Was Your Credit Card Limit Lowered Due To COVID-19? How To Minimize The Damage To Your Financials & Credit

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Credit usage is determined by taking the quantity of credit you’re using and dividing it by the amount of credit you have access to. If you do find yourself with an all of a sudden lower credit line on your credit card, there are a couple of avenues you can take to decrease the damage to your monetary health. While you might have seen a drop in available credit on one card, a different issuer might consider you due for a credit line increase. Something worth getting into the habit of doing even if your credit line hasn’t reduced is inspecting your credit rating frequently. A possible solution to a lower credit line is just to increase your overall amount of credit available.

Credit utilization is computed by taking the amount of credit you’re utilizing and dividing it by the amount of credit you have access to. If you do discover yourself with an all of a sudden lower credit line on your credit card, there are a couple of avenues you can take to reduce the damage to your monetary health. While you might have seen a drop in offered credit on one card, a different issuer may consider you due for a credit line increase.

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