Open account

Credit reports sort accounts into types: revolving accounts like credit cards, installment loans like auto and student loans, mortgages, and open accounts that must be paid in full each cycle. Charge cards are the common example. Your report shows the type for each tradeline, and a wrong type is worth questioning because it changes how the account's balance is read.

In everyday use, an open account simply means one that hasn't been closed, and both meanings show up on reports, so read the field label. An account that's open in that second sense keeps reporting monthly, which is how it adds payment history. A closed one stops adding new months but can stay on your report for years.