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This may seem obvious, but the key to a solid payment history is paying your bills on time, every month, without fail. Late payments in your past can't be taken back, but their effect will diminish with time, so if you move ahead without new missteps, your credit scores and standing will tend to improve.

What is Payment History? Payment history shows how you've paid your accounts over the length of your credit. This evidence of repayment is the primary reason why payment history makes up 35% of your score and is a major factor in its calculation.

Your payment history typically includes payments for all your credit cards, installment loans (e.g. vehicle loans and personal loans), retail accounts (e.g. store credit cards or purchases made using store financing or credit), and home mortgage loans.

This may seem obvious, but the key to a solid payment history is paying your bills on time, every month, without fail. Late payments in your past can't be taken back, but their effect will diminish with time, so if you move ahead without new missteps, your credit scores and standing will tend to improve.

Payment history is the record of a borrower's payments on their credit accounts and other debts. As the most important factor when calculating a consumer's credit score, payment history accounts for 35% of a FICO Score calculation and is treated as extremely influential under the VantageScore model.

Since your payment history is one of the important factors used to calculate your credit scores, payment issues may negatively affect your credit. Unfortunately, a late payment can remain on your account for up to seven years. The good news is that late payments, under 30 days, may have no effect on your credit score.

As people use a financial product and pay their monthly balances, the lender may report details about account activity to the credit bureaus. For example, your credit card issuer may report the date you opened a credit card, your current balance and your payment history, including any payments that you may have missed.

How is your payment history determined? Many creditors, vendors and service providers report your monthly payments to the three major consumer credit bureaus ? Equifax, Experian and TransUnion. Those reports include whether the payments were on time.

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