Daily Tea Sips's video: Is Your Credit Profile Balanced Above 700 Credit Series

There are three credit lines that make up your credit profile. If you want a balanced credit report these are the three credit lines you should have on your credit report. A revolving credit line has payment amounts that change month to month depending on how much you spend. A revolving credit line would be a store credit card like Victoria Secret or even a Visa card. Your monthly payment due is usually a portion of your balance. If you don't pay the entire balance by the billing cycle you will be charged interest. An Installment loan is credit with a fix payment amount (in most cases) that is paid in installments over a period of time. Student loans, personal/signature loans, home equity loans, mortgages, car loans are considered installment loans. When paid on time you will slowly see your credit score increase. Default on an installment loan and will adversely affect your credit score. Open credit is not revolving or an installment. An open credit account is typically due in full on a specific date. Your cell phone, water, electricity, and gas bill are examples of open credit. The full amount is due each month. These three credit lines in good standing on your credit report can help increase your credit score. Just make sure to pay on time and make sure you are not using more than 30 percent of your revolving credit. Remember: your credit utilization accounts for 30 percent of your credit score. ========================== Above 700 Credit Series - https://www.youtube.com/playlist?list=PLTxBO_hyj6IqBoj7F95QnIp3qJn3FSHP7 Video 1 - How To Increase Your Credit Score Fast Video 2 - How To Increase Your Credit Score Using The Piggyback Method Video 3 - How To File A Credit Report Dispute Video 4 - How I Increased My Credit Score By 65 Points In 48 Hours Video 5 - These Three Credit Lines Can Help Or Hurt Your Credit Score Video 6 - How To Remove Hard Credit Inquiries From Your Credit Report Video 7 - How To Control Credit Card Debt Video 8 - 8 Tips To Increase Your Credit Score Video 9 - How To Obtain A Second Chance Checking Account Video 10 - Why You Should Never Pay Collection Agencies or Debt Collectors Connect with me on social media: Instagram - https://www.instagram.com/dailyteasips/ Facebook- https://www.facebook.com/dailyteasips/ Twitter - https://twitter.com/dailyteasips Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. No copyright infringement intended.