Who you, a Guru? After you read these 228 Credit Report tips, you'll be one. But we're looking to recruit a Guru to blog, write a 101 tip Credit Report book, and become a leader of this community.
Hot topics for both consumers and webmarketers on WebmasterRadio.FM
Every Wednesday, 4PM Eastern.
March 21, 2008, Newsletter Issue #105: About Revolving Credit
1
Tip of the Week
Revolving credit is when a financial institution, or a store or credit card issuer backed by a financial institution, grants a borrower a line of credit that the borrower can tap as often as he or she likes up to a predetermined limit. The balance can be paid in full each month, or the borrower can pay the balance due in installments over the course of time. If the balance is not paid in full, the outstanding balance incurs interest, which the borrower must also pay back. Credit limits are determined based upon information the lender obtains during the credit check process.
Most credit cards are revolving lines of credit. You can charge up to your authorized limit, and you have the choice of paying your balance in full or paying the minimum monthly payment. If you pay less than the full amount due, the outstanding balance accrues interest, which you must also repay. A home equity line of credit is another example of revolving credit—and not to be confused with a home equity loan. Home equity lines of credit function similarly to credit cards, whereas a home equity loan requires a fixed monthly payment over a set period of time to pay off the balance. Such fixed payment loans, including car loans, are called installment loans.
2
About LifeTips
Now one of the top on-line publishers in the world, LifeTips offers
tips to millions of monthly visitors. Our mission mission is to make
your life smarter, better, faster and wiser. Expert writers earn dough
for what they know. And exclusive sponsors in each niche topic help us
make-it-all happen.
LifeTips is part of ideaLaunch, the hub for a group of websites offering
solutions that help clients improve mind share, market share and profit online.
