Mortgage Score AZEO success!!

[Anonymous]

Thanks, I will pay the closed account today. For clarification, my Amazon card is not at 100% utilization. It is at -$100, which means that I have a credit limit of 100 bucks and they also have 100 bucks of my money that they took as a payment when my balance was already at zero. 

[pgtackle2003]

Okay I see, sorry I misunderstood your post.

[Anonymous]

My Capital One cards have never been late. Both cards were closed on Dec 14, by capital one. THey told me it was because I made large payments too often. They give me small credit limits to work with, so I was burning through them twice a month. Sorry capital one, I make more money than a $500 credit limit will hold. I was charging certain things to it and then paying it off midmonth, then charging again and leaving a zero balance. Kind of dumb that they closed them. 

[AZEsq]

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@Anonymous wrote:

Hi there,

I am also in a similar situation and I am confused about AZEO...I have a mid score of 544 and I need to get above a 620 for a mortgage. My CC balances are:

Chase Card CL 2500 Balance 0

Kohls Card CL 300 Balance 0

Capital one CL 500 balance 106 (CLOSED)

Capital One CL 750 Balance 0 (CLOSED)

Amazon Store Card CL 100 Balance $-100 (on automatice payments and I was at zero, they keep lowering my limit for no reason)

Authorized User Accounts:

CAP One AU CL 300 balance 0

Cap One AU  CL 500 Balance 0

Citi LLBean AU CL 10k Balance 0

How do I use the AZEO method to raise my scores?

Thank you so much.

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They're balance chasing you. Have you been paying them (or any other cards) 30 days late? Have you been missing payments on anything? Do you have collections on your credit report that are new? Balance chasing is when they're planning to close your account for some reason, usually. Or, at least are worried that you'll get in trouble with your credit seeking behavior. If you've been apping a lot and your scores are marginal some banks do this. Synchrony is not usually one of them. If none of this applies, but you're an AU on cards that are maxed, get off of them now. They're not helping you anyway. Also if other cards closed you, they'll do this--sounds like that's what happened. I'd contact Capital One directly for new decision if you never paid them late. Be prepared to provide pay stubs... GL

[JVille]

Put $30 on one of those cards and don’t pay it off. It’s “ALL ZERO EXCEPT ONE” it looks to me as everyone is Zero and any and all closed accounts need to be paid in full because the Utilization is 100% they do not go by the former CL.
Good luck!

[Revelate]

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@JVille wrote:
Put $30 on one of those cards and don’t pay it off. It’s “ALL ZERO EXCEPT ONE” it looks to me as everyone is Zero and any and all closed accounts need to be paid in full because the Utilization is 100% they do not go by the former CL.
Good luck!

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I don't think it's entirely conclusive on all models regarding that closed account, but Kudo for the righteous path:

1) Pay off that closed account

2) Charge a Starbucks or whatever on that Chase card, which will count on every FICO model in existence. 

You want that balance on the Chase card  between call it $5 and $200 when it reports, everything else at $0 and take the FICO win.

[Revelate]

Also some recent EX FICO 2 testing (with a EQ FICO 5 datapoint in there too) which are both mortgage scores... EX is a pretty file for me but just to show the mechanics of the algorithm and how accounts with balances affects your score.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/EX-FICO-2-Accounts-with-Balances-scoring...

[Pro-X]

Congrats on your new Home!!