Will be paying off my house in 2021. Jus curious as to what effect this will have on my credit score.

I just paid off a revolving credit account and deciding if I should close it out completely, ill never use it again.

So anyone have a before and after score to share once they paid off their house ?

Im sitting at 800 and its not higher due to jacked up CC.

If you close the revolving line of credit, your available credit will decrease. I believe a large part of your credit score is derived from available credit vs utilized credit. Score may go down.

And length of time it has been opened.

Yep. Ideal number for credit score is greater than $50,000 available with less than 10% usage.

do you need credit? if not who cares?

My home is paid for and have not taken out a loan since, keep and emergency fund and save for large expenses, no need for credit. My parents and grandparents did just fine without credit, as will I and my children.

Well not everyone can pay cash, esp for big ticket items...Credit, IMO, is always a good thing to have or be able to get stuff on "credit" if need be.

Come 2021 ill pay off house and CC and then will have nothing on Credit. while Ill keep my CC open as I use it all the time and try to pay it off, that will be my only revolving credit unless I decide to get a car or something before I pay off the house , something ill have to consider at that time, i know once house paid off, credit score will nose dive.

I've never understood "closing" accounts.  It' costs nothing to keep them open and if you need them you have them.  I've got a few credit cards I don't use regularly.  I'll charge something on them now and then, but not anything I couldn't pay for with the card I normally use.

I cant speak for anyone else but there is a few reasons for me personally. In this day and age of ID theft, hacking accounts, etc. The less presents I have (open, potential hackable accounts) the better Id feel.

Those accounts were for particular items at a special rate i.e. John Deere had special rate at the time, once mower was paid off, the interest went up on me using   that revolving account, even talking to the JD rep, they said ppl pay off account and close them and then jus open another one later (my history of good on time payments will be there for them to see)

I know some companies are starting to close accounts that are "stale" , I had my Credit union send me a notice that I hadnt used my ATM card in awhile (years), they said I had to use it or they wont send me a new one (im sure I Couldve called them and got it squared away), i ended up just using it.

I have a couple of accounts that I have opened for this sole purpose. I've never charged a dime on them, and I have no intention of doing so. I did it simply to boost my score. Hanging out around 810 +/- 5.

Sears just did that with mine as I havent used it in years and I assume shortly they will be either sold off or bankrupt.

Not exactly.

There's only one late pay on my credit report, ever, and it was because I thought, what's it hurt to leave it open.

My fee free card,suddenly changed to having an annual fee. I didn't use this card anymore, so I never went online to check the balance. Figured it was at $0 like I left it, but it wasn't.

Dispute it until they miss they miss the window for challenging the dispute, then it will be off your report.

Your credit score matters for things like insurance etc....

If you have a paid off home and no other debt, why the fuck would you care about a credit score?

Paid my house off and my score dropped to 780

Anticipated future credit purchases and cheaper car insurance.

Pretty much this ^^^^. I realize we are "judged' by our Credit score, which IMO, isnt right on some aspect, those that pay cash only are the smart ones IMO. they only spend what they have and save thousands in interests over their life.

Exactly. I am not going into debt to save a hundred bucks a year on insurance.  That would be idiotic.

I had a paid off house with ZERO debt - no auto loans and about $20k of available revolving credit when I bought my current house and I qualified for the lowest non-adj mortgage rates available (3.5% I think).

Meh, seems like a lot of people just use "credit score" as a convenient excuse for needing to finance stuff. 

Agreed.

The people who are worried about their credit scores and say they have a credit card to improve their score usually also have thousands of dollars of credit card debt. In some cases carrying high balances can actually hurt your credit.

I understand other things like car insurance can be effected by it, but if you're debt free, save  and invest a large potion of your income you can afford to pay a few extra dollars on your car insurance.

If you're really worried about credit after your debt that gets awesome perks/cash back and just use it for buying gas and groceries and have it set for auto payment.

For most people CCs are more harm than good. Learn to learn a debt free life style by being your own bank, save up for large purchases and keep 6+ months expenses saved in a money market account with 1%+ interest.

So if saving money is about percentages and/or cost averaging, when I have no auto or home debt, I'll get Penalized either way.
I posted about this same question earlier this year in anticipation of paying off my mortgage this year as we also have no other credit card or auto debts or
Loans.

Seems like you lose several hundred dollars a year, if not more, due to higher insurance costs for home and auto insurance, especially if you have a nicer home and cars.
I think I'm going to talk to my insurance guy about this next week.

You'll have a paid off home and no debt. That is worth having to pay a few hundred more in insurance.

Get a CC for the cash back. I get 2% cash back just for swiping the card.

You should never let CC balances ride. Let them pay you money and make sure your not paying them any. Not that hard to do.

The increased credit score from having a high available line of credit with near 0% usage is a bonus.

This.  Credit Cards are NOT the Devil if You use THEM, and don't let Them use YOU...

I get 2-3% on everything I'd buy cash for (Fuel, Food, Rx, Clothes, Auto Repair)...   I pay my balance in FULL at the end of each period.  

I have a buffer savings account with the limit of the cards in it.  When end of the month comes, I pay the bills and then replenish by amount spent.  

I'm on a 'cash' economy (I'm not financing anything and not paying any interest or annual card fees) but I have the security of not losing my cash if I lose my wallet, or having to carry around a lot of cash for just in case...  

My credit score has rebounded back well after a nasty divorce and the bills my "Ex" defaulted on ...

Having a Good Credit Score can (A) Get you a better job, (bad credit scores will bar some professions that require bonding (B) Lower your cost must haves like Life & Auto Insurance, (C) give you flexibility in your life to have the choice to borrow (or not) if the need is there.

I am one of those, "debt is not evil" kind of people. However, it requires a certain amount of planning.

I get several hundred dollars back per year in rewards - I can turn those into gift cards that are worth more. That has paid for all my Christmas shopping more than once, and this year will pay a significant amount of my vacation. I don't pay an annual fee on mine.

My wife gets miles. This year that upgraded us to pretty sweet seats on a transatlantic flight. It was worth it. Her preferred card also gets us free baggage when we travel. That MORE than pays for the annual fee.

We don't pay interest, and we pay them off in full every month.

I have a friend who I am confident has six figures in CC debt, and has had at least 5 figures in CC debt for over 20 years. He kites balances around for 0 interest. I don't know how much he actually pays in interest and fees, it may be no more than we do. He has always lived beyond his means, and has never had the aspiration to elevate what his means actually cover. He is probably never going to be able to buy a house, and financing a car is a bridge too far I suspect. I haven't spoken to him in years, so I don't know if he has ever turned the corner, but I certainly hope so.

How we manage credit/debt is something that can save us FORTUNES, or cost us our ability to do things we want to do. There is in fact a middle ground between carry a pocket full of c-notes, and being a slave to your debt.

In OP's case - I suspect his credit score will stay about the same, or go up. It may go DOWN in the long term because of decreased available credit, but in the short term I suspect it will get a bump.

-shooter