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I paid off my mortgage a while back. The process was simple. Received a payoff amount and sent the money. Done. I don't recall the details, but there were no issues with receiving any excess escrow money.
My credit score was very high at the time (still is) and unaffected by the payoff. The only debt I have had since is the occasional car loan. I just paid off a car loan (after four months) and the payoff increased my score. Credit cards are paid off every month... when my balances are high, my score drops a few points. When the bill is paid, the score goes right back up. Payoffs - mortgage or otherwise - generally result in a score increase for me.
I'm not sure why, but the credit score I see is not the same as the one potential lenders see. I have access to my score through "CreditKarma," my bank, and one other sources. Those numbers (from both credit agencies) are always within a few points of each other. The last two times a car dealership ran my credit, the scores they received were significantly higher than the one I see. In one case, about 50 points higher.
To be honest, I don't follow credit scores, but if you are in the 800s and it drops into the 700s, it makes little or no difference to a lender (other than to lightly and superficially probe why it dropped). It appears to me most lenders look at the 680-700 line as the demarcation point for "good" loans.
Exactly which I why I don’t understand why HotKarl had a meltdown over a temporary 80 point drop. It’s not a big deal unless your credit is already crap.
Exactly which I why I don’t understand why HotKarl had a meltdown over a temporary 80 point drop. It’s not a big deal unless your credit is already crap.
hotkarl had a meltdown because he never experienced that before.
hotkarl is still annoyed because his credit score did not gain back the same number drop.
hotkarl hates the system because it takes advantage of everybody and it frustrates the hell out of him that they got another one over on him even though he does everything he possibly can to buck the system.
That’s why. And we are now waaaaaaay off course of the original topic.
hotkarl had a meltdown because he never experienced that before.
hotkarl is still annoyed because his credit score did not gain back the same number drop.
hotkarl hates the system because it takes advantage of everybody and it frustrates the hell out of him that they got another one over on him even though he does everything he possibly can to buck the system.
That’s why. And we are now waaaaaaay off course of the original topic.
2 posts ago another poster said he had no drop after paying off his mortgage so it isn’t everybody
2 posts ago another poster said he had no drop after paying off his mortgage so it isn’t everybody
My primary concern is me. It happened to me. But I know I’m not the only one.
Somewhere around a month so after satisfying the mortgage. I guess after everything was signed sealed delivered and finalized.
The end. Goodnight.
Exactly which I why I don’t understand why HotKarl had a meltdown over a temporary 80 point drop. It’s not a big deal unless your credit is already crap.
Thats why he is Hotkarl, and not just regular Karl.
I play their game every month and win. I use my Fidelity card for everything and pay it off at the end of the month. Then they give me 2.5% back on purchases. Free money! No yearly charge for the card either.
Ditto. The only debt I have ever in my life had were car loans and a mortgage. We paid our 30 year off in just under 15 and bought here in cash. Currently both cars we own outright and we do the same with our USAA credit card. The second to last car we bought had a zero % finance, so when we said we were buying in cash, they sent us to the credit dept to hear his spiel and ultimately we decided to play their game. They get credit and it makes them happy and I hung on to my money.
Last time I checked we were both in 820 range and the best part is I too get cash back.
We recently bought some I Bonds. 9.62% guaranteed for 6 months for purchases through 10/22/22. If you redeem them before they are 5 years old you pay a penalty of the last 3 months of interest. You can redeem any time 12 months after purchase. The way the inflation rate is continuing it is the best deal in town.
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