topic Re: Paid off Mortgage in General Credit Topics

Paid off Mortgage

fishbjc — Tue, 21 Feb 2012 23:18:53 GMT

Was 30 days past due on mortgage....my fico simulator said if paid in full, score should jump 80-100 points. Mortgage was paid in full on December 12th 194,000.00 // No Score Watch Update....what's up with that? What a waste of 14.95.

Re: Paid off Mortgage

RobertEG — Wed, 22 Feb 2012 02:51:25 GMT

The FICO simulator will not show you the instant projected score increase based on one account for one month.

It is couched over a period of time, and also includes, over that time, any increases that would also accrue due to aging of other accounts and of prior derogs, etc.

Re: Paid off Mortgage

LIGHTNIN — Wed, 22 Feb 2012 02:55:27 GMT

Hey fishbjc,

Congrats, on your mortgage PIF. Dont know what to say, about fico simulator.

Oh and btw, glad to see you back on the forums.

Re: Paid off Mortgage

llecs — Wed, 22 Feb 2012 17:08:52 GMT

@fishbjc wrote:
Was 30 days past due on mortgage....my fico simulator said if paid in full, score should jump 80-100 points. Mortgage was paid in full on December 12th 194,000.00 // No Score Watch Update....what's up with that? What a waste of 14.95.

Was the 30-day past due comment removed on your reports? If not, the simulator might be assuming that you would have had it removed. How recent was the 30?

Installment utilization is a teeny tiny part of FICO scoring. Paying it off alone wouldn't move your score, just like adding a $200k++ mortgage won't ding your score (other than the new account reporting), despite installment util being at 100%.

And has the TL updated to EQ? They'll usually update as "paid/closed" which would trigger a SW alert.