What is Installment Credit normally used for?
82037
In the consumer world, the following apply:\n\nInstallment credit is credit with a fixed number of payments, and generally these are of a consistent amount from month to month.  It is most often used for housing loans (mortgages), car loans, and educational loans.\n\nThis is as opposed to revolving credit which is typically credit card credit.
342976
The question is do you need an installment loan reporting on your credit file to increase your credit score?\n\nIf your credit score is already 750+ then if you can pay it off, do so. If you need the car loan to report for credit improvement then you should make at least 12 payments that report to maximize your use of the loan for credit purposes.\n\nGood Luck
32599
You are charged the "annual percentage rate" all the time. For example; if the APR is 18%, 18% divided by 12 months = 1.5% per month. \n Most times if you repay in 30 days, you pay no interest.\n On special promotions "no interest" may be 60, 90 days, or months, or next year. Whatever.
1140894
I own three but rarely use them and if I do its to establish and improve my credit. I use my ATM/debit card as a credit card for larger purchases. Your personal credit is used for insurance rates, jobs as well as many other purposes. :)
256244
What type of credit?  A credit rating?  Are you sole owner?
604602
Commonly these loans are called as "Term Loans" - because these are payable over a period i.e. "Term" with regular (specific) amounts towards repayment. Regular payments are called as "instalments". The Instalments over the period of loan which are inclusive of Interest are called as "EMI" i.e. equated monthly instalments. Otherwise you can prefer to repay the loan in instalment + what-ever interest accumulated for that particular period. In this case Total Repayment (i.e.Pricipal + Interest) amount decreases with every repayment. In case of repayment through EMIs total amount repayable every time remains same.
174980
Depends on how you paid.  I use a credit card for as much as possible and use an online bank for everything else.  Relatively easy to total specific payments.
1141939
add your monthly debt payments (it's best to get the exact amounts from your credit report) ,including the additional payment you could be incurring, if you are getting a new loan, and divide that amount by the money you earn (on a monthly basis).
1036752
If a company is offerring you zero down on a list of foreclosed properties that they have in inventory, they are usually offerring something called "lease purchase option". Which means you pay a non-refunable option fee to lease a property. A portion of your payment gets applied towards your down payment should you decide to buy the place. It's an excellent program for people who have bad credit, but the drawback (and what they are hoping for) is if you ever miss a payment, you no longer will be able to purchase the property. If you ever do something like this, always record your option to protect your interest in the property.\n\nFind out how the program works and e-mail me. I will tell you exactly what they are doing and what to watch out for.  When it comes to creative real estate investing, I hold all the cards.\n\nRegards
666845
Paying in one lump sum is usually greater incentive.  When you call them, tell you you will pay $xxx that day only, via online or telephone payment.  If they don't accept, tell them you are thinking about credit counseling, which usually abates interest and will make paying them much easier for you.
338655
a dept store credit card that was my first one but then I found out I was being ripped off bcuz those have super high interest rates.  it's a good way to establish credit I guess just make a purchase every season and take the rest of the season to pay it off without defaulting it will show you're consistent and reliable.
408253
a credit memorandum will show up on the next monthly statement from the issuing company or vendor that you are buying goods or services from. It is a credit on your account and is deducted from the total of your statement
959364
No, there is no charge from a retailer to you to report your credit activities.  (If anyone tries to charge you, tell them to get lost.)\n\nAs a general rule, if you have to supply your social security number to a company in order to obtain credit from them, they will most likely be reporting how well you repay them to one or more of the credit reporting agencies.\n\nHere is an article that will hopefully clear things up for you.\n\nhttp://www.FastLender.com/article/credit-report.aspx\n\nGood luck!\n\n.
18669
If it is anything like the program in MS, then there are companies that give you credit (a certain % of your rent) towards the future purchase of a house.  I know that down here you have to pay some fees to do this.
350295
To figure the payment on an installment loan, use the PMT() function in Excel, if you have that. If not, the formula can be derived from the present value formula and the perpetuity formula. The present value of a future cash flow is the future cash flow divided by (1 + Rate/frequency)^(years x frequency). The present value of perpetuity (the same amount paid every period) is amount per period/(Rate/frequency). Thus a 7 year installment loan with monthly payments (frequency = 12 payments per year) and an 8% interest rate can be valued as the difference between a perpetuity starting now and a perpetuity starting in 7 years. Thus:\n\n600,000 = (Payment/(8%/12))x(1 - 1/((1+(8%/12))^(7 x 12))\nThe interest per month at 8% would be 4,000, not the 3,946 you calculate, so I am unaware of the particular detail of why that is different. The formula above results in a monthly payment of about 9,352. If you want to check it the long way, deduct the interest from the payment, and that is the reduction of principal that period, so you can recalculate the interest for the next period and see how much more the principal declines. If you carry this out to the maturity, the balance should be zero.
1169169
It means you give the company the money(or collatoral) that you want to have credit for. Then you pay for the interest and fees for having the credit. It is better to go to a loan shark. At least they only break bones and not a credit history!
56008
If you have installment accounts reflected on your credit report, then those are ones that have scheduled payments, i.e. auto loans/car payments, student loans, etc.