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I need to rebuild my credit. Someone recommended AZEO. I'm not clear if Self Lender "counts" as one of the 3 credit cards. Also, does Self lender report as $0 until the certificate of deposit is paid in full?
Here's what I currently have opened:
Just trying to figure out the path forward and if AZEO is the best way to go or if I need to apply for another CC with a higher limit?
As of 3/18/19, my current scores are: EQ 668, TU 665, EX 643
DTI 44% (will be $23% once I sell my house in June 2019 and get rid of $213K debt)
Bills:
Credit Cards:
@Anonymous wrote:I need to rebuild my credit. Someone recommended AZEO. I'm not clear if Self Lender "counts" as one of the 3 credit cards. Also, does Self lender report as $0 until the certificate of deposit is paid in full?
Here's what I currently have opened:
- Fingerhut – balance $80 (limit: $300)
- BoA Secured card – balance $0 (limit: $500)
- Self Lender – shows as $1K (I’ve only made the first $89 payment towards $1K)
Just trying to figure out the path forward and if AZEO is the best way to go or if I need to apply for another CC with a higher limit?
As of 3/18/19, my current scores are: EQ 668, TU 665, EX 643
DTI 44% (will be $23% once I sell my house in June 2019 and get rid of $213K debt)
Bills:
- Mortgage $213K
- Student Loans $201K
- Auto-Loan $24K
Credit Cards:
- Fingerhut – balance $80 (limit: $300)
- BoA Secured card – balance $0 (limit: $500)
- Credit Lender - $1K CD (one payment #1 so far but unsure if counts as credit card)
It’s an installment loan like your student loans, not a credit card.
As stated no its an installment loan and as you have a mortgage, auto loan and SLs I would just pay it off and save the interest you only need one open good such loan.
SelfLender will do you no good on your scores., because you already have other installment loans. In fact, until you pay 40% of the loan off it will actually hurt you for having too high of a loan balance due. I second the advice to pay this loan off ASAP.
I find the AZEO method very interesting, I have researched it and found a number of articles on it as well as discussions in other forums about it. Everything is possitive and it seems to be the right approach. I have also read a lot of articles and seen many discussions in other forums that say that your utalization on your CC's should be between 25%-30% for the best Fico Score results. Any thoughts on this, is the 25%-30% outdated?
@Anonymous wrote:I find the AZEO method very interesting, I have researched it and found a number of articles on it as well as discussions in other forums about it. Everything is possitive and it seems to be the right approach. I have also read a lot of articles and seen many discussions in other forums that say that your utalization on your CC's should be between 25%-30% for the best Fico Score results. Any thoughts on this, is the 25%-30% outdated?
If practicing AZEO:
For totally optimized scoring, individual utilization on a single card below 8.9% rest at $0.00
For a few points less, individual utilization on a single card under 28.9, aggregate to stay below 8.9%, rest at $0.00
The best way to help your credit is to keep paying on time and dont let anything bad land on your CR.
@Remedios wrote:
@Anonymous wrote:I find the AZEO method very interesting, I have researched it and found a number of articles on it as well as discussions in other forums about it. Everything is possitive and it seems to be the right approach. I have also read a lot of articles and seen many discussions in other forums that say that your utalization on your CC's should be between 25%-30% for the best Fico Score results. Any thoughts on this, is the 25%-30% outdated?
If practicing AZEO:
For totally optimized scoring, individual utilization on a single card below 8.9% rest at $0.00
For a few points less, individual utilization on a single card under 28.9, aggregate to stay below 8.9%, rest at $0.00
The best way to help your credit is to keep paying on time and dont let anything bad land on your CR.
Thank you, makes sense!
You're welcome
You went to other forums? Shame on you. Nothing even comes close to this forum. This 30% that flies around the net is about as true as CK scores. As you go up in util %'s. You lose ponits. <8.99% is ideal. My file. The big 3 like the 2-4% util. Once you pass 28% more points lost. (Reporting) So 30% isnt a great choice reporting. On the other hand. Some sites say dont go over using 30% of your credit line. Not really true. Case in point. Cap1 like heavy usage but PIF.