What Is an I1 Credit Score?

Credit reports sometimes use a secret language to tell creditors about your trustworthiness as a borrower. The code "I1" is a good thing to have on your credit report and you should have it on all accounts to maximize your score. Accounts that go past I1 status need immediate attention.

Identification

Some lenders use codes to report the history of an account, instead using plain English, such as "pays as agreed." The status I1 refers to an installment account that has never been late, according to Credit Engine. The letter is shorthand for the type of loan. "R," for instance, would be a revolving loan, and "O," an open account. This is the best possible status for an account. Anything more means the payer has been late and I0 means the accounts is too new to rate.

Benefits

Under the Fair Isaac Corporation (FICO) credit scoring method, paying an account on time gives you more points than any other category. The Fair Isaac Corporation keeps their formula a secret, but they do reveal that payment history falls under a category worth 35 percent of the FICO score on their website.

Keeping I1 Status

The I1 status on your account means you are doing an excellent job of paying it off, but you cannot be too careful with your credit. Automatic bill payment can make paying off an installment loan, which has the same bill every month, more convenient than manually entering in a payment. Do not, however, forget a bill after setting it to automatic; make sure you get a confirmation of each payment.

Tip

Every credit rating agency will give you a different score, so review your report from the three major credit bureaus periodically. Most agencies are moving away from from status codes. If you see an account has a code of I2 or later, or has a note that you were previously late, review your payment history. You can challenge errors with the credit bureaus using their online dispute form.