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AZEO - Does credit lender count as a credit card?

Credit_Mama
New Contributor

AZEO - Does credit lender count as a credit card?

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)



Starting FICO 8 Score: 2/12/19 EQ579, TU 588, EX 624
Current Score: 10/27/19 EQ682, TU 708, EX 692
Goal Score: 750+ by March 2020


Take the myFICO Fitness Challenge
Message 1 of 13
12 REPLIES 12
simplegirl
Valued Contributor

Re: AZEO - Does credit lender count as a credit card?


@Credit_Mama 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.








Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge





Goals:

Get First Home in Summer 2025
Message 2 of 13
gdale6
Moderator

Re: AZEO - Does credit lender count as 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.

Message 3 of 13
rbentley
Established Contributor

Re: AZEO - Does credit lender count as a credit card?

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.

Message 4 of 13
Bbradford71
Regular Contributor

Re: AZEO - Does credit lender count as a credit card?

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?

 

 

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 5 of 13
Remedios
Moderator

Re: AZEO - Does credit lender count as a credit card?


@Bbradford71 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. 

 

Message 6 of 13
Bbradford71
Regular Contributor

Re: AZEO - Does credit lender count as a credit card?


@Remedios wrote:

@Bbradford71 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!

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 7 of 13
Remedios
Moderator

Re: AZEO - Does credit lender count as a credit card?

You're welcome 

Message 8 of 13
FireMedic1
Super Contributor

Re: AZEO - Does credit lender count as a credit card?

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.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 9 of 13
FireMedic1
Super Contributor

Re: AZEO - Does credit lender count as a credit card?


@Remedios wrote:

You're welcome 


Beat me by 1 minute. Ha!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 10 of 13
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