

I don’t believe it will have the effect your thinking it will. They are going to see utilization on each individual card and there will be no difference between zero and 7% utilization.

[SouthJamaica]

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@NGeorge wrote:
Hey all—

I’m working in refinancing my house and really trying to tip my middle score over 700 for this next reporting period in the next few weeks. I got all my credit cards reporting paid off with the exception of $15 on my Synchrony PayPal MasterCard and a couple hundred bucks on my credit union “line of credit” (under 5 pct until) — which I missed the reporting cutoff date on to get it to zero in 30 days.

I really would like to try All Zero Except One since unless I’m mistaken it really can help with the mortgage specific scores.

My question is if the line of credit counts as the “one”... I can send the $15 to Synchrony to pay off the Mastercard, but missed the reporting on the line of credit. The line of credit is rotating, its open ended, and MyFICO shows it in my balances. CreditKarma counts it as “other loans” and does not show it in my credit card balances....

So... for the best impact should I pay off the Synchrony? If so then the line of credit would be the only rotating (not counting fixed monthly payment loans) thing that would be reporting a balance.

Thanks!

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I agree with @Anonymous  that the safer course of action would be to let the Synchrony card report a balance.

Also I wouldn't fret about the difference between AZEO and AZET... there would probably be no score difference between the two.

[NGeorge]

Sounds good... I’ll let the Synchrony report. I have 9 cards anyway so I’d rather not chance it dropping since I do have a mortgage refinance riding in this. I just want to see if I can goose that middle score to 700... my EX and TU shot up 18 and 21 points over the weekend from the first payoff (87% to 0) to 698 and 696 respectively. Line of credit reports in 2 days (99 to 5) and then the PayPal MC in 9 days (25 to less than 1). This is the Fico 8 — I’ll have my mortgage score next week.

It does pretty much have to be the Synchrony PayPal MC for this because it’s the last one that reports before I should have them do the loan paperwork (They gave me 30 days to try n bump up the credit and will re-pull) — due date is a week before the statement cut date, and it always reliably reports the next day.

Like I said, I have it all paid by 15 bucks right now. The limit is 6k... should I actually charge a few more on it to get it to 1%?

I do have 9 cards and a LOC — the issue was 3 of them have always been near maxed and the other 7 are always at zero or very near it.

Thanks!

[Anonymous]

$15 is perfect for AZEO purposes.