When cash is scarce and you want to protect your credit rating, prioritization is crucial. Late or missed payments on certain bills will have a bigger negative impact on your credit rating than others.
Installment Loans
Installment loans--fixed loans with equal payments made for a pre-determined amount of time--affect your credit rating. Loans for cars, household furnishings, appliances and bill consolidation loans are examples of installment loans. These accounts are usually reported to credit bureaus, and late payments can have a negative effect, so make these payments on time.
Revolving Credit
Revolving credit--an open line of credit of which you can borrow all or part of the total amount and make varying payments depending on what you've borrowed--is another important payment to make. Credit cards and home equity loans are examples of revolving credit and are usually reported to credit bureaus.
Mortgage Loans
Not only do mortgage loan payments show up on your credit report and affect your credit rating, getting too far behind can leave you homeless. Many lenders take particular notice of your history on your mortgage payment when deciding whether or not to extend credit to you.
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