No. of Recommendations: 0
Just pulled my Experian credit report today.

The good news: FICO 797

The bad news: Under account summary, there appears a current balance of $188,000 with Bank of America, on a mortgage which we paid off in May 2001.
I mean, really.... it's been nearly four years! How long should it take BOA to report paid in full?

Anyway, I filed a dispute with Experian, explaining this mortgage was paid off and the current balance should reflect $0.

Now I'm second-guessing my action. Since we are happily mortgage-free -- and intend to stay that way -- could the absence of a mortgage balance now reflect negatively on our score?

Our credit history does show at least four additional mortgage loans we had over the past 20 years, all with a "paid as agreed" notation and reflecting zero balances.

How important is it to have a current mortgage balance?

Thanks,

Jeanie
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement