No. of Recommendations: 1
Patzer:

{{{If I needed a new major appliance, or a new car, I'd consider financing. Especially, if it was no interest, like you did. At that point, it seems like it is both good for the credit score and beneficial for personal finances.

Does that type of financing show up as an "Installment Loan", or if they do it by store credit card, as "Revolving Credit"?}}}

"Something that requires a fixed monthly payment and is scheduled to be paid off in a specified time period ought to show up as an installment loan. Something that is open-ended where you pick how much to pay, subject to a minimum, ought to show up as revolving credit."

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".

Regards, JAFO
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