I saw some topics that say chase freedom signature visa reports as a “opening account” in credit report instead of “revolving account”. Is it right or not?
What is the different between “opening account” and “revolving account”? which one is good for improve credit scores?
1 response so far ↓
1 Mark
there is no such thing as “Opening accounts” revolving accounts are credit cards. Basically, there are two types of loans. Revolving credit, and installment (like a house, car, etc)
Credit cards are a great way to improve your credit score if handled responsibly.