@Anonymous wrote:
Exactly the advice i needed! I am getting ready next week to apply for a mortgage... THANKS!
If you can hold off for a few weeks applying, I would definitely do so in order to get 4 out of 5 of your revolvers to report a $0 balance. Depending on the dates that your creditors report, this could take only a week or two up to 30 days at most to accomplish. What you want to do is see the date that your creditors report. If you use a free service like Credit Karma or WalletHub you can simply look at the "last reported" date for your 5 revolvers. You can assume that your creditors will report on or about that same date the following month. Let's say your 5 creditors report on the 1st, 9th, 15th, 25th and 30th, just to quantify things. The cards that report on the 1st, 9th and 15th would have already reported, likely non-zero balances since that's how you've been rolling. The card that reports on the 25th could be closing any day now (perhaps payment due date of the 19th, for example) so you'd want to pay your balance to $0 immediately and not use that card again for the next week at least. This way on the 25th, that card reports $0. Same gig for the one coming up on the 30th. Then next month, you'd do the same for the card that reports on the 1st and 9th, but leave your small balance there on the card that reports on the 15th.
Following this timeline above would mean that you'd be at AZEO (all cards $0 reported except one) on 2/9/18, about 3 weeks from now. Applying for your mortgage on the 9th or after would result in your mortgage scores being at their peak based on the number of cards with balances factor. Hopefully that makes sense and helps!
