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Posted in Credit Cards
what it means revolving account
I checked my annual report credit and they told me that i have to much revolving account wich is very negative for me
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Question By
tany1958

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 a revolving account is a account with a set limit, and as you use the line, the amount you charged is subtracted from the total line you were offered... its called a 'relvolving' line, because as you pay down the balance on the line, that amount is added back onto the credit left available, so that you can charge more stuff on to the credit line...

its different from a fixed credit line in that, once you use the credit line once, then that money is the balance owed, and even if its paid off, you arent able to use that part of the credit line over again.

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Response by
matman1490

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a revolving account is a credit card or a store card

they might be referring to your credit mix if you have 5 credit cards and no other types like mortgage or car loan

mine also says i have to many revolving accounts but i only have 3 credit cards

it just refers to the credit mix if you have only one type it isn't as good for your credit as if you had 1 or 2 of each types of credit

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Response by
garystidham

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