My Blog

Your Credit Score ….and what it means!!

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.

2. How much you owe. If you owe 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.

There is a lot of talk lately about "Fair Market Value" because of the county wide reassessment. Fair Market Value is the most probable price real estate should bring in a sale occurring under normal market conditions in an "Arms Length" transaction. Many people are shocked at what the new assessment has considered fair market value. An appraisal of your property is one way to determine the market value, and it is the best way to challenge your new assessment.

I welcome any questions, or comments, on any of the subjects that are shown on this blog.

As all property owners in Luzerne County should know by now we are undergoing a reassessment of all properties in Luzerne County. The last County wide reassessment was in 1965. For an overview of what is taking place click on the link below and then scroll down on the right side under Major Projects then click on "Understanding Reassessment".

Reassessment

You can contact me if you have any questions.

Recently Amazon.com has announced that they will opening a "Fulfillment Center" in the Hazleton area creating 1100 new jobs over a 3 year period, and 800 temporary jobs during peak seasons. Several people have asked me what I thought would happen to real estate values with news like this. I said that any time that you create jobs in a given area you strengthen the real estate market. In view of what is going on in many areas of the country, in regards to property values going down, this news is a big plus for the Hazleton area property owners. Now is the time to buy before the market swings upward.

Your Thoughts, and Comments, are welcome.