Someone please give me a better understanding of the AZEO method. I have 3 cards. From reading, I'm supposed to keep two at zero and allow one to report below an 8% balance. What is confusing is the credit reporting date, the time I'm supposed to pay, and the date of reporting by the bereaus. I hope I'm explaining that correctly...
Reporting date varies by bank. MOST report on the statement date, some report on the 1st. Use a credit monitoring site to know for sure, or post which banks you have so we can help you with that.
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I encourage you to pull your TU and EQ reports with Credit Karma. They will list the Date Reported for each of your cards. Compare that with the date of your statements. Then you will know.
AZEO is not something you have to do every month. Only in the run up to when you need your credit score to be its highest, e.g. in the 40 days before you apply for a loan or a card.
I have a Discover IT, CapOne Quicksilver, and CapOne
I don’t know if this will be helpful for you. You can adjust the payment dates for all three of your cards to be at or about the same date. My current Discover and previous Capital One cards all had a due date on the 15th of the month. Discover’s statement closing date is always five days after my due date (The 20th), and they report within 1 to 2 days after closing. CapOne would close 4 days after the due date (The 19th) and report 1 to 2 days after closing. The nice thing about your cards is that the closing date is the same day each month. American Express and Citibank, on the other hand, have a minimum number of days within each statement period, so the closing date floats over a 1 to 3 day period.
For me, it just seem to make things a little easier when juggling utilization.
OP, while you didn't really say in your initial post, one thing that should be clarified is that you don't need to "keep" 2 cards at $0, you just need to ensure they report $0. From the language with which you wrote, it almost suggested that you wouldn't even use those 2 cards at all, which definitely doesn't need to be the case.
The advice about at finding out when your creditors report is solid. For my, my Capital One payment due date is the 14th and my statement cuts on the 17th. Capital One usually reports to the bureaus for me on the 17th, although sometimes on the 16th, which is a bit odd as the statement period still has a day before it ends. Anyway, if this were your AZEO card that you want to leave a small balance on, you'd want to PIF on the 13th-14th (at the latest) your total balance, not just your previous statement balance, less the small amount you want to allow to report. For example your previous statement balance may be $40 and you may have a current balance of $240 if you used the card for another $200 in purchases for the cycle. On your payment due date (or a day or two before) you'd want to pay $235 for example, leaving a $5 behind to report. Keep in mind any charges between that payment and the statement close date will be added... so if between the 14th and 17th you spend $100, you'd report $105 instead of just the $5 you were planning on. I'm not sure what the limit is on the card you're planning to report a balance with, but if it's low you may need to watch your swipes during this few day period as it could potentially put you above 8.99% reported on that card. Hopefully that makes sense.
I've been trying AZEO since learning of it here on the forum. Does this look about right? My next goal is to grow my CLs on my cards.
i just saw your posting.
i am VERY new on here.
i noticed that your American Express card was being reported. I thought AMEX does not report to the credit agencies. I am correct? Is this perhaps a different type of AMEX card?
Amex does report to the Big Three credit bureaus.
But perhaps without intending it, you saw something that the rest of the more experienced people here missed (including myself). Namely that, if a person is using an Amex as his one card that reports a positive balance, he needs to make sure that it is a true credit card, rather than an Amex charge card, like the Amex Green, Amex Platinum, etc.
An Amex charge card will be ignored by FICO 8 in its utilization calculation. Therefore a person should choose a different card to make sure that FICO "sees" that you have a true credit card with a positive balance.
Amex makes a lot of true credit cards, like the Amex Blue Cash for example (and many others). These are fine.