Glossary Term R – 100 Best Credit Reports
Paying off one or many loans with a single large loan. Usually this is done in order to quickly pay off a lender and switch to another with better terms.
When a borrower stops making payments for something purchased, then the creditor can take it back because it has not been fully paid for.
Any credit card that is issued by a retail establishment.
The total of all revolving credit account balances.
Revolving charge account
Any credit account that does not have to be paid to zero balance, but at least a specific minimum payment with interest every month.