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

5519 Inverness Woods Ct

Location location location less then 1 mile from Burke VRE, Target, Fabulous 3 level end unit Townhome for under $400K in FFX Co, 2 assign Pkg Sp, 3 bed 2 full 2 half baths, finished walk out basement to fenced in yard , so many upgrades in recent years, Freshly painted 2017, new dishwasher 2017,vinyl windows, upgraded flooring mainlevel, newer plumbing fixtures and lighting , lots of closets, [Whitfield Green - $395,000]

11814 Rockaway Ln #32

End Unit Townhouse-style condo w/one car garage in walking distance to Wegmans & Fairfax Corner! Open floor plan with Brazilian Cherry eng. wood floors * FULLY updated kitchen w/new cabinets, SS, granite & Mosaic tile * Master suite w/vaulted ceiling & custom designed walk-in closet * Remodeled MB w/large shower & seamless shower door * New HVAC (2017) * Vienna Metro bus to/fm community [Carriage Park - $388,000]

10406 Woodbury Woods Ct

Beautiful Contemporary Home in Woodbury Woods! 2 St Foyer leads to newly painted & carpeted LR w/skylight & DR. Sip coffee in renovated eat-in kitchen while gazing out at yard & birds! FR off KIT w/refin HW features FP & leads to patio & grill w/gas hookup! Laundry+1/2 BA main. Huge MBR w/ensuite BA, 2 closets. 2 BR's & new hall BA. LL Den, Dk.RM, Dance Rm, 1/2 BA, huge storage! A MUST SEE! [Woodbury Woods - $624,900]

11575 Cavalier Landing Ct #205

Spectacular unit! New granite counters and engineered wood floors combined with an incredible location makes this an outstanding bargain in a neighborhood with all the amenities. Secure building with elevator and your own garage. Convenient to Fair Oaks Mall, Rts 50 & 66. [Courts At Wescott Ridge - $335,900]

7920 Jansen Dr

Gorgeous Updated 3 Bedroom, 2.5 Bath Home in West Springfield! Hardwood Floors Throughout, Updated Bathrooms, Master w/Attached Bath, Gourmet Kitchen w/Separate Dining Room, 2 Fireplaces, Lower Level Rec Room, Lovely Deck & Fully Fenced Rear Yard w/Storage Shed. Great Commuter Location, Close to Springfield-Franconia Metro, DC Connector Bus, Shopping, Golf Course, Highly Rated Schools! [West Springfield - $534,999]

5501 La Cross Ct

New microwave & MBR ceiling fan installed Friday. Lovely end unit townhome walking distance to Burke VRE and Lake Royal in sought after Village Park community. Fresh paint throughout and new carpet on main, lower levels. Third full bath in LL along with wood burning brick fireplace, large rec room, and roomy laundry area. Lovely deck backs to trees and expanded end unit fenced yard with shed. [The Village Park - $395,000]

10710 Cameron Glen Dr

Stunning all-brick end unit townhome in immaculate condition & 4 years young! Nestled in the charming community of Cameron Glen near Old Town FFX. Beautiful upgraded hwd flrs, gourmet kitchen w/ stainless, granite & white cabs, upgraded baths, closets and rare full ba on lower lvl. Light & bright with deck off the main lvl and patio walk-out off lower lvl. All the ammentieis you could ask for! [Jaguar/Yorktown - $669,000]

10694 Paynes Church Dr

OPEN 1-4 SUN 8/20. Classic brick front center hall colonial. Expanded Braddock model features great family rm extension. Brand new black stainless appls & granite countertops! New roof 2016! Most rooms freshly painted. HW flrs & neut carpeting. Spacious room sizes. Flagstone patio & fenced back yard. Robinson School pyramid. Great location min from Geo Mason Univ. Community pool around the corner [Middleridge - $625,000]

5139 Arrit Ct

Gorgeous updated townhouse with wood floors and loads of sunshine. Updated kitchen with granite counters, tile back splash and tall dark wood cabinets. Basement with separate room and attached full bath. Fenced backyard. Freshly painted, new carpet and ready for move in. Close to GMU and VRE. Free 2-10 home warranty if Buyer closes with Cardinal Title. OPEN SUN 8/20 1 PM- 4PM. [Lake Braddock - $359,900]

6037 Meyers Landing Ct

Light and bright end town home that you do not want to miss! Fresh paint and new carpet. Stainless steel appliances with granite counter tops in open kitchen. 4 bedrooms and updated bathrooms. Enjoy a cold glass of ice tea on your back patio! In the heart of Burke Center and minutes from Fairfax County Parkway! [Burke Centre - $395,000]

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.”  Credit Cards

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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