This is an irregular verb. It follows the conjugation pattern of the verb ler.
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In everyday speech, acreditar is more common; crer sounds more formal or literary. Careful: the imperfect forms (cria, criam) look identical to the present of criar.
PresentPresentePresente
(Eu) creio em milagres.
I believe in miracles.
PreteritePretérito perfeitoPretérito perfeito
Ninguém creu na história dele.
Nobody believed his story.
ImperfectPretérito imperfeitoPretérito imperfeito
Na Idade Média, as pessoas criam em dragões.
In the Middle Ages, people believed in dragons.