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Video: What Is an Open Installment Account?

An open installment loan is a term that shouldn’t stump you if you’re an experienced credit user. But maybe you’re new to credit or just need to brush up on your credit lingo?

If so, how can you know for sure if the credit accounts you have are installment-based or not? We’ll explain the difference and give some examples that might sound very familiar. Grow your credit vocabulary today and it’ll be second nature in no time.

Want to learn more about credit usage? Watch more here.