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AZEO CONFUSION

OmarGB9
Community Leader
Super Contributor

Re: AZEO CONFUSION


@CreditNovice01 wrote:

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).

 

 


A tax professional? Well, they obviously are well-versed in taxes...not sure about credit. Honestly, existing credit limits aren't nearly as big a deal as some seem to think. Sure other future lenders *may* use them for some sort of reference to determine what limit to give you themselves, but honestly, limits really come down to what the bank is comfortable with assigning you, DTI, total debt amounts, income, etc. In other words, existing limits, whether large or small, bear little to no effect on future credit apps/limits.

 

Everyone has to start somewhere, and large limits don't typically happen right out of the gate. Us here at MF are outliers, in that out in the "real" world with your average consumer, limits are usually probably fairly modest and the average consumer doesn't really care what their limit is on a single card, or the average limit across all cards, nor do they care what their total credit limits are.


Last App: 12/27/2021
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Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 21 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

Update

 

I applied for the US Bank secured card but it appears there were 2 inquiries instead of 1. Is this normal or will it affect my score.
3BB50380-E0E3-4AF8-B252-04BC72D94183.jpeg

 

Message 22 of 28
Junejer
Moderator Emeritus

Re: AZEO CONFUSION


@CreditNovice01 wrote:

Update

 

I applied for the US Bank secured card but it appears there were 2 inquiries instead of 1. Is this normal or will it affect my score.
3BB50380-E0E3-4AF8-B252-04BC72D94183.jpeg

 


How much of an effect, if any, depends on your personal profile. No one can say for sure. It would not have much of an effect on my profile, for instance.

 

BTW, were you approved for the card? If so, have you been practicing AZEO? How is is working out for you?






Starting Score: 469
Current Score: 809
Goal Score: 825


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Message 23 of 28
NRB525
Super Contributor

Re: AZEO CONFUSION

OP, from your Discover card statements, do they tell you what your FICO score is? If so, could you let us know?

Depending on your score, it may not be required to keep pursuing secured cards.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777

Message 24 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

My apologies for the delay.

 

I've been to scared to report a $0 statement balance because I heard it will drop score.

 

My score dropped 35 points due to high utilization being reported. (I sent Capital One a letter asking them to report my payment activity for Oct. and when they did is was off cycle)

 

For this reason I have a 620 score currently, and scared to implement AZEO now due to a possible score drop.

Message 25 of 28
CreditNovice01
Established Member

Re: AZEO CONFUSION

Hello my current is 620 on Discover I haven't applied for anymore cards. 

Message 26 of 28
NRB525
Super Contributor

Re: AZEO CONFUSION


@CreditNovice01 wrote:

Hello my current is 620 on Discover I haven't applied for anymore cards. 


Are these your first ever credit cards? Any other credit history? The 620 seems low if these are the only two cards. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777

Message 27 of 28
pakratus
New Contributor

Re: AZEO CONFUSION


@CreditNovice01 wrote:

 

For this reason I have a 620 score currently, and scared to implement AZEO now due to a possible score drop.


No reason to be scared.  Utilization does not have a memory.  Within 30-60 days you will be at least back to where you were and hopefully higher. 

Message 28 of 28
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