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AZEO CONFUSION

CreditNovice01
Established Member

Re: AZEO CONFUSION

Update: I entered my information but was declined. Earlier this month I applied and was approved for the secured Discover It. Had I known I would've instead attempted non-secured.

 

Nonetheless, thank you.

 



Message 11 of 28
FireMedic1
Super Contributor

Re: AZEO CONFUSION

Well the newest secured is US Bank which graduates.

https://ficoforums.myfico.com/t5/Credit-Cards/New-US-Bank-Cash-and-Altitude-Go-Secured-CCs/td-p/6422... 





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 12 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

My goal is graduate(all non secured cards) the new Discover It (secured)and Quicksilver cards is (non secured) so the US Bank secured would be the third card to implement AZEO strategy.. with option to graduate?! 


This girl has fingers and toes crossed. Application Submitted.

 

Thank You

Message 13 of 28
SouthJamaica
Mega Contributor

Re: AZEO CONFUSION


@CreditNovice01 wrote:

Hello all,

 

How can I implement AZEO on 2 new cards considering the balance details below.

 

I currently only have 2 credit cards that I was approved for and received this week. Quicksilver non secured,  and Discover it recently.

 

Statement dates October, due dates November.

 

I paid $37 of $39 membership fee on QS card leaving a $2 balance to report statement close date. (Will the .67 utilization count as 0%?)

 

The discover card has $9 balance of $200 secured card limit scheduled to report next week.

 

Quicksilver statement date has come and gone reporting $2 bal.

 

Should I pay the Discover card $9 balance back down to $0?

 

Or should I leave both card balances as is for statement reporting, and then pay before due date.


Any suggestions would be greatly appreciated.

 

 

 


You should have one card report a zero balance (i.e. pay it off before the statement cuts) and have the other report a balance of $20 or so before you pay it off.


Total revolving limits 699000 (597000 reporting) FICO 8: EQ 718 TU 721 EX 698

Message 14 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

Got a little too excited and responded with a blank message. 

Thank you for the detailed strategy.


Much Appreciated!!

Message 15 of 28
scorefreak
New Contributor

Re: AZEO CONFUSION

PIF your discover card. There's no point of leaving a balance on it.

 

By the way, I believe you will need a third card to average out your balance for AZEO.  I am not certain about the minimum number of cards needed, so maybe someone else can clarify this "unofficial" requirement. 

Message 16 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

Thank you, will do! Firemedic shared the 33% utilization for 3 cards strategy for AZEO so many thanks to all.

Message 17 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

Hello just following up,

 

I'm hesitant to remove the freeze and apply for the US Bank secured card.

 

I was informed that if I open a 3rd credit card with a low credit limit ($200 secured Discover It, $300 Quicksilver) it will not help my help my score 😟and I should wait 3-4 months to save up for a $3000 secured card.

 

I can pay $1000 for a secured card in December but my initially my goal was to have the 3 cards ASAP to implement AZEO.

 

Any advice, would be greatly appreciated.

 

 

Message 18 of 28
OmarGB9
Community Leader
Super Contributor

Re: AZEO CONFUSION


@CreditNovice01 wrote:

Hello just following up,

 

I'm hesitant to remove the freeze and apply for the US Bank secured card.

 

I was informed that if I open a 3rd credit card with a low credit limit ($200 secured Discover It, $300 Quicksilver) it will not help my help my score 😟and I should wait 3-4 months to save up for a $3000 secured card.

 

I can pay $1000 for a secured card in December but my initially my goal was to have the 3 cards ASAP to implement AZEO.

 

Any advice, would be greatly appreciated.

 

 


You were informed it wouldn't help by whom?

 

In order to best implement AZEO, you *must* have a minimum of 3 open revolving accounts (credit cards).


Last App: 12/27/2021
Penfed Power Cash Rewards Visa Signature

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 19 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

Thank you for your reply.


A conversation was had with a tax professional. 

My goal is to be approved in the future for better cards with higher limits (have and not need situation) but I was hesitant about using an inquiry if the $300 secured with US bank would be considered laughable to future lenders considering all my limits are low.

 

So far 0 inquiries Transunion, 2 Experian(Oct 2021), 1 inquiry Equifax (expire 12/21).

 

 

Message 20 of 28
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