But basically, a good credit record means you have a history of paying your rent and other bills on time and will be able to prove that through a credit report or through compiling a nontraditional credit history. But if you show a repeated pattern of not paying accounts as agreed, it will affect your credit history. Mortgages are considered secured loans, that is, loans which are guaranteed through an asset, in this case, a piece of real estate. You should not have any late payments in the last two years. A late payment that is more than thirty days late from the due date and less than 60 days late from the due date.
Auto loans are another type of secured loan.
Lenders consider your payment history on auto loans almost as important as mortgages. You should not have any late payments in the last two years. Lenders are much more forgiving with Credit Cards and other unsecured debt. If you were late on making one of these payments, more than 30 days late, but less than 60 days late, you should still be okay. Judgments are usually an automatic loan turn down, unless you have a really good explanation and proof to back it up.