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 computed by taking the quantity 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 may have seen a drop in offered credit on one card, a various company may 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 checking your credit rating often. A possible treatment to a lower credit line is just to increase your overall quantity of credit offered.

Credit utilization is computed 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 opportunities you can take to minimize the damage to your financial health. While you may have seen a drop in offered credit on one card, a different company may consider you due for a credit line boost.

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