ways to pay everfi quiz

what is a fixed regular sum used as a salary or allowance

• Benefit

• Stipend

• Wage

what could potentially hurt your credit score

• paying what you owe on time

• using the same credit card for a year responsibly

• Paying your credit card late

what is a payday loan

• a high amount of money borrowed with low interest that someone pays back over a period of time

• a small amount of money borrowed with high interest that is promised to be paid back with the user's next paycheck

• a small amount of money borrowed with low interest that you have to pay back by a set day

which is a source of promised income

• wage

• student loan payment

• salary

how does having more cards help improve your credit score

• it decreases your total available limit increasing your limit ratio

• it increases your total available limit and reducing your limit ratio

what is a credit card

• a card that pulls directly from an associated bank account

• a card that allows you to borrow money from a loan company

• a card that has a set amount of money on it that you can't add more onto

what age do you have to be to get a credit card

• 18 and over only

• typically 18 but can be approved by a parent to get one before that

• you can get one whenever as long as your parent approves

if you paid off all your debt at once would that hurt your credit score?

• No it would actually raise your credit score

• Yes because your supposed to pay it over time

what's a travel card?

• a prepaid card allowing unlimited travel on buses or trains for a specified period of time.

• a card meant for travel purposes that allows you to borrow money and pay it back in a specific amount of time

what happens if you overdraft a debit card?

• you get your card canceled/taken away

• you have to pay a fee that is like a check

• depends on whether your debit account allows you to overdraw money on your card