54: Delinquent or derogatory status on installment accounts is too recent
An installment account is one with a fixed monthly payment for the life of the loan. Auto loans and student loans are common examples of installment loans. You have an installment account that had a late payment or on which a lender has reported a derogatory status. Your credit file shows that this event occurred too recently. Late payments are a proven indicator of increased risk. People with late payments are at risk of being overextended.
Paying bills on time every month is important to maintaining a good credit score. If you remain behind with any payments, bring them current as soon as possible, and then make future payments on time.