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Types of Credit
Credit is used in many areas in life. There are three types of credit available: revolving credit, charge credit, service credit and installment credit.Revolving Credit
This is the most commonly used type of credit. It usually takes the form of a credit card. With credit cards, people make purchases against a maximum credit limit that is given to them. Typically at the end of each month, credit card users agree to all or a part of the balance that they're carrying. The credit revolves each month as payments are made to the balances.
Charge Credit
Charge cards and accounts are similar to credit cards. They're similar in concept to revolving credit except the total balance due must be paid off in its entirety at the end of each month.
Service Credit
Many services such as those that come in your monthly utility bills are based on credit. The utility companies provide services to you on agreements that you'll pay them back at some time in the future, usually at the end of the month. Gas and electricity are examples of utility services that are paid on credit.
Other services based on credit include cell phone plans, gym memberships, and rent. These services are extended to you contingent on an agreement that you'll pay for them in the future. Installment Credit
Installment credit is probably best explained through examples. In the case of car loans and mortgages, you make payment installments that work to pay off the loan that was extended to you. Typically the payments include a portion of the principle along with interests. Most every loan sets a time with which the loan must be paid off.
The use of credit needs to be managed carefully. Everything can be recorded into your credit report. A late payment or an overextended credit can adversely affect your credit profile and score. This will no doubt make things difficult when you want to get future credit related services.
This is probably the most commonly used form of credit. It's used when people charge their purchases with credit cards. With credit cards, people are given a credit limit with which they can make credit charges with. They charge against this limit and pay it off when the balance is do, usually at the end of each month.
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