Credit Repair Tips
Revolving Accounts and Credit Repair
 What is a Revolving Account?
A revolving account is an account where you are
given a certain credit limit and you make monthly payments based on how much
you borrowed that month. You can access all or some of your credit line
whenever you choose. The difference between a revolving account and an
installment account is that on an
installment account you pay one set monthly payment every month until
the debt is paid off. On a revolving account you can pay part or all of your
balance monthly and the monthly payments change depending on your balance.
How Can It Affect My Credit Score?
When having an revolving account such as a credit
card it is important to not use too much of your available limit. Most people
in the credit business agree that using 30% of your credit line is the magic
number. It shows lenders you can manage your credit line responsibly, of course
you would need to pay your monthly payment s on time every month otherwise your
score will go down drastically. As you can see having an revolving account can
do wonders for your credit or destroy it. It all depends on how you handle it,
for example owing $10,000 spaced out over a few cards looks better than having
a $10,000 balance on one card with a $12,000 limit.
Credit is everything nowadays. It almost encompasses
every part of a consumer’s life. Even if you have a high score it’s still
important to monitor your credit report for errors. Remember the higher your
score is the more it can fall! If you have inaccurate information on your
credit report contact CreditLawGroup today at 1-800-508-0041. We provide low
cost legal representation
in disputing inaccuracies on your credit report as well as excellent customer
service.
How we can help you
CreditLawGroup.com provides low cost
legal representation in disputing inaccurate, incorrect or unverifiable
information contained on credit reports from the three major credit bureaus,
Equifax®, Experian® and TransUnion® and their affiliates. You can monitor your
progress online, as well as speak to your Paralegal whenever needed by phone or
email. We have excellent customer service, and are always there to meet
your needs! Speak to a credit repair analyst today!
Click here
to find out more regarding our
credit repair services.
|