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 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 unexpectedly lower credit line on your credit card, there are a few opportunities you can take to reduce the damage to your monetary 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 boost.

Credit utilization is determined by taking the amount of credit you’re using and dividing it by the amount of credit you have access to. If you do find yourself with a suddenly lower credit line on your credit card, there are a few avenues you can take to reduce the damage to your financial health. While you may have seen a drop in available credit on one card, a different issuer might consider you due for a credit line boost. Something worth getting into the habit of doing even if your credit line hasn’t reduced is inspecting your credit score regularly. A possible remedy to a lower credit line is merely to increase your general quantity of credit offered.

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