(Mods: I looked for an appropriate EXISTING thread, couldn’t find anything. My apologies if this more correctly belongs elsewhere.)

There are multiple threads discussing the impact of applications and pulls and utilization and reported income and businesses on credit scores and applications, it would be helpful to have a thread in which other (miscellaneous) influences can be discussed.

Right now I’m wondering about the wisdom of paying my mortgage in full insofar as my credit score is concerned. Motivated right now by an email (from a “donotreply” email address which initially went to my email junk folder) I just received informing me that my last (automatic ACH) payment was $50 short. Realized that my annual ARM change month is October, found the annual notice online in my mortgage account, decided that the annual reminder notice which in past years was always sent by snail mail thus giving me plenty of time to adjust my payments, probably also went to a junk email folder and I didn’t read it.

I’m relatively newly Medicare eligible age (yeah, hard to type the actual # ), paying mortgages for almost 40 years, 100% on time. Retired, relatively high net worth and pension and retirement incomes (probably waiting until age 70 to start drawing Social Security). Available (free) credit scores from 5-6 sources all well over 800 for many years, excect for USAA which for 2021 fluctuated monthly seemingly at random (between 763 and 799) and this year (Experian, FICO 3) has alternated monthly 786 or 805, apparently unrelated to application dates. Only negative factor is 12 hard pulls on Experian (5 on TransUnion, 0 on Equifax) and maybe “too many” credit card accounts; currently 22 open, average age 16 years, oldest 38 years, ~260 lifetime accounts (and ~180 total discreet SUBs ), 85 “total open and closed accounts” per CreditKarma.

Currently 1 mortgage, a refinance 20 years ago, maturity in 10 years, ARM, moderate initial balance, current balance ~$75,000, easily payable from savings and/or investments. Nearing the end of my only ever car lease (30 months, ~$250/month, managed to get them to allow me a $15,000 down payment on a credit card without fee ), will undoubtedly return to paying cash (or credit card) for a car, no other ongoing debts. I’ve read conflicting information about paying one’s only mortgage in full, some say it helps one’s credit scores, some say it hurts.

I greatly appreciate the collective wisdom of FT membership, would welcome comments about paying off a mortgage. Thank you.