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Mortgage Payoff over 200k little change in score

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WestlakeMan
New Member

Mortgage Payoff over 200k little change in score

My Fico report clearly shows that I paid off a mortgage of over 200k recently on a home.  I did not replace it with a new mortgage.  Yet,  the FICO scores seem fixated on whether I increased a credit card by $50 vs. paying off this mortgage.  
 
So,  I'm at a loss to understand a lot of how the scoring works as this liability was huge compared to all my modest credit card debt.
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Anonymous
Not applicable

Re: Mortgage Payoff over 200k little change in score

Is it showing "Closed" ?
 
I have seen some serious drops after a mortgage payoff-
 
We had a recent member report a 70 point drop-
He paid on this mortgage for 20 years-

WestlakeMan wrote:
My Fico report clearly shows that I paid off a mortgage of over 200k recently on a home.  I did not replace it with a new mortgage.  Yet,  the FICO scores seem fixated on whether I increased a credit card by $50 vs. paying off this mortgage.  
 
So,  I'm at a loss to understand a lot of how the scoring works as this liability was huge compared to all my modest credit card debt.





Message Edited by Timothy on 03-01-2008 05:28 PM
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