what is a credit limit everfi
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Megan would like to purchase a house in a few years but hercredit score is not very high, she need to find a way to improveher credit score. part of her problem is that she has almost maxedout her credit cards.
Credit card 1 has balance $5100 and a credit limit of $5500
Credit card 2 has balance of $3800 and credit limit of $4000
Credit card 3 has balance of $ 3200 and credit limit of$3500.
Lowering this percentage will increase her credit score, gettingthis percentage down to less than 50% would be good. it would beeven better for her credit score if she could get this percentagedown to less than 33%.
1\\ if Megan total up her balance and come up with a plan forMegan to reduce her debt over the next couple of years. reducingher balance without reducing her credit limit will lower her debtto credit ratio, so what is the total balance or total debt onMeganâs cards? And what is her total credit limit?
2\\ calculate Meganâs debt to credit ratio as a percentage.round the nearest percent.
3\\ they decide that Megan need to reduce her debt to creditratio to 50% over the next tow years, what amount of debt would be50% of her total credit limit ? and how much she need to pay off toreach that amount?
4\\ she wonders if she will be able to reduce her debt to creditratio to 33% by the end of the third year. how much would she needto pay off in the third year to reach 33%?
Beacon applies for credit to the Big Wholesale Lumber Company(BWLC). Since Beacon is a brand new business and has no history ofoperations the credit manager for the BWLC is at first reluctant toapprove the request. Eventually, after heated discussions, sheagrees to a $10,000 limit, provided that the company's ratio ofDebt to Total Assets does not rise above .70, and that its CurrentRatio does not fall below 2.45.
Which of the following actions update a master file and whichwould be stored as a record in a transaction file?
a. Update customer address change
b. Update unit pricing information
c. Record daily sales
d. Record payroll checks
e. Change employee pay rates
f. Record production variances
g. Record sales commissions
h. Change employee office location
i. Update accounts payable balance
j. Change customer credit limit
k. Change vendor payment discount terms
l. Record purchases
