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Posts: 32,869
Registered: ‎08-04-2007
Re: Closing Aged Accounts.. Yes It Is Ok

youngwidow wrote:
Explain why when I just payed off my mortgage that my FICO dropped according to my score alert

The only FICO product that offers a score alert is ScoreWatch. Is this were you saw the alert? If so, take the score alerts with a grain of salt. Any score change is a net change of one or many factors that changed the score. If it dropped, there could be other things that factored into the score change like balance increases, utililization changes, whether or not other accounts were added or removed, and so on. If you have other loans reporting, a change to $0 wouldn't likely do anything at all to your EQ FICO. Converely, you don't loose points for adding a $500k mortgage as an example (other than the new acct ding). Paying it off wouldn't do anything either.