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AZEO Bankcards vs Retail

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GreyvyTrain
Regular Contributor

AZEO Bankcards vs Retail

Learned today that the AZ penalty will hit you for letting all bank cards hit 0 with a retail card still reporting balance.  I'm sure others already knew this.  Had my Lowes card with a balance on it and paid off the Disco card down to zero instead of the typical 50 or so I leave on there to report.  Guess I know for next month now!  Good news is the Chase Prime card should report in the next day or two and bring that bank card balance back up from zero.  Does anyone know if it is a quick bounce back on the score loss?  I lost about 9-12 on each of the 3Bs.

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FICO SCORE 8 (6/22/24)




3 Paid COs until 2026, 1% UTI - AZEO
Message 1 of 8
7 REPLIES 7
JoeRockhead
Senior Contributor

Re: AZEO Bankcards vs Retail

I'd say you'll recover the points on the the next reporting cycle, just as it would be with other utilization based score changes.

Message 2 of 8
coldfusion
Community Leader
Mega Contributor

Re: AZEO Bankcards vs Retail


@JoeRockhead wrote:

I'd say you'll recover the points on the the next reporting cycle, just as it would be with other utilization based score changes.


I agree, but they do need to remember that Chase updates mid-cycle when a card balance is paid off.

(5/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 3 of 8
GreyvyTrain
Regular Contributor

Re: AZEO Bankcards vs Retail

@coldfusion Does this count for fully paying off the balance, or any payments?  For instance, I paid my Chase down to about 50$ in order to have a bank card with a balance reporting.  The Chase card is actually brand new as well, so it hasn't reported to any of the 3Bs yet and the initial due date on it isn't until 8/7 - so I paid it down before 7/7 thinking it may report around todays date.

>
FICO SCORE 8 (6/22/24)




3 Paid COs until 2026, 1% UTI - AZEO
Message 4 of 8
coldfusion
Community Leader
Mega Contributor

Re: AZEO Bankcards vs Retail

If you pay off the entire current balance it will send out an update showing the $0 balance without waiting for the current statement period to close.

 

If your last statement had a $50 balance reporting,  you put a $25 charge on the card and then made a $50 payment after that $25 charge had posted it wouldn't trigger an off-cycle update.  If you made a $75 payment after the $25 charge had posted to your account, it would trigger an update.

 

This is why people generally don't recommend using a Chase card as the One if someone is trying to follow AZEO .  It can get complicated trying to  always have a balance report while paying the statement balance in full every month to avoid interest charges, you pretty much need to confirm that you have a new charge posted each month before you pay the statement balance in full if you don't want to risk taking a temporary hit in your scores.

(5/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 5 of 8
SouthJamaica
Mega Contributor

Re: AZEO Bankcards vs Retail


@GreyvyTrain wrote:

Learned today that the AZ penalty will hit you for letting all bank cards hit 0 with a retail card still reporting balance.  I'm sure others already knew this.  Had my Lowes card with a balance on it and paid off the Disco card down to zero instead of the typical 50 or so I leave on there to report.  Guess I know for next month now!  Good news is the Chase Prime card should report in the next day or two and bring that bank card balance back up from zero.  Does anyone know if it is a quick bounce back on the score loss?  I lost about 9-12 on each of the 3Bs.


Yes it's a quick bounce back.

 

Thanks for confirming that a retail card doesn't count as the balance-reporting card in AZEO.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 6 of 8
Thomas_Thumb
Senior Contributor

Re: AZEO Bankcards vs Retail

The OP does not specify retail card details but, I suspect the Lowes card is not co-branded. It would be useful to know.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 7 of 8
SouthJamaica
Mega Contributor

Re: AZEO Bankcards vs Retail


@Thomas_Thumb wrote:

The OP does not specify retail card details but, I suspect the Lowes card is not co-branded. It would be useful to know.


If it's the personal card, it's just a store card.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 8 of 8
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