Paid off Mortgage

[fishbjc]

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.

[RobertEG]

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.

[LIGHTNIN]

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.

[llecs]

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@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.

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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.