Acquiring Credit Everfi Answers (2024)

FAQs

When your credit history is good, _____ everfi? ›

If your credit history is good, others are more likely to lend you money if you need it.

Answer and Explanation:

Reason: A consumer or an individual can avoid paying interest on a credit card by making a full payment every month.

A credit score is a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time.

Some ways to establish good credit is by getting a credit card, paying your bills on time, get other forms of credit, use your credit card wisely, and don't close your accounts.

The free resources available from EVERFI to help teach credit education include: Build: Credit Fundamentals – a digital program that helps high school students build knowledge about acquiring credit, growing credit, managing credit and dealing with fraud or inaccuracies with credit in effective ways.

Credit scores reflect how likely individuals are to repay their debts.

What is the best way to reduce credit card balances? Pay the entire amount due each time you make a purchase.

Paying only the minimum balance on your credit card can lead to... paying more interest. All of the following are benefits to paying the full balance on your credit card each month EXCEPT: Your credit score can decrease.

While achieving a CIBIL Score of 900 is technically possible, it is extremely rare. Scores above 760 are considered very good or exceptional, providing significant benefits such as lower interest rates and higher chances of loan approval.

Which is the best way to lower credit utilization to an acceptable level in EverFi? ›

The best way to lower your credit utilization ratio is to pay off your credit card balances. Every dollar you pay off reduces your credit utilization ratio and your total debt, which makes it a win-win scenario. Plus, paying off your balances means no longer having to pay interest on those balances.

Credit can be a powerful tool in achieving important financial goals. It allows you to make large purchases (such as a home or a dental practice) that you otherwise would not be able to afford if you were paying in cash.

Because Quizlet allows any user to create and share a study set, there is no guarantee the information is accurate. If a student logs in and chooses a set created by someone else, there's a possibility they could accidentally study incorrect information!

You can increase your credit score by paying your entire credit card balance every month. You should close old credit card accounts to improve your credit rating. The more debt you have, the better your credit score will be. Using the entire credit limit on your credit cards will increase your credit score.

If you have good credit, banks and lenders are more likely to approve your credit applications. This means when you apply for credit cards, loans or mortgages, you'll be more likely to be accepted and may spend less time waiting to hear the results of your application.

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

We consider a 'good' score to be between 881 and 960, with 'fair' (also the average) between 721 and 880. However, there's no 'magic' number that will guarantee lenders will approve an application if you apply. If your credit score is poor, you'll probably find it harder to borrow money or access certain services.

Very good: 740 to 799. Good: 670 to 739. Fair: 580 to 669. Poor: 579 and lower.