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Posted in Mortgage
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RDBM

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I paid off a mortgage and my credit rating dropped. What could I have done to avoid,
Credit rating drop after paying off mortgage?

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Not paid it off, would be how you could have avoided it. BUT, that is something that I would never advise with a mortgage loan. You most likely saved yourself some money if you paid it off early, but the big thing is you have made a major accomplishment and that is something to celebrate even if your scores took a dip. I advise you to check your FICO scores, they most likely did not get affected as badly, but it really depends on the rest of your overall credit profile. Do you have other accounts in good standing that are currently open? If not, you might want to get a credit card and do some reading on all of this. Anyway, Congrats on the mortgage payoff, that in my mind is much more important than having a few extra points on your credit scores.

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