Financial Jargon Simplified: Credit

Financial jargon simplified: credit

Doing some homework to understand important jargon can help you navigate credit with confidence.

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Jargon Simplified: Credit

Revolving Credit
Think credit card. A revolving account doesn't have an end date. You have a credit limit and must make payments toward the balance each month.
Installment Credit
Think student loan or car loan. Installment credit is a loan that's repaid over a defined period of time.
Individual Account
An account in which one person is responsible for the terms and payment obligations.
Joint Account
An account in which two people share the responsibility for the terms & payment obligations.
Authorized User
An authorized user is somone the account owner gives permission to use an account. The account owner, however, is ultimately responsible for payment.

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