Asked by Daphne Beckwith on September 13, 2021
Categories: Personal finance Credit cards
Rating: 4.3/5 (75 votes)
Revolving credit is a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments_are made on time. With revolving credit, the amount of available credit, the balance, and the minimum payment can go up and down depending on the purchases and payments made to the account.
What is a credit score called? The generic or classic FICO credit score ranges between 300 and 850. The VantageScore 3.0 score ranges from 300-850. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by FICO and is called FICOscore.
Why is revolving credit bad? A poorly managed revolving credit account could damage your credit scores, such as by having high credit utilization. Revolving accounts, especially credit cards, often have high interest rates so carrying a balance can be expensive.(Learn how to avoid paying interest charges on credit cardshere.)
How many credit cards should I have? The short answer: you should have at least two – ideally each from a different network (Visa, Mastercard, American Express, Discover, etc.) and each offering you a different kind of rewards (cash back, miles, rewards points,etc.). How many credit cards is too many? T
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