AZEO - Does credit lender count as a credit card?

[Anonymous]

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)

[simplegirl]

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@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)

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It’s an installment loan like your student loans, not a credit card.

[gdale6]

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.

[rbentley]

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.

[Anonymous]

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?

[Remedios]

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@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?

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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. 

[Anonymous]

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@Remedios wrote:

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@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?

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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. 

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Thank you, makes sense!

[Remedios]

You're welcome 

[FireMedic1]

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.

[FireMedic1]

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@Remedios wrote:

You're welcome 

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Beat me by 1 minute. Ha!