AZEO Case

[mnperson]

Hello Guys ! 

I am going to apply for a mortgage and wanted to see what is the best wait for AZEO to work. Below is my current scenario of my credit. 

Can you please tell me what card should I report atleast some balance (2 or 5 or 10) before I make sure there is ZERO balance on remainin g cards ? Thank !

1) AMEX DELTA SKYMILES RESERVE CARD (CL2200$)- 1$ balance- Next closing date is July 16th

2) Chase Freedom(CL 1500$)- 0$ balance- Next closing date is july 10th

3) Capital One( CL 2800$)- 0$ balance-Next closing date is july 21st

4) Capital One(CL 5900$)- 720$ balance- Next closing date is July 3rd

5) Credit One(CL 1050$)- 5 $ balance-Next closing date is July 17th

6) Credit One(CL 2350$)- 2.04 $ balance- Next closing date  is July 23rd.

[pizzadude]

Moved to Understanding FICO scoring

[JoeRockhead]

You don't say whether the Amex is a charge card or revolver. If it's a charge card (Platinum, Gold) it has no bearing on your revolving utilization. You didn't give what the CLs are of the cards listed but, you'll probably get better results if you allow no more than two of your revolvers report a small balance ($5 to $10) every month. 

[mnperson]

AMEX is a DELTA SKYMILES RESERVE CARD. It's not a charge card. I updated the Credit Limits too. Thank you for the response.

[JoeRockhead]

Your aggregate utilization is good but you're likely losing some points due to over 50% of your cards reporting balances (doesn't matter how small the balances are). Like I said above, try to limit the number of cards reporting balances to no more than two and you should see some score gains. 

Getting that Cap One balance to under 9% may help you a bit too. 

[Thomas_Thumb]

^ agree with the above. Reporting either AZE1 or AZE2 is fine. Recommend cards that report balances show under 9% utilization. No need to focus on $5 or $10 as a reporting amount.

[mnperson]

So, I can go upto 40$ as the reported balance ? Also, what % of the CL should the individual balance be Under ? For example, no more than 9% of credit limit or 5% of credit limit for inddividual balance.

[Thomas_Thumb]

As mentioned above, 9% of the card CL. Aggregate UT under 5% of total CL to be safe. Given your aggregate CL appears to be $15,800, 5% would be $790. For Cap One #4 you can safely report up to just under 9% =>$530.

Trivial balance reporting not required.

P.S. I personally am a little more lax on utilization and cards reporting. I strive for under 9% in aggregate, under 29% on any card and 50% or less cards reporting. I have 6 cards and usually report balances on 2 or 3.

[SouthJamaica]

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@mnperson wrote:

Hello Guys ! 

I am going to apply for a mortgage and wanted to see what is the best wait for AZEO to work. Below is my current scenario of my credit. 

Can you please tell me what card should I report atleast some balance (2 or 5 or 10) before I make sure there is ZERO balance on remainin g cards ? Thank !

1) AMEX DELTA SKYMILES RESERVE CARD (CL2200$)- 1$ balance- Next closing date is July 16th

2) Chase Freedom(CL 1500$)- 0$ balance- Next closing date is july 10th

3) Capital One( CL 2800$)- 0$ balance-Next closing date is july 21st

4) Capital One(CL 5900$)- 720$ balance- Next closing date is July 3rd

5) Credit One(CL 1050$)- 5 $ balance-Next closing date is July 17th

6) Credit One(CL 2350$)- 2.04 $ balance- Next closing date  is July 23rd.

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Your balance reporting card can be any of the above except for the Chase card; don't use that as your balance reporting card.

Let the balance report at $10-20 before paying it off.

[FlaDude]

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@SouthJamaica wrote:

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Your balance reporting card can be any of the above except for the Chase card; don't use that as your balance reporting card.

Let the balance report at $10-20 before paying it off.

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@SouthJamaica Just curious but what is the rationale for not using the Chase card? On the rare occasions when I've tried AZEO, I specifically used my Chase card because if another card did accidently report a balance (AF, for example) I could pay the Chase to zero and they would automatically report mid cycle to keep AZEO.