Will paying off a mortgage help boost your credit score?

ANSWERS: 1

Official Know-It-All

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.
Source:
Kiplinger magazine: Mortgage payoff and FICO

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