Payment history is based on paying bills as agreed and on time.
The majority of the payment history is based on:
- the most recent six months
- with the highest weight on the highest payment
You may not realize it, but any recent late payment will have a huge negative impact on your credit score. So if you are planning to buy a house soon, make sure you have been making your payments on-time, especially in the last six months.
The highest weight will be on the highest payment, so for example, a mortgage loan is likely to be rated first because in most cases it is your highest payment. Then the next biggest payment, whether it is an auto loan or credit card would rate next and so on.