Hi, Last week wife was approved for Mbna..I applied for a consumer term loan and was approved for 15k and is allready showing on my file..However it is showing as a revolving account..I thought this was a installment loan..I heard somewhere that is is good to have one for score andfuture morgage..Any ideas or Advice...By the way the intrest is 19.99%
O yes one other ? i mentioned the other day.. Was approved for sears card and called to get a lower rate and was offered there gold master card..I took it ,But does this show as a retail card still? I also heard that it is good to have a store card..
Was this the 'Debt Busters' (or something like that)loan from MBNA? If so I believe it functions like a Line of Credit. So that you pay installments on your balance to reduce the loan for so many months, but your APR is varied. And, as you pay off your balance you can take more money out. That would explain why its showing up as Revolving rather than Installment. I just recieved their offer the other day and this is how I understood the terms. Don't have it in front of me now, though so I could be mistaken. Myschae
Although they are calling it an "Installment Loan" it appears to be a true revolving credit line: "The flexible term loan program gives you fast financing that you can tap into right nowâ??and use again and again for future expenses. As you pay down your balance, you can request access to your credit line through special checksâ??and use them anywhere for just about anything. " The APR seems to depend on income, credit history etc.
