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What is the difference between installment credit and revolving credit?
Wiki User
∙ 9y ago
Revolving : Like at a gas station or a department store, this is a line of credit that allows an authorized amount to be charged in a month, or billing cycle. Minimum payments are expected each billing cycle and unpaid debt ac cures. There's a rate and fees that are charged depending on how much debt is ac cures.
Installment : Like the home or car loan, this has rates & fees charged up front - its for a concrete amount to be paid back within a term, or length of time.
Wiki User
∙ 9y ago
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What is the difference between installment credit and open ended credit?
the difference between installment credit and open ended credit is they are the same..
What is the difference between credit and revolving credit?
credit is any money loaned to you including cards/installments/mortgages etc and revolving indicates a line of credit or credit card which has a limit available and you can use and pay and reuse where an installment has a specific amount and you pay it off and it closes
What is the meaning of revolving line of credit?
The meaning of a revolving line of credit is a line of credit that is not linked to a certain number of payments. It is the complete opposite of installment credit.
What is the difference among credit plans such as revolving charge 90 day and installment account and interest free credit plans?
Your mom is the instalment of something that i have no idea what it is.
What are three different types of credit lines are?
open, revolving and installment
What is the difference between installment credit and open ended credit?
the difference between installment credit and open ended credit is they are the same..
What is the difference between credit and revolving credit?
credit is any money loaned to you including cards/installments/mortgages etc and revolving indicates a line of credit or credit card which has a limit available and you can use and pay and reuse where an installment has a specific amount and you pay it off and it closes
What is the meaning of revolving line of credit?
The meaning of a revolving line of credit is a line of credit that is not linked to a certain number of payments. It is the complete opposite of installment credit.
What is the difference among credit plans such as revolving charge 90 day and installment account and interest free credit plans?
Your mom is the instalment of something that i have no idea what it is.
What are three different types of credit lines are?
open, revolving and installment
What is a healthy mix of types of credit use on your credit report?
revolving installment and real estate credit
What is the difference between credit card and revolving credit?
A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.
What are the 3 categories of consumer credit?
The three types of accounts on a consumer credit report are installment accounts, revolving credit and open accounts. Credit cards are considered revolving accounts.
What is the difference between line of credit and revolving credit?
A line of credit is one type of revolving credit, which works similarly to a credit card. Both a line of credit and revolving credit have a set amount available to use, and when you pay down or pay off the amount, the credit is available for you to use again. A line of credit may use collateral to secure the loan, such as a business building, or it may be unsecured or without collateral, such as a credit card.
What are the three basic types of credit?
Answer{| |- | The first one is Revolving credit: this type of credit situation is when a consumer borrows money from a lender and pays it back in one lump sum or makes monthly payments (eg.Visa or Master card), second is Charge credit: this type of credit varies from revolving in that you aren't able to make partial payments. With Charge Credit, you are required to pay back the full amount at the end of the month. And the third one is Installment credit: unlike revolving credit where you have the option to prolong your payback payments, with Installment Credit, you payback your debt in accordance within a predetermined period of time (e.g. mortgage).|}
What makes your credit score drop?
Late payments, No-Payments, Over the credit limit (Maxed out credit cards), Not having a good mixture of credit (Revolving Account, Installment Loan, Home Loan, Etc), and past history.
In a credit report what do individual ratings of 19 09 or R9 mean?
These are charged off accounts: Installment Loan, Open loan that is paid in full each month, and Revolving Line of Credit.
