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 amount of credit you’re utilizing and dividing it by the quantity of credit you have access to. If you do find yourself with a suddenly lower credit line on your credit card, there are a couple of avenues you can take to minimize the damage to your financial health. While you might have seen a drop in readily available credit on one card, a different company may consider you due for a credit line boost.

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 discover yourself with a suddenly lower credit line on your credit card, there are a couple of opportunities you can take to minimize the damage to your monetary health. While you may have seen a drop in readily 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 decreased is examining your credit rating often. A possible treatment to a lower credit line is simply to increase your total amount of credit readily available.

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