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My mobile home loan was just paid off with Mid Florida CU..will this help my score? didn't seem to
I am on rented unable to qualify as mortgage...all paid on time over a 10 year can I get this to qualify as GOOD for my credit just closed out loan when paid off.

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Is the bank reporting your payments to the credit bureaus (you can ask them)?  If not, you're out of luck, but be sure to get a complete payment history from them for your files and you can show that to any potential lenders in addition to your credit report.  If  they do report to the bureaus, it will take 30-60 days before it shows up  on your report.  I've seen scores drop when accounts are paid off, because you've lost that line of credit and because you've lost the mix of credit.  Your FICO credit score is calculated this way:  35% payment history, 30% utilization, 15% credit history (how long you've had the account open), 10% for mix of credit (i.e. credit cards, auto loan, mortgage, line of credit) 10% for inquiries.  Hope this helps and contratulations on paying off your home!!

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Not a mortgage, but an installment loan, and that still counts.

Sorry!  But there are no "Bonus Points" handed out for paying off a loan.  You earned your credit points during the 10-years you were paying on time.  Depending on what your payment was, it might help you on your Debt-to-Income ratio, but I wouldn't count on holding any celebrations.

Oh, and that's the good news!  The bad news is that it is possible you may take a small point loss over the next few months.  Yup!  You read right!  Whatever your starting balance was is now LOST credit.  IE:  If your loan was originally for $20,000, that is now $20,000 of available credit you don't have.  Yea.....I know!  That loan was not like a credit card that you could use over-and-over again.  However, it was available credit, and losing it now counts against you.

Only in America can you lose points for paying your debt off in time!

Congratulations, though, on paying that loan for 10 years.  The money you get to keep from now on is worth more than the few points you didn't make or will lose.

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Your AAoA will take a hit

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Congrats on paying off your home.  Both of the other replies have very good points.

Probably the biggest thing you will take a hit on is the average age of accounts (AAoA).  A ten year history of an open account being wiped out in this category will see some type of drop in score for most people, unless most of your other accounts are that age or older.

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