What can a person do to increase their credit score everfi?

The answer is: Use only a small percentage of your credit limit.

Credit score represent the likelihood that person would give back the money that he/she borrow from from credit providers. (higher credit score means that you are more likely to fulfill your credit obligation)

Using only a small percentage of your credit limit indicates that you are financially responsible and do not make unnecessary purchases from your earning.

A credit card holder can achieve a high score by paying the dues on time and increase the use of the credit card.

Further Explanation:

Credit score: A credit score represents the creditworthiness of an individual based on their financial transaction history. If a person has a sound and on-time payment records, then he would have a high credit score and vice versa.

Low credit score means that a person is not paying their bills and dues on time. The credit score is used by the lenders to assess the capability of the borrower to repay the debt. Generally, lenders do not prefer to lend money to the person with a low credit score.

Maintaining a high credit score:

A high credit score can be achieved in the following cases:

•The Payment of the minimum credit card dues on time.

•The advance payment of the entire balance.

•Lump-sum payment of the total credit card balance  

•Increase the use of the credit card.

Thus, a credit card holder can achieve a high score by paying the dues on time and increase the use of the credit card.

Learn more:

1.Learn more about the credit card balance

link

2.Learn more about low credit card score

link

3.Learn more about various approaches to increase the credit score

link

Answer details:

Grade: High School

Subject: Business Studies

Chapter: Money & Banking

Keywords: A person, help, increase, their, credit score, even if, credit card, payment of the credit card balance, credit card dues, charges, fee.

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