Scoring dynamics and questions

[Suzette2]

Questions for more experienced posters:

1: if one has several cards with 1 percent and/or zero balances how is this scored versus pure azeo?  Why? 

2:  what was your experience receiving credit cards/loans/approvals once you hit 700 versus high 600's- and you'd gardened a while? 

[SouthJamaica]

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@Suzette2 wrote:

Questions for more experienced posters:

1: if one has several cards with 1 percent and/or zero balances how is this scored versus pure azeo?  Why? 

2:  what was your experience receiving credit cards/loans/approvals once you hit 700 versus high 600's- and you'd gardened a while? 

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1. There's not much difference in having 1 percent utilization cards vs having zero percent utilization cards, except in the mortgage scores, where it can make a difference.

2. In my experience it's easier to receive approvals once you're over 700, but scores aren't the only determinant. I've been turned down for a credit card with an 827 score.

[TheKid2]

My experience is that all my scores peaked with low utilization, even my mortgage scores. There was no difference when I had <9% total utilization with balances on several cards versus AZEO. I am in a dirty scorecard with several old COs, so I suspect that is why I didn't see AZEO peak.

Some card companies have strict policies on approvals regardless of score. For instance the Chase 5/24 rule. If you've opened 5 accounts in the past 24 months, you will not be approved for a Chase card no matter how high your score is.

[GatorGuy]

Remember, everything in the FICO algorithm is from their extensive data that says this makes one person safer to lend to money to over someone else. Someone who has balances on fewer credit cards has probably shown to be a safer borrower than someone with more balances, even if they are low balances.

You should also see better offers and terms with a credit score over 700.