Need help with AZEO and maximizing score with Credit One

[new_earth]

Hi, I just started rebuilding my credit to get a mortgage soon and have started using AZEO. I just got a Credit One card (I know you hate it) so that I have 3 revolving cards. How should I work out AZEO? Before this card, I just had Capital One and First Savings, and was paying off First Savings in full and leaving a small balance on Capital One. 

But now that I have Credit One and they charge interest from the day of posting, it seems it will be impossible to get it entirely to zero by the time the statement cuts. It will always have a small balance from the interest. I don't know if I can be that perfect to pay it the exact day it posts, and even then it might charge a little bit of change. Should I make THIS card my only one reporting a balance, and the others at zero now? It seems it might be easier that way, even though I might be paying a few extra pennies. I do want to be using the card because I need to start showing a really good payment history. I was going to use it for my Hulu monthly payment. 

Thanks for any advice!

[Anonymous]

Well...this is an interesting senario. I'm kinda interested in the answer too.

I'd imagine the problem with making that CreditOne card your main card , you'd be charged an interest each day on purchases until PIF? 

Not sure what that amounts to but if your  UT is low...I guess that might work? 

The experts are coming though...so let's wait and hear back from them. Good Luck on your build! 

[AllZero]

If you want to ensure Credit One reports zero, you will have to push payment to it. Pay balance + extra to cover any additional fees. Don't worry if it shows a negative (credit) balance. It should report zero to the bureaus.

You can also make the Credit One your card to report.

[Anonymous]

@new_earth 

I had a Credit One card as a part of my build and closed it after 10 months to make sure it was completely zeroed out before the AF hit. I just looked back at my statements and I always had a zero balance each month even though I had a couple of recurring payments post to the card during the month and I PIF before the cut. 

Personally, I would consider keeping using the CapOne card for AZEO. IMHO there isn't a reason to try and use Credit One unless I'm missing something (happens alot before coffee lol)!

Does AZEO really matter for score optimization in the months leading up to a mortgage app? I can see the benefit just before applying but I don't understand if there is an advantage prior. Thanks in advance for the info, I want to buy a house in the next 18-24 months myself and need all the insight I can get! 

[Anonymous]

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@Anonymous wrote:

Does AZEO really matter for score optimization in the months leading up to a mortgage app? I can see the benefit just before applying but I don't understand if there is an advantage prior. Thanks in advance for the info, I want to buy a house in the next 18-24 months myself and need all the insight I can get! 

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No, it doesn't matter.

All you have to do is make sure a report for all 3 bureaus (like 3B from myFICO) is showing you at AZEO during the time you will be trying to get a mortgage and they will be checking your credit.

They'll be looking at the 'middle' or median score of EQ 5, TU 4, and EX 2.

Right now, on my scorecard (under 3yrs total history), I can get +10 on EX 2 at AZEO. This may not be the case for people with a longer credit history. 

[Anonymous]

@Anonymous  Thank you so much for the details! I really appreciate it. I was driving myself crazy earlier this year trying to make sure I was at AZEO each month and then I was like, wait, why? Your explanation makes perfect sense for a bump when I will need it!

Have a great weekend ahead and mahalo once again!