Revolving Accounts: This term often refers to credit cards. This type of account typically has a variable interest rate and open-ended terms, meaning you don’t have to pay in full each month. In addition, your payments are commonly based on a percentage of the balance, which often changes from month to month as you make purchases and payments.
Revolving Balance: The portion of a balance that goes unpaid at the end of the billing cycle. This portion is charged interest. Your credit card balance is an example of a revolving balance.
Revolving Debt: This usually refers to credit card debt. This type of debt typically has a variable interest rate and open-ended terms. In addition, your payments are commonly based on a percentage of the balance, which often changes from month to month as you make purchases and payments.
Credit Inquiries: When your credit is checked by a legitimate business.
Installment Account or Installment Loan: A loan that has fixed payments for a fixed period of time. You make the same payments every month until the loan is paid in full. Examples include auto loans and mortgage loans.
Delinquent Payments: Payments that are not made on time.
Related articles
Being declined doesn't hurt your credit