Types of Credit
This type of credit allows you to borrow money up to a limit and repay it over time.
What is revolving credit?
Becoming this on a family member's credit card can help you build your credit history.
What is an authorized user?
One of the main benefits of using credit, especially in emergencies.
What is access to emergency funds?
This can accumulate if you don’t manage your credit wisely, leading to financial difficulties.
What is Debt?
Regularly checking this can help you spot errors or fraudulent activity.
What is your credit report
This credit type involves a fixed amount borrowed and paid back in equal installments.
What is installment credit?
You should aim to keep this percentage of your credit limit utilized to maintain a good score.
What is below 30%?
Using credit can help you do this, which is essential for future loans and credit applications.
What is build a credit history?
This is a potential cost incurred when you carry a balance on your credit card.
What is Interest?
You can use this online tool to monitor your credit score for free.