Score Drop

[babbles]

Hello, Does anyone have an idea why my scores would drop on a mortgage that closed/transferred that had been reviewed over 34 months with no missed payments on any accounts in my file?

[My_dog_FICO]

Babbles,

I'm going to guess that it is due to your credit mix. FICO likes to have a diversification between Revolving, Installment, Open, and Mortgage. If you've recently closed one of these 4 types, it can negatively affect the magical FICO calculation.

Anyone else wanna take a W-A-G?

Ruff!

[SmartCookie]

I agree with PP.

Having the mortgage was boosting your scores until it was paid off.  The point loss is not punative... it's just the loss of the bonus it was providing.  It still is positively impacting your FICOs even though it is closed... just not as much, obviously. 

[cobra19]

Yep.......having a mortgage is a good thing. Not for you, but for your score.