by Answerbag Staff on December 27th, 2009

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Will paying off a mortgage help boost your credit score?

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by Eric Rimbert on December 27th, 2009

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Eric Rimbert is based in Jersey City, N.J. He graduated from the University of Alabama with a Bachelor of Arts with a double major in journalism and American studies. He began writing in 2000 and has written for several publications including the"Los Angeles Times,""Newsday,"and the"Atlanta Journal Constitution."Rimbert writes about health, personal finance and technology.

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Paying off a mortgage will not boost your credit score. A credit score calculates the ability to pay in the future on current debts. Installment debt, such as a mortgage or a college loan, only counts for 10 percent of the total. However, applying for and receiving a mortgage can increase a credit score.
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Kiplinger magazine: Mortgage payoff and FICO
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Will paying off a mortgage help boost your credit score?

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