Credit Scores Explained


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Jen McCann, Your Northern Virginia Realtor


A credit score is a three-digit number that determines your credit worthiness and measures how likely you are to repay a loan on time. Your credit score is based upon your history of repaying debt, and factors heavily into lenders deciding if you are responsible about paying your bills on time. The higher your credit score is, the better the chances are that you will be approved for a loan.

A credit score is a three-digit number that determines your credit worthiness and measures how likely you are to repay a loan on time. Your credit score is based upon your history of repaying debt, and factors heavily into lenders deciding if you are responsible about paying your bills on time. The higher your credit score is, the better the chances are that you will be approved for a loan.

Five major elements make up your credit score:

• Payment history
• Amounts owed
• Length of credit history
• New credit
• Types of credit used

Who Determines Credit Scores?
In the United States, there are three major credit bureaus: Equifax, Experian, and TransUnion. These credit-rating agencies collect positive and negative financial information about your credit accounts to determine your credit score.

Why is a Credit Score Important?
Your credit score can be one of your most valuable assets because it plays such a large role in your financial future. Your score can also affect the interest you pay on your loans. The higher your score is, the less interest you will likely have to pay.

As a Mortgage Planner with Fairway Independent Mortgage Corporation, I will review your credit report with you to determine if there are errors that may need to be corrected and discuss what options may be available for you for home loans. Call me today to set up an appointment, and I can pull a copy of your credit report for our meeting.


Jen McCann, RealtorJen McCann, a Realtor® who specializes in helping home buyers and sellers in Fairfax, Loudoun, and Prince William counties, knows a house is more than just three bedrooms, two baths, and garage. It's an investment in your life — one of the biggest you'll ever make! Jen also believes more information leads to better decisions! That's why she is dedicated to educating first time home buyers and seasoned homeowners before and during the home buying and selling process.

In addition to private consultations, Jen hosts in-person seminars and online webinars for buyers and sellers. These free, no-obligation opportunities are an excellent way to understand the ever-changing market, what things families need to consider when buying or selling, and much, much more! Learn about Jen here and her upcoming events here. Visit Jen McCann, Realtor®, at Re/Max Premier, 44675 Cape Ct., Ste. 110, Ashburn, VA 20147. Connect: Online | Facebook | Twitter | O: (703) 318-0067 | M: (703) 587-8787.


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