Generational Credit Co.

This makes up 10% of your credit score. There are two basic types of credit, revolving and installment accounts. The credit bureaus like to see a good mix of revolving and installment accounts, but they also want to see a number that can be managed easily. How many is too many? There's no one answer to this question, but creditors like to see that you have accounts that are being used regularly and responsibly, so you should not open accounts you don't plan to use. Likewise, closing an account does not make it disappear from your credit report. These accounts will still appear, and it may affect your debt to credit ratio (discussed above), especially if you close an account that still carries a balance.

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Late or delinquent accounts, on the other hand, can seriously damage your score - and quickly. Typically, after a bill is 30 days late, it is reported to the three credit bureaus. It will be reported again if it is 60 days late, and again at 90 days if it is still not paid. Eventually, the creditor can report the outstanding balance to collections, foreclose or repossess property, or take it to court for judgement. With each late payment or delinquency reported, your credit score is negatively affected. Late payments will generally impact your credit score for at least two years, but will remain on your credit report for seven years.

Like most things in life, it's easier to maintain your credit health than to fix your credit after it breaks.

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