Question for y'all. I currently have a mortgage that is paid on time now, thank god to auto debit. But in the past 81 months it shows about a dozen 30 days a couple 60 days and one 90 days late. It has been in good standing for the last 8 months. We have been building a new house which is almost complete that we will be moving into in May. We used our own money to build the house so their will not be a mortgage. My concern is I am going to sell my old house which will close out my mortgage and I will not have another one. How bad will NOT having a mortgage affect my score?
Your "old" mortgage will still show on your credit reports, for up to ten years from when you close it out. Though it will not be an active mortgage, it will still count in your credit mix for scoring. So, no effect on your score, you might see an increase if your are paying off a mortgage that is not too old, as your remaing debt to original mortgage amount will decrease.
