- Joined
- Apr 30, 2016
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Does anyone know if your credit score drops when a mortgage is paid off?
I just got an alert from Transunion saying my score dropped from 894 to 845 (we use a 900 point scale in Canada for some reason).
The only change I can see is that we no longer have a mortgage reporting. We just transferred our mortgage to a new bank, the old one is showing as paid/closed, but the new one isn’t showing up yet - probably because it hasn’t been reported by the new bank.
50 points seems to be a pretty steep drop for having less debt. Has my creditworthiness gone down that much?
I just got an alert from Transunion saying my score dropped from 894 to 845 (we use a 900 point scale in Canada for some reason).
The only change I can see is that we no longer have a mortgage reporting. We just transferred our mortgage to a new bank, the old one is showing as paid/closed, but the new one isn’t showing up yet - probably because it hasn’t been reported by the new bank.
50 points seems to be a pretty steep drop for having less debt. Has my creditworthiness gone down that much?