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

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Credit utilization is determined 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 an unexpectedly lower credit line on your credit card, there are a couple of opportunities you can take to decrease the damage to your financial health. While you might have seen a drop in offered credit on one card, a various 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 checking your credit score often. A possible solution to a lower credit line is just to increase your total amount of credit offered.

Credit utilization 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 discover yourself with an all of a sudden lower credit line on your credit card, there are a couple of opportunities you can take to decrease the damage to your financial health. While you may have seen a drop in readily available credit on one card, a different issuer may consider you due for a credit line increase.

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