Hi all,
Please take a look at my signature and see the open cards I have. In a rebuilding process, and all of these cards are very close to zero, like currently at 10-30% utilization! I would think in the next 30-60 days I can pay them all off. With that said, I will also have one car loan at about 50% remaining.
My questions - Is the All Zero except One better than a 2-9% utilization on every card? Is my Car loan the one, or does it need to be a credit card? Does card status play into score at all, such as... does the citi or chase have any more clout than that Merrick or Mission lane?
Also, in terms of profile, do I need any other cards such as a retail to improve? My overall goal is improved credit score/profile to buy a home within 18-24 months.
Thank you!
AZEO only works with revolvers, doesn’t include installment loans at all. You don’t want to have a balance report on every card, looks like you’re using the cards to fund your lifestyle. As long as it’s a bank card and not a store card it doesn’t matter. I’ve had months where my discover reports and next month I use cap one. From what I hear you don’t want it to be a credit union card or a Chase card. I don’t have either of these, so I can’t confirm.
Goal Scores: 700 across all three
I have a VS and an Express card. Both are Comenity cards. When I first got the Express card, I bought 3 polo style shirts that were on sale for $40 bucks. They reported like the next day and I wasn't expecting it to. Threw my utilization off and dropped me a few points. I paid the card off immediately and haven't used it since. I activated the VS card, but haven't used it yet. Both cards report every month and say excellent payment history. I don't know why the VS card says that as I have yet to charge anything. Now that I know the exact date that they report, I won't ever let them have a balance on them. Just charge something periodically to show some usage to Comenity.
@Anonymous wrote:
@Anonymous wrote:Having one card at low utilization is better than having every card at low utilization. Pay off all but one (make your one card a major bank card as @BmoreBull correctly outlined above), and you'll be positioned ideally regarding your current accounts. You need no other cards to strengthen your profile - go with what you have, keep balances low/paid off, and let time work its magic.
I have also been wondering about this. So, I can't seem to get my VS or WS to reporting or even cut a statement (even when there have been transactions) because I pif after the payments post. Would it really foil up AZEO to let $1 or $0.01 report while letting my Cap 1 report the usual 2-4%? I am just trying to get those darn cards to report to build up my payment history ntm work towards CLIs. I figure a barely reportable amount may have no affect on AZEO? I could totally be wrong and I don't want to mess it up.
The one time WS reported a balance it took 2 months/statements to get them to update the CRs that it was paid!
VS denied me for CLI because I haven't used the credit assigned, but I have. I just pif immediately. I will keep working on charging and paying, but for some reason they just won't seem to budge on reporting or cutting statements.
Thanks!
@Kinglord wrote:Hi all,
Please take a look at my signature and see the open cards I have. In a rebuilding process, and all of these cards are very close to zero, like currently at 10-30% utilization! I would think in the next 30-60 days I can pay them all off. With that said, I will also have one car loan at about 50% remaining.
My questions - Is the All Zero except One better than a 2-9% utilization on every card? Is my Car loan the one, or does it need to be a credit card? Does card status play into score at all, such as... does the citi or chase have any more clout than that Merrick or Mission lane?
Also, in terms of profile, do I need any other cards such as a retail to improve? My overall goal is improved credit score/profile to buy a home within 18-24 months.
Thank you!
1. AZEO is better.
2. Car loan has nothing to do with it; AZEO relates only to revolvers.
3. Status doesn't affect your score.
4. No you do not need any other cards. The less credit applications, and the less new accounts, the better.
@Anonymous
You gotta let something post. I've stated it many times on the forum. Manipulating the scores by a few points, isn't building payment history.
I understand you guys are trying to squeeze every point that you can out. Leave the AZEO stuff for when you plan to take out a mortgage.
And don't bother with it then, until you're down to the last couple of months before you apply for the mortgage.
New folks come in the forum all the time. And assume its a magic bullet to great scores and credit. It is not. Great credit comes from building credit history and on time recordable payments.
I've seen members with high scores turned down for credit from the likes of Chase. Only because their credit history is so shallow and doesn't show any payment history. Why? Because they thought paying everything before statements cut is the best way to build credit.
