Credit score question
I understand that one of the factors used in determining a credit score is the length of time you've been paying on large debts like mortgages. So how does paying off a mortgage and not getting a new one affect my score?
We recently sold a home for a fair profit, and bought our new house outright with cash. All credit cards are kept at zero balance and there is very little I ever use them for to begin with. My credit card limits are high, but without a mortgage in the picture will my score go down? Do I need to set up a HELOC to maintain a high score?
The only debit I am carrying is a 0% car loan, and I am afraid that a lack of active accounts will drop my score.