Past Due Accounts

• If you have a closed or an open account that is past due, it will have a negative impact on your credit. Again, the older the delinquency, the less affect it will have. Previous 30-day late payments will have less effect than 60- or 90-day late payments. If you pay off a closed late account your score will improve, but a previous late payment will still have a negative impact on your credit report.
  
  

Current Accounts

• If you have current, closed accounts and you pay them off, it will have a positive impact on your credit score since you are lowering your total debt. If you let the account become past due your score will drop, since this will become a delinquency. Your score can drop fast with recent delinquencies, but it will take a long time to go back up again.
  
  

Errors

• The three major credit agencies are Experian, Equifax and TransUnion. You should review a copy of each report on a regular basis. You can obtain a free copy of each agency's report once a year from the AnnualCreditReport website. If you find any errors, you should request that they correct them. If the credit bureaus confirm the errors, they will correct them and send you an updated copy. Errors can unfairly lower your score, which can have a major impact on your life.
  
  

Considerations

• To maintain a high score keep all of your accounts current, keep each account's balance under 30 percent of your credit limit and pay more than the minimum payment due each month. You should also send in your payment each month as soon as you receive your statement. If your payment arrives late because of a mail delay, your score will drop.