The Importance of Payment History

The Role of Credit Payment History in Shaping Your FICO Score

The first thing lenders look into a credit history is whether a customer has made credit payments on time. Credit payment history determines 35% of a FICO Score, and it is one of the most important factors, says myFICO.

Having no late payments doesn’t guarantee a perfect score, but FICO Scores do factor it into their calculations.

Which types of accounts do lenders consider when evaluating credit payment history?

According to myFICO, the following account types are considered for credit history:

  • Credit cards
  • Retail accounts (credit from stores, like department store credit cards)
  • Installment loans
  • Finance company accounts
  • Mortgage loans

Other details on late or missed payments that FICO Score considers include:

  • How late the payment was
  • How much was owed
  • How recently they occurred
  • How many there are

Public record and collection items also play a role when taken into consideration for a FICO Score. myFICO explains that the negative factors involved include bankruptcies, lawsuits, and wage attachments.


Your credit payment history serves as a window for lenders to gauge your financial responsibility. While timely payments significantly influence your FICO score, it’s crucial to recognize the broader spectrum of factors that play a part. From the type of accounts to the nuances of missed payments and public records, every detail contributes to the bigger picture of your creditworthiness. For comprehensive guidance on maintaining a robust credit score, explore the expert advice on ScoreCEO.

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