Queenie Ruthers: It all could go on your credit report, but each type of credit is viewed differently. In terms of scoring and review by potential lenders. Car loans are typically referred to as installments, ie they are set amounts and payments. Credit cards are revolving which means the balance could go up and down. Too much debt on revolving credit can seriously wound a credit score.
Eli Trapeni: There are 2 basic types of credit:Installment credit is a type of credit that has a fixed number of payments, in contrast to revolving credit.Land loan Home construction loan Home mortgage Some equity loans Home improvement loan Automobile loan Boat loans or RV loans specialty finance Student loan Personal loan Vacation loan Revolving credit is a type of credit that does not have a fixed number of payments, in contrast to installment credit. Examples of revolving credits used by consumers include credit cards. Corporate revolving credit facilities are typically used ! to provide liquidity for a company's day-to-day operations.The borrower may use or withdraw funds up to a pre-approved credit limit. The amount of available credit decreases and increases as funds are borrowed and then repaid. The credit may be used repeatedly. The borrower makes payments based only on the amount they've actually used or withdrawn, plus interest. The borrower may repay over time (subject to any minimum payment requirement), or in full at any time. In some cases, the borrower is required to pay a fee to the lender for any money that is undrawn on the revolver; this is especially true of corporate bank loan revolving credit facilitiesExamplesLine of credit Some loans, such as some home equity loans (HELOC's)Credit Cards...Show more
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