Credit Report Sections
Section: Open Accounts
This strip shows your current credit related activity. You really want some activity going, especially as a first time homebuyer or other first
time - big time borrower. The basic rule is to have at least 2 lines of credit opened for the last 24 months with the credit limit of $2,500 and higher.
- Creditor column displays a name of the creditor (bank, department store, gas company, utility company, etc) and the account number
- date reported column is usually one month before your report was pulled
- date opened/date last active shows year and month when the account was opened and the last active date
- high credit/account type shows the highest credit limit ever and the account type:
R - revolving like credit card
I - installment like auto loan
M - mortgage loan
- balance/terms displays balance you carried on date reported and minimum monthly payment - for installment loan or mortgage, terms
also shows number of months you took the loan for
- past due shows how much money if any is late
- 30, 60, 90+ are extremely important columns that show how many times you were late for 30, 60 and 90 or more days respectively - these
columns are crucial for your credit rating - you better have all 0 in them
- status/source shows if you pay as it was agreed and the credit bureau that is a source of this information
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