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What are the Forms of Credit?There are three forms of credit. Installment credit is the credit that you use to borrow money and promise to repay in equal amounts over a specific period of time. Revolving credit is the credit that allows you to borrow a pre-established amount repeatedly as long as your account is in good standing. Open Credit is the credit that requires that all money borrowed must be repaid in full every month. | What costs are associated with credit?Late payment causes high interest rates along with decrease in credit score . Also less opportunities in employment and purchase goods and service on credit. | What determines if someone gets credit and how much do they get?There credit score will determine there credit worthiness. |
What are the Forms of Credit?
There are three forms of credit. Installment credit is the credit that you use to borrow money and promise to repay in equal amounts over a specific period of time. Revolving credit is the credit that allows you to borrow a pre-established amount repeatedly as long as your account is in good standing. Open Credit is the credit that requires that all money borrowed must be repaid in full every month.
What costs are associated with credit?
Late payment causes high interest rates along with decrease in credit score . Also less opportunities in employment and purchase goods and service on credit.
What determines if someone gets credit and how much do they get?
There credit score will determine there credit worthiness.
