As a follow up to Should I pay off investment property mortgage question, if a person has 2 mortgages and decides to use all the savings to pay off one of the mortgages (why give the bank 5%), how will that affect the credit score? Will it go down as the loan/cash ratio will increase significantly? (though loan to income ratio decreases)
Credit utilization (and therefore, your credit score) isn't impacted by one's mortgage. I have a current mortgage and saw a zero utilization the one month that I paid my credit cards in full just before the bill was cut. What will change is your borrowing ability. Your debt to income will drop and the payment you used to make will be available to service a future debt if you wish.
Note - obviously, a regularly paid on time mortgage helps one's score and late payments will hurt. I am addressing just the 'utilization' portion which is what i think the OP is asking. The credit report, strangely enough, does not take income into account. The focus instead is on utilization.