a good example of an open-end credit is

A good example of an open-end credit is A the use of a bank credit card to make a purchase. Summary An open credit is a financial arrangement between a lender and a borrower that allows the latter to access credit repeatedly up to a specific maximum limit.

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Open-end credit examples The following are all types of open-end credit.

. Closed end credit has a set payment amount every month. More specifically the length of your. Revolving open-end credit is designed to be used repeatedly with a predefined credit limit approved by credit card companies.

Closed end credit is a loan for a stated amount that must be repaid in full by a certain date. Notify the creditor in writing. A good example of an open-end credit is.

A good example of an open-end credit is. Automobile loan from a credit union. Credit card of credit.

Installment loan from a furniture store. Experts are tested by Chegg as specialists in their subject area. E the use of a bank credit card to make a purchase.

Home equity lines of credit or HELOCs. Suppliers frequently extend short-term credit to encourage sales to retailers. Open End Credit This is a type of credit loan paid on installments in which the total amount borrowed may change over time and is fixed.

Common examples of revolving-open end credit are credit cards and home-equity line of credit. Closed-end credit is a loan or type of credit where the funds are dispersed in full when the loan closes and must be paid back including interest and finance charges by. The mortgage loan from a savings and loan institution.

C automobile loan from a credit union. Open-end credit is distinguished from closed-end credit based on how the loan is provided to the borrower and whether or not the borrower can take the funds out again. An example of closed end credit is a car loan.

It is also one of the best ways to build a good score. Your credit age is how long youve used credit. 173 A good example of an open-end credit is.

Department store credit cards. A ____ of credit is an example of an open-end credit. Automobile loan from a credit union.

Role of Stock Broker in a Stock Market Why Credit Cards are Declined. E installment loan for purchasing a major appliance. You may still owe on one purchase while you are purchasing yet another shipment.

Automobile loan from a credit union. Chapter 006 Introduction to Consumer Credit 77. C automobile loan from a credit union.

Closed end credit can help borrowers purchase expensive items like a house a vehicle furniture and more. Installment loan for purchasing a major appliance. The mortgage loan from a savings and loan institution.

A box of credit. 1 Examples of an Open-End Loan 11 Line of Credit 12 Credit Cards 13 Home Equity Lines of Credit 2 Open-End Credit vs. Open end credit allows you to put money in and take money out as through a cash withdrawal or by making a charge.

Thanks 179 views Related Answer SwollenGlands. Some of the examples are credit cards home equity loans personal lines of credit and overdraft protection on checking accounts. D installment loan from a furniture store.

The use of a bank credit card to make a purchase. A credit card issued by a department store A credit card issued by VISA or MasterCard A mortgage loan Using a cashiers check to pay for a purchase Using overdraft protection at a bank Question 2. Credit card accounts home equity lines of credit HELOC and debit cards are all common examples of open-end credit though some like the HELOC have finite payback periods.

When obtaining open-end credit you may see this being offered as installment credit. E the use of a bank credit card to make a purchase. In the consumer market home equity loans are an example of an open-end credit which allows homeowners to access funds based on the level of equity in the homes.

A installment loan from a furniture store. Who are the experts. An example of open-end credit is an a credit card charge A mortgage is an example of closed-end credit.

Installment loan for purchasing a major appliance. Example of a open-end credit a credit card charge a mortgage is an example of a closed-end credit true a loan from a family member is an example of an expensive loan false a borrow is a credit cardholder who does not pay off his or her balance in full each month false an American express card is a credit card false. The use of a bank credit card to make a purchase.

A mortgage loan from a savings and loan institution. A the use of a bank credit card to make a purchase. True The total dollar amount you pay to use credit is the finance charge How should a card holder begin to correct a mistake on a credit card bill.

This problem has been solved. Closed-End Credit 3 Benefits of an Open-End Loan Examples of an Open-End Loan A common type of open-end loan is a line of credit. Open-end loans can also take the form of credit cards or home equity lines of credit.

Installment loan from a furniture store. Installment loan for purchasing a major appliance. D installment loan for purchasing a major appliance.

B the mortgage loan from a savings and loan institution. For example if you have credit cards with a combined credit limit of 8000 and balances of 3000 your credit utilization ratio is 375. A credit line that you use at a supplier.

B the mortgage loan from a savings and loan institution. A good example of an open-end credit is A. Another source of credit is credit card companies like visa mastercard American express and discover.

Installment loan from a furniture store. Obtaining closed end credit mainly requires a good credit rating. The use of a bank credit card to make a purchase.

A good credit score requires a credit utilization ratio of 30 or less although 10 or less is ideal. We review their content and use your feedback to keep the quality high.

Closed End Credit Definition