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 calculated by taking the amount of credit you’re using and dividing it by the quantity of credit you have access to. If you do find yourself with an unexpectedly lower credit line on your credit card, there are a few opportunities you can take to minimize the damage to your financial health. While you may have seen a drop in readily available credit on one card, a various company might consider you due for a credit line increase. Something worth getting into the practice of doing even if your credit line hasn’t decreased is checking your credit score often. A possible remedy to a lower credit line is merely to increase your general quantity of credit offered.

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 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 minimize the damage to your financial health. While you may have seen a drop in readily available credit on one card, a different company might consider you due for a credit line increase.

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