Help needed reading a credit report - Meaning of terms "Trade Totals" "Revolving accounts""Installment Account

Question

this is a Trans Union Credit Report . Under Trade Totals is installment totals revolving totals open totals and grand totals.
each of these has limit, high balalnce, balance, payment.The Total under payment is 702. Does this mean the person has 702 in payments due each month? what is the difference between Revolving accounts and Installment accounts? Actually, I want to know what his monthly payments are. His credit score is 618.
(a medium risk) Wants to rent a house from me. I'm torn as to whether he'd be okay. Seems to be borderline. Any comments?

Answer 1

A revolving account is a credit line that can be re-drwan upon whereas an installemnt a/c is usually a closed-end revolving a/c and the balance cannot be re-drwan. e.g. your credit card is a revolving a/c because you can re-draw up to the available credit limit whereas your auto loan is an installement a/c because you cannot re-draw on the balance as it is paid down...

The total under payments is usually based upon the pymts made in the last 30-day cycle...it could be a reflection of minimum pymts or in some cases, higher pymts on a/cs...bottom line....it may not necessarily mean that he/she pays $702 a month...

FICO scores of btw 610-660 are usually considered to be fair ........the score is affected by many factors which include payment patterns, high proportions of balances to credit limits, number of accounts open, period accounts have been open etc....

Answer 2

Revolving account can mean many thing, from a credit card to a home equity line. Installment is like a car loan that you pay back monthly or in "installments". Your credit report should state where each of your accounts are housed.

Answer 3

Each account on your credit report is called a "Tradeline". Installment debt icludes loans on cars and debts that are secured by property many time. Revolving debts are open line of credit, ie credit cards.