AZEO question

[rchvmz]

I am 2 months post Chapter 13 discharge. I have 7 cards, (got 5 last year of BK--2 new since DC), all reporting on time and 1 share loan with Penfed which is paid down to under 8%. 

Will using the AZEO for a couple months have any effect on my scores with my BK fresh as it is?====current FICO scores---EQ 703   TU 662  EX 680 utilization is @ 2%........only 1 card with balance, Cap 1--4k limit, $306.00 balance, just paid $296.00 to leave a ten dollar balance. 

I have frozen my 3 CRA's and plan to garden, so tips on score improvement is what I am after--thanks

[OmarGB9]

It might, but not nearly as much as it would if you had a clean file. To improve your current scores, honestly with the BK still reporting, you can't do much but keep paying on time, keep utilization low, and keep letting the BK age. 

[rchvmz]

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@OmarGB9 wrote:

It might, but not nearly as much as it would if you had a clean file. To improve your current scores, honestly with the BK still reporting, you can't do much but keep paying on time, keep utilization low, and keep letting the BK age. 

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Thanks, and thats kind of what I was thinking as well---but with all the knowledge on this board, I figured something may pop up. 

Thanks again

[OmarGB9]

If it's any consolation at all, your scores are really good for someone with such a fresh BK!

[rchvmz]

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@OmarGB9 wrote:

If it's any consolation at all, your scores are really good for someone with such a fresh BK!

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Thanks--I have worked diligently on this. Fortunatley I was able to get some CC during the last year of the BK-----that alone established some positive on my reports---and I paid off 3 collections, and they were removed. So now its garden time.....they will grow. This forum has been a big help

[jmw1]

I second the comment that your scores are probably as good as they're going to get with the BK reporting. Only time will heal your score more until the BK falls off. My only other comment is that I probably would concentrate on maintaining zero debt just like you did during the 13 and only do AZEO when you are approaching a year from a mortgage application. So if you accidentally report zeros on everything, don't sweat it. That to me is a lot better than a single 8.9% card balance being carried because you are slipping back into credit card debt even though your FICO will be higher due to AZEO. You're doing great.

[rchvmz]

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@jmw1 wrote:

I second the comment that your scores are probably as good as they're going to get with the BK reporting. Only time will heal your score more until the BK falls off. My only other comment is that I probably would concentrate on maintaining zero debt just like you did during the 13 and only do AZEO when you are approaching a year from a mortgage application. So if you accidentally report zeros on everything, don't sweat it. That to me is a lot better than a single 8.9% card balance being carried because you are slipping back into credit card debt even though your FICO will be higher due to AZEO. You're doing great.

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Thanks----so I ought not expect my scores to do much of anything for the next 4 years, as the chpt 13 falls off 7 years from filing date---so I have 4 years to go. I have a lot to look forward to then. 

[HowDoesThisAllWork]

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@rchvmz wrote:

I am 2 months post Chapter 13 discharge. I have 7 cards, (got 5 last year of BK--2 new since DC), all reporting on time and 1 share loan with Penfed which is paid down to under 8%. 

Will using the AZEO for a couple months have any effect on my scores with my BK fresh as it is?====current FICO scores---EQ 703   TU 662  EX 680 utilization is @ 2%........only 1 card with balance, Cap 1--4k limit, $306.00 balance, just paid $296.00 to leave a ten dollar balance. 

I have frozen my 3 CRA's and plan to garden, so tips on score improvement is what I am after--thanks

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@rchvmz 

Keep in mind that AZEO has no memory.  Meaning, you have it this month....all good!  But what about next month?  That is a whole new ball game.  To help maximize your score - especially given the recent "Public Record" (which puts you in a dirty profile...) - I would suggest using the AZEO strategy every month.  However, keep in mind the mantra "Finances over FICO".  It is okay if you can not AZEO each month.  As stated at the beginning, there is no memory here.  Next month is a new chance! :-)

[FLLGuy]

@rchvmz -  congrats on your discharge not easy having to go through that experience.  thought i would add my own personal score journey.  You are not alone and as everyone mentioned time, aging, and responsible use is your friend.

 I was discharged from BK13 sinceJuly 2021.  the output below was due to following the same advice.  These are my F8 scores.  Hope this visual helps though not all profiles are the same.- the grind is real.