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Debt consolidation: How it can help your credit report

Credit bureaus: What’s the difference between TransUnion, Equifax, and Experian?

My credit report: What is a Real Estate Account and how does it relate to my credit report?

My credit report: What is a Revolving Account and how does it relate to my credit report?

My credit report: What is an Installment Account and how does it relate to my credit report?

My credit report: What is a Collection Account and how does it relate to my credit report?

My credit report: What are my Public Records and how do they relate to my credit report?

My credit report: What is a Credit Inquiry and how does it relate to my credit report?

My credit report: What is a Credit Account History and how does it relate to my credit report?

My credit report: What details are listed per credit account in my credit account history in my credit report?

PLUS Score report: What is a PLUS Score and how does it relate to my credit report?

PLUS Score report: What does a PLUS Score mean?

PLUS Score report: Who uses a PLUS Score?

PLUS Score report: What factors lower your PLUS Score?

 
 
 
 
 

My credit report: What is a Revolving Account and how does it relate to my credit report?

 

Major credit cards and department store credit cards are examples of revolving accounts. Revolving accounts generally require a specified minimum payment each month that usually includes an interest or service charge. These accounts provide a maximum amount that you can charge and allows you to carry a balance. The service charge or interest rate declines as the debt is paid off. Revolving accounts generally have open terms and payments that vary according to your account balance. It’s important to note that a charge card is different from a credit card; a charge card requires you to pay off the balance each month, while a credit card allows you to carry a balance and make minimum monthly payments.

Your credit report will list any revolving accounts you may have now or have had in the recent past. The length of your revolving account history as well as your payment record will also factor into the report. The report will include the name and number of the account, the date it was opened, how long it was used, the payment history, and the status of the account. Regular, timely payments will be regarded favorably by potential creditors while multiple late payments could negatively affect your credit score. Having a strong revolving account payment history is important for those trying to establish a good credit history. Even if you don’t carry a balance and choose to pay off the balance each month, your credit rating will likely still benefit from your establishing a history of credit use.

 

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