Can you tell me what the different types of credit are?

Q:  I was listening to your radio show and heard Tracy (Credit Expert) talk about different types of credit.  Can you tell me what they are?

A:  Sure!

Revolving credit – is usually credit that you can choose to pay a minimal amount and decide how much you are going to charge (up to the limit).  This includes credit cards, overdraft on a checking account, lines of credit, and some home equity lines.

Installment credit- accounts that require a set payment every month (does not include mortgages).  These accounts include student loans and car leases or loans.

Mortgages – are loans used for purchasing real estate.

Public records – include tax liens, judgments, and bankruptcies

Filed Under: Credit