Does selling a home and paying off your mortgage through the sale increase your credit score?

Asked by Sg7402, 13074 Thu Jul 9, 2009

We are thinking of selling our home and hopeing the mortgage pay off will help raise our credit. If it does raise it, do you know often by how much?

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Mark Ryan-Ma…, Agent, Centerville, OH
Sat Jul 11, 2009
Actually Adrienne is off on this one... You see your mortgage is a major part of your credit score... it effects your score both for the good and/or the bad depending on what you do. If you miss payments it hurts you more than missing a credit card. If you have the mortgage your score will be higher then without. A homeowner is less risky than a renter and that is the only way the credit companies know you are an owner is if you have a mortgage... I can not tell you how much it will impact as it will depend on how long you have had credit, how many other trade lines you have, etc...

With that said, paying off your mortgage is a great thing. Congratulations!
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Adrienne Pet…, Agent, Englewood Cliffs, NJ
Thu Jul 9, 2009
That's possible. REducing your debt to cash ratio can only help.
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