My H and I just sold our house on 4/15 due to a job relocation. We're not in the market to buy a new house just yet as we haven't had the time to really live in the new city we moved to yet. Actually, right now we're in Europe on an extended business trip with the company footing most of the bills (yipee!). I was wondering if anyone out there had experience with selling a home and not buying one and knew what to expect in regards to credit score? I expect that it will drop some (of course). If no one else has.. I will watch the results like a hawk and as soon as the differences are reported I'll report back here. When the reporting hits, it will zero out a mortgage and a HELOC and presumably close both accounts. The only thing that might skew the results positively is that we are also paying off most if not all of our balances with the proceeds netted from the sale. My current scores are 746/724/738 for Equ/Exp/TU.
First, your scores are great! I wouldn't even concern myself with the results of the closed mortgage. If your score drops 5 or 10 pts(which I doubt), so what? If you do pay off your other debts, and I assume that includes credit cards, your scores will most likely go up not down. Eliminating revolving debt is one of the easiest ways to increase your scores. And, eliminating any debt I would think could do nothing but help.
