Creditors in any situation look for indications that the prospective borrower is a good credit risk -- a person who will pay back his or her debts in a timely fashion. Obviously, a history of on-time payments demonstrates that you are just such a person. But that doesn't mean your credit history must be perfect for you to qualify -- few people's are, after all. So-called 'good' credit can include a few minor dings in your report, such as:

Up to two credit card payments 30 days late; or one installment payment, such as an auto or student loan payment, 30 days late.

No payments of any kind should be more than 60 days late, however, and no mortgage or rent payments should be late at all. And there should be no outstanding debts such as judgments or liens.