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Until the 1920s, consumer purchases in the United States were made primarily in one of two ways: cash or personal check. However, in that decade, a new means of payment was introduced--the credit account.

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15y ago

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If you get married how will your credit reports and bankruptcy affect your future spouse's perfect credit?

Your credit follows you individually. If you have joint accounts then they appear on both of your credit reports.


How long will a chapter 7 bankruptcy appear on your credit report?

The credit accounts will appear in the credit portion of your report for seven years from their date of last activity. The legal item will appear in the public record portion for 10 years from the date of its' discharge.


Will closing your checking and saving accounts to open checking and savings accounts with another bank affect your credit rating?

No credit reports only report debt not assets. Checking and saving account information does not appear on credit reports so will not affect your credit score.


Can banks or building societies default you for a bank account and put this info on credit reports?

I'M NOT SURE ABOUT BUILDING SOCIETIES, BUT I KNOW THAT BANK ACCOUNTS THAT ARE IN DEFAULT WILL APPEAR ON YOUR CREDIT REPROT. TAX LIENS, JUDGMENTS WILL ALSO APPEAR ON YOUR CREDIT REPORT.


What accounts might be placed first in a proper journal entry?

Typically, the accounts that are credited are placed first in a journal entry, followed by the accounts that are debited. The credit account is listed on the first line with the credit amount, and the debit account is listed below with the debit amount.


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.


If you filed bankruptcy a year ago and cleaned up your credit report how long will it take for trade lines to appear on your credit file if you use your mother's merchant accounts?

If by "piggybacked" you mean that you can use the card, doesn't mean that these accounts will show up on your credit report. If you mean that you sign on the application with your mother on both Penneys and Sears, then they should show up the first time both stores update their information to credit bureaus.


Does a lien stay on record after it has been released?

TAX LIENS, JUDGMENTS, BANCKRUPTCIES, COLLECTION ACCOUNTS WILL APPEAR ON YOUR CREDIT REPORT FOR SEVEN YEARS EVEN IF THESE ACCOUNTS WERE PAID IN FULL AND RELEASED.


Is Revenue accounts increase by credit or debit?

revenue accounts increase by credit


What accounts would appear in a balance sheet credit column?

In a balance sheet's credit column, you would typically find accounts that represent liabilities and equity. This includes accounts such as accounts payable, accrued expenses, long-term debt, and shareholders' equity items like common stock and retained earnings. These accounts reflect the obligations of the company and the residual interest of the owners, indicating how the company is financed.


Is a decrease in accounts receivable debit or credit?

A Credit entry reduces Accounts Receivable


What type of services does Community First Credit Union offer?

Community First Credit Union has 16 branches located in Florida. The Credit Union offers both personal accounts and business accounts. A client may secure a loan there for a mortgage, a vehicle, or personal use. Student loans are also available as are credit cards.