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Paid Off Mortgage Cost 12 points

jamie123
Valued Contributor

Paid Off Mortgage Cost 12 points

I recently (End of August) refinanced my mortgage. Today EQ finally caught up and updated my file with my old mortgage shown that it was paid to $0 but doesn't show my new mortgage yet.

 

I lost 12 points on EQ FICO 8 from 815 to 803 for anyone that might be interested.

 

My file looks like this:

  • No baddies
  • 10 active credit cards with 3 reporting small balances UTI ~5%
  • 2 active auto loans
  • AAoA 4 yrs. 9 mos.
  • Oldest account 8 yrs. 6 mos.
  • Newest account 9 mos. (Credit Card)
  • Closed HELOC
  • 3 closed CCs
  • 2 closed installment loans

My mid-score that was used for the new mortgage was 780 and my new mortgage is at 2.99% with no points.

 

Hopefully I get those 12 points back when the new mortgage shows up on the reports!

 

 


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 1 of 6
5 REPLIES 5
Birdman7
Super Contributor

Re: Paid Off Mortgage Cost 12 points


@jamie123 wrote:

I recently (End of August) refinanced my mortgage. Today EQ finally caught up and updated my file with my old mortgage shown that it was paid to $0 but doesn't show my new mortgage yet.

 

I lost 12 points on EQ FICO 8 from 815 to 803 for anyone that might be interested.

 

My file looks like this:

  • No baddies
  • 10 active credit cards with 3 reporting small balances UTI ~5%
  • 2 active auto loans
  • AAoA 4 yrs. 9 mos.
  • Oldest account 8 yrs. 6 mos.
  • Newest account 9 mos. (Credit Card)
  • Closed HELOC
  • 3 closed CCs
  • 2 closed installment loans

My mid-score that was used for the new mortgage was 780 and my new mortgage is at 2.99% with no points.

 

Hopefully I get those 12 points back when the new mortgage shows up on the reports!

 

 


@jamie123 mortgage B/L before refi? Before and after aggregate installment utilization, please?

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 2 of 6
jamie123
Valued Contributor

Re: Paid Off Mortgage Cost 12 points

The new mortgage showed up on my reports yesterday and I only gained back 4 points of the lost 12 points to put my EQ FICO 8 at 807.

 

Not sure what you are after for aggregate utilization Birdman7?

 

  • My old mortgage was 30 yrs. with 3.5 yrs. paid down before the refinance. The new loan is for 27 years starting October 1, 2020. My old mortgage was $270K to start and $250K at the time of refinance. 
  • The $60K HELOC was paid-off and rolled into the new mortgage. The HELOC was for major home improvements like a new roof, solar panels, brick lanai deck around the pool, pool was resurfaced and new screens for the birdcage. The HELOC was a variable rate loan from Alliant CU but would never drop below 4% but when rolled into the new mortgage is now at 2.99%
  • One auto loan has 9 mos. left of a 60 month loan.
  • One auto loan has 45 mos. left of a 60 month loan.

The house is worth somewhere in the neighborhood of $470K to $500K so I'm still pretty healthy with the $310K mortgage.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 3 of 6
Birdman7
Super Contributor

Re: Paid Off Mortgage Cost 12 points

@jamie123 What I meant was aggregate loan utilization. Meaning the balance of all open loans divided by the amount borrowed on all open loans = aggregate loan utilization percentage.

 

So I was asking for a before and after aggregate loan utilization before and after the mortgage so you would have to include the car loans.

you gave me the information above about the before and after mortgage loan utilization itself, now just need combination of all loans together.

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 4 of 6
jamie123
Valued Contributor

Re: Paid Off Mortgage Cost 12 points

@Birdman7 

 

Before the refinancing:

  • Mortgage - 270000/250000
  • HELOC -         70000/60000
  • 1st Auto -       25015/3884
  • 2nd Auto -      19951/15600
  • Totals -         384966/329484 = 85.6% UTI (Did I do that right?)

Now it would look like this:

  • Mortgage - 310000/310000
  • HELOC -                 0/0
  • 1st Auto -       25015/3884
  • 2nd Auto -      19951/15600
  • Totals -         354966/329484 = 92.8% UTI (Did I do that right?)

Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 5 of 6
Birdman7
Super Contributor

Re: Paid Off Mortgage Cost 12 points


@jamie123 wrote:

@Birdman7 

 

Before the refinancing:

  • Mortgage - 270000/250000
  • HELOC -         70000/60000
  • 1st Auto -       25015/3884
  • 2nd Auto -      19951/15600
  • Totals -         384966/329484 = 85.6% UTI (Did I do that right?)

Now it would look like this:

  • Mortgage - 310000/310000
  • HELOC -                 0/0
  • 1st Auto -       25015/3884
  • 2nd Auto -      19951/15600
  • Totals -         354966/329484 = 92.8% UTI (Did I do that right?)

@jamie123 thank you, yes you gave me all the information I need, I think. I'm about to crash soon, so I'm not gonna calculate it now, but I'll try to do so tomorrow, but I'm sure you're not far off if not right on the money!

 

Thanks!

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 6 of 6
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