AZEO Bankcards vs Retail

[GreyvyTrain]

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.

[JoeRockhead]

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.

[coldfusion]

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@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.

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

[GreyvyTrain]

@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.

[coldfusion]

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.

[SouthJamaica]

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@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.

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Yes it's a quick bounce back.

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

[Thomas_Thumb]

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

[SouthJamaica]

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@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.

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