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Pay-off Mortgage

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Anonymous
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Pay-off Mortgage

We have sold our house, and we will be moving in with in-laws while we pay off some bills.  Can you please give me an idea on how our CRs will be affected by this change? 

Thank you.

 

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ShanetheMortgageMan
Super Contributor

Re: Pay-off Mortgage

Not something that I've had a lot of data on, but the few I've followed up on regarding this have reported different items... I've found if the scores are already excellent (720+) that there is no change, or only a couple point loss... but for people with lower scores have seen a bigger hit to their scores.  In either situation, with enough positive reporting trade lines, it seemed like they were able to cover from those lost points within a couple months.  I've never seen anything dramatic on points loss, but I've read here at the FICO forums and other boards that some people have experienced a pretty significant (20 points or more) loss, and there seemed to be no rhyme or reason to it.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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