History of an individuals debt payment; lenders use this information to gauge a potential borrowers ability to repay a loan.

If you have a credit card that you no longer use, but it has a long history, it may be a good idea to keep it open to show that history.

Any negative information can remain on your credit report for 7 years. Bankruptcy information can remain for 10 years.

A borrower's record of various debts (including credit cards and other consumer debt) and whether payments were timely. Mortgage lenders examine borrowers' credit histories to help determine their loan qualifications and the terms of the loan.

Your credit history if late will be broke down into 30 day incruments. it will show how many times you have been late in 30 days, it will also show 60 day lates, aswell as 90 day lates.

It will also tell a lender if you have had anything adverse happen such as a bankruptcy or foreclosure.

By reviewing your credit history prior to obtaining financing you can correct any errors, clean up accounts with derogatory histories and enable you to give the correct information to your loan officer.