AZEO

[M_Smart007]

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@Anonymous wrote:

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@UpAndComing74 wrote:

Thank you!

so for AZEO.. Is the trick to let it report on my Discover or is it better to have them ALL at Zero??

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One card with a balance out of all your cards. So Discover card with a balance, and everything else at 0

Oh, and you'd want the utilization on the card to be under 9% of its limit.

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+1

[Remedios]

@UpAndComing74  I've removed a thread mortgage forum that was identical to the other two, and merged ones in credit cards and scoring.

Please avoid cross posting, it's against the forum rules. 

[SouthJamaica]

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@UpAndComing74 wrote:

I have 2 questions.

My Mortgage FICO dropped from a 701 to 682 and I am preparing for a Conventional Loan at my 4 year discharge date of 01/10/2021. I opened 3 new cards and lost an aged account.  I need to Repull 02/2021

I have 5 Credit Cards with a total of $110 spread across them. I am thinking AZEO can raise Mortgage FICO.

Question 1.  Is AZEO on for revolving loans or does it include installment and Student Loans.

My two Installment loans are paid down 21%.

Question 2. MYFICO says that “High Achievers pay installments down by 40%. Any truth to this? I am able to pay them down if so.

Thanks in Advance!

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1. AZEO is applicable only to revolving accounts.

2. Mortgage scores don't react strongly to installment loan utilization. Even in FICO 8, I do not believe 40% is a threshold. The only tried and true threshold IMHO is 9%, and while it can have major effect on one's FICO 8's, it usually has little or no effect on the mortgage scores.

[UpAndComing74]

Oh ok. I see. So what is the key ingredient to mortgage scores then? 

[SouthJamaica]

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@UpAndComing74 wrote:

Oh ok. I see. So what is the key ingredient to mortgage scores then? 

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The most important ingredient, IMHO, is unfortunately the one you can do least about ..... time. 

I.e., age of newest account, average age of accounts, age of oldest account, time without an inquiry. The best thing you can do for your mortgage scores is watch the paint dry.

The second most important IMHO: percentage of revolving accounts with zero balance.  The ideal would be to have all accounts but one report a zero balance.

[UpAndComing74]

Thanks!! I can Def take care of the revolving balance part. My cards are:

Credit One-$8

Apple Card-$1

Amazon-$43

Paypal-$52

Credit One-$6

Discover-$0

Chase Freedom, Cap 1, Cap 1, Navy FCU, Merrick, Mercury- ALL $0

[SouthJamaica]

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@UpAndComing74 wrote:

Thanks!! I can Def take care of the revolving balance part. My cards are:

Credit One-$8

Apple Card-$1

Amazon-$43

Paypal-$52

Credit One-$6

Discover-$0

Chase Freedom, Cap 1, Cap 1, Navy FCU, Merrick, Mercury- ALL $0

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Yes. In that department, you're almost home

I've been able to achieve that at times.  But I've never cultivated a knack for watching the paint dry.