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What are the 3 categories of consumer credit?
The three types of accounts on a consumer credit report are installment accounts, revolving credit and open accounts. Credit cards are considered revolving accounts.
Does an open unused line of credit hurt or help your credit score?
Open positive accounts with 0 balance is always good especially when they age, just leave it open.
If you paid off three out of four of your credit card accounts how many points will this raise your credit score?
Maybe a lot, maybe none. Your credit scores are calculated based on ALL the information in your credit file at the time they are requested, not just these four accounts. Were all accounts paid as agreed? What were the dates the accounts were opened? What available credit did you have prior to closing 3 and how much available credit do you have now? Were the accounts delinquent? Do you have any other existing open accounts? What are the dates those were open? As you can see, the pieces of information fit together in a very complex way. One piece of data affects several others and can alter the whole equation. Once again, that is what a credit score is, a computation based on the accounts you have open.
What is credit limit in credit card?
Credit cards are open ended accounts. The issuing bank has a limit as to how much can be borrowed against the account. The top amount is the credit limit.
What is the statute of limitations on credit card debt in Florida and Michigan?
Credit Cards are typically considered Open Accounts. The credit card agreement you signed may specify the state laws that will apply to the account and collection activities associated with it. Read the contract and consult an attorney. In Florida Open Accounts are subect to a 4 year statute of limitations. In Michigan Open Accounts are subect to a 6 year statute of limitations.
