Simplifying
Finance

Quick Tip - Revolving Credit

January 11, 2022
•
2 mins.
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Revolving credit is a credit agreement without a set number of payments, or a set lifetime. Examples of revolving credit can be credit cards, they are open and require a payment every month. An auto loan would be considered installment loan, because there is a total that will eventually be paid off which is the end of the loan.

Both types of debt affect your credit score, which is built by six factors. Revolving credit affects two of those, your number of on time payments and your credit utilization percentage. Installment loans only affects the number of on time payments.

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