3 Types of Credit

What are the 3 types of credit?

• revolving, pay as you go, open

• revolving, installment, close

• revolving, installment, open

• revolving, free, installment

Revolving credit accounts usually come with assigned credit limits are subject to _________ charges and fees.

• cash

• late

• finance

• balance

Two examples of revolving credit are _____ and ______.

• credit cards, personal lines of credit

• payday loans, credit cards

• home equity line of credit, mortgage

Installment credit is a loan for a ________ amount of money.

• fixed

• flex

• finance

Common types of installment loans are ______________.

• mortgage, personal and car loans

• furniture, mortgage, and credit cards

• mortgage, car, and utility accounts

Which credit type is the least common type of credit?

• revolving credit

• installment credit

• open credit

Some examples of open credit are ______________.

• utilities and car loans

• furniture and cell phones contracts

• utilities and cell phone contracts

• credit cards and cell phone contracts

Select the credit category

• revolving

• installment

• open

Select the category type for this picture

• revolving

• installment

• open

A college loan would be classified as a ______________.

• revolving account

• installment account

• open account