5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.Credit Cards
photo credit: Andres Rueda
photo credit: Andres Rueda

2. How much you owe. If youowe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Properties in Braddock District

4947 Tibbitt Ln

This beautiful 3 bedroom, 2.5 bathroom home is a breath-taker! You will be greeted by the light-filled living room complete with a bay window when you walk in. The eat-in kitchen is complete with a breakfast bar and it will make you feel right at home. The master bedroom has a huge walk-closet and gorgeous bathroom with an updated vanity. This home is conveniently located right next to I495 [Lake Braddock - $349,888]

5910 Wood Sorrels Ct

OPEN SAT & SUN 2-4pm. Community's largest model, entirely updated on cul-de-sac! Fantastic kitchen overlooking huge, wooded & fully fenced yard w/2-tiered deck, great for entertaining! Amazing master suite w/custom dressing room built for 2! HW floors throughout, walk-out basement, tons of storage. EZ commute to DC, only 1 mi to VRE. Desirable Burke Centre trails, pools & activities. A GREAT buy! [Burke Centre - $474,900]

4316 Chancery Park Dr

4 level beautiful colonial in the heart of Fairfax City! More than 5,000 finished sqft. Main level hardwoods, natural cherry kitchen cabinets, tray ceiling, lots of windows, 4 finished daylight levels. 2 zone HVAC. Open floor plan. Family room off of kitchen leads to deck and yard backing to trees.Brick patio. Stanley Martin home in sought after neighborhood! PICS COMING! [Chancery Park - $850,000]

5822 Royal Ridge Dr #M


8711 Braeburn Dr

WELL MAINTAINED BRICK HOME..Curb appeal..Nice landscaping..Beautifully treed yard w/rear fence..1 car garage...Woodson High School pyramid..Freshly painted interior..Hardwood floors on most of main level..Lovely sunroom w/skylights, ceiling fan & SGD to deck..Huge lower level Rec Room w/raised hearth woodburning fireplace..New carpet on LL bedroom..Seller use Natl. Settlement Service for settlemnt [Willow Woods - $600,000]

10208 Grovewood Way

Welcome to this Spectacular home in one of Fairfax County' s most centrally located communities. Quality and attention to detail abound in this meticulously kept, architecturally rich Victorian with wrap-around porch and gazebo. Minutes to VRE and Bus transport and convenient to many of the DC metro area bases. Roof & Water Heater replaced within last 5 years. This home is move in ready! [Bartons Grove - $739,000]

4219 Stackler Dr

Great location, Restaurants, Shopping Center, just minutes to Route 66, Route 123, Route 50, about 25 minutes to Washington DC. [Waples Mobile Homes Park - $45,000]

6130 Wicklow Dr

A Wonderful community, close to Fairfax county pkwy, (Ox road) Route 123, Braddock road and the finest University in Fairfax County (GMU), super Eliot model with open Airy Contemporary flair with vaulted two story ceilings in foyer and living room, formal dining room with wall of windows overlooking kitchen living room. Great deck and lovely large lot. [Burke Centre - $575,000]

8419 Spicewood Ct

Unique, updated property. 1 acre, nestled in quiet, scenic parkland. Light, refin. hardwds. Windows replaced, Remodeled kit. w:granite, st.st. applncs. w/access to private deck. Large pantry. Updated baths. Fin. lower level w/2 bedrooms & full bath. Perfect for in-laws. Options to expand property. Minutes to stores, restaurants, movies, Inova hosp. 1-495. Mantua, Frost, Woodson HS. Open 1/21, 1-3 [Pine Ridge - $699,000]

4730 Spruce Ave

Brick rambler on 1-acre lot, w/open floor plan, kit. w/stainless steel appliances, induction cook top, convection oven and microwave. Addition includes large master suite with bathroom and family room with hardwood floors. Located on dead-end street in established, quiet neighborhood. Custom mudroom, two-car garage, storage shed, and ample parking in newly paved driveway. In Woodson HS District [Glen Alden - $830,000]

Young Adults’ Finances May Be Hard to Repair

Young generations were badly hit in the recession, and it could have widespread effects on their lives, from delaying home ownership to starting a family and having children to even one day eventually retiring.

A new study from the Urban Institute shows that those under the age of 40 have accumulated less wealth than their parents did at the same age. That coincides with a time when the average wealth of Americans has doubled over the last quarter-century , according to the study.

“In this country, the expectation is that every generation does better than the previous generation,” Caroline Ratcliffe, an author of the study, told The New York Times. “This is no longer the case. This generation might have less.” 

Young adults are facing stagnant pay, a tough job market, soaring student loan debt, and some who did own a home may have faced lost equity or even foreclosure during the housing crisis.

Will younger adults ever be able to catch up?

According to the Urban Institute study, if a person delays buying a home to age 40 instead of age 30, that alone could result in a $42,000 loss in home equity by the time that person reaches age 60.

Still, “strong and sustained job and wage growth would cure many of the ills facing younger workers,” The New York Times reports. “But their delayed or diminished wealth accumulation might still have a lasting impact on their finances.”

Source: “Younger Generations Lag Parents in Wealth-Building,” The New York Times (March 14, 2013)

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