Mortgage and Credit Score
Date: Wed, 02/13/2008 - 03:29
I was just wondering how much impact a paid off mortgage has on your credit score. I have one more payment in 2 weeks and my mortgage will be paid in full.
Will this increase my credit score once it is paid in full? I have never been late on this account.
Will this increase my credit score once it is paid in full? I have never been late on this account.
I do not believe your score will rise dramatically, but the bene
I do not believe your score will rise dramatically, but the beneficial effects of a mortgage (long term, positive payment history) will stay on your report for at least ten years from pay off date, so it will continue to prop up your score.
