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0nortled
Posts: 6
Registered: ‎09-21-2011
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Will sale of home affect my credit score?

I will be selling my home and moving to a new town shortly.  Over the next 6-12 months, I will be renting while saving up enough for a down payment and rebuilding my credit so that my middle credit score (EX: 687) is over 700.  I was playing around with a score simulator on some website and it showed a loss of points if i no longer had a mortgage.  Can someone please confirm what, if any, impact paying off my mortgage will have on my credit score?

 

Thanks

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MarineVietVet
Posts: 14,951
Registered: ‎07-14-2009
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Re: Will sale of home affect my credit score?


0nortled wrote:

I will be selling my home and moving to a new town shortly.  Over the next 6-12 months, I will be renting while saving up enough for a down payment and rebuilding my credit so that my middle credit score (EX: 687) is over 700.  I was playing around with a score simulator on some website and it showed a loss of points if i no longer had a mortgage.  Can someone please confirm what, if any, impact paying off my mortgage will have on my credit score?

 

Thanks


Hello and welcome.

 

You might lose a few points because scoring likes to see a mix of credit but closed accounts are still factored into that mix and credit mix is only 10% of your total score anyway.

 

It's not something I would personally be concerned about.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


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