Thursday, November 29, 2018

Another type of information that determines your credit score is your revolving debt ratio. This calculation determines 30% of your credit score. What is revolving debt? http://www.bancoservices.org gives a great explanation: Definition: Revolving debt is debt that typically has a variable interest rate, an open-ended term and payments that are based on a percentage of the balance. Revolving debt has a pre-determined limit, agreed upon by the lender and borrower. Credit cards are the most common type of revolving debt that consumers use. The interest rate changes, there is no deadline to pay them off and the amount of the payments is determined by the balance on the card. Call 1-800-442-1591
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