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Two Types of Credit: Installment and Revolving
Credit score repair really must include using credit lightly to establish a solid credit history to boost your credit score. There are two types of credit and for bad credit repair, it’s important to understand their differences. Installment credit includes lines of credit that have rates and fees that are charged up front and a set amount is to be paid back within a term of time. Examples of Installment credit are student, car or home loans. Revolving lines of credit allow an authorized amount, also known as a credit limit, to be charged each month or billing cycle. Fees and rates are then charged depending on the debt that is accrued. Examples of Revolving credit include credit cards and home equity lines of credit. When you are developing your strategy to repair credit, you will want to utilize both types of credit because ultimately your goal is to prove to lenders that you are “credit-worthy,” or able to handle credit.
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1 response so far ↓
1 Justin Scott // Jun 23, 2010 at 5:46 AM
My name is Justin. I am a professional blogger who loves to write on financial topics. I'm writing to you because I am currently trying to take my author identity to the next level by supplying informative articles to personal finance bloggers. I don't believe in writing promotional articles, instead I feel informative stuff are something users are most interested in reading.
I would hereby like to request an opportunity to write a guest post on your site, ofcourse free of charge. You can send me your preferred topic, if any, and I would be happy to write an article on it. I can show you some of my past work that have attracted good number of visitors.
Anyways, you are doing a great job on with your blog and I'd like to talk to you in person, so I'd be happy if you could answer either way!
Sincerely,
Justin Scott
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