With a higher credit rating and good credit score you can easily be eligible for all sorts of perks, including better terms on loans and increased borrowing power. However it all starts with building credit. Let’s look in the basics.
Kinds of credit
There are two main forms of credit. Installment credit includes such things as auto loans. They are debts which are paid back in equal monthly premiums (installments), frequently over 3-7 years. The total amount of each installment is dependent upon amount of factors, like the cost of the product, the total amount of any advance payment in addition to loan terms.