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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: FICO Question Date:  4/29/2016  4:42 PM
Author:  Patzer Number:  310468 of 312858

A revolving loan is one in which you can borrow, pay and reborrow. Any installment loan that allows you to prepay in whole or in part without penalty does not become a revolving loan just because "you pick how much to pay, subject to a minimum".

Thanks for the clarification. I knew the typical characteristics, but never thought about the definition of revolving versus installment.

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