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 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 couple of opportunities you can take to lessen the damage to your monetary health. While you may have seen a drop in offered credit on one card, a different issuer may consider you due for a credit line boost.

Credit usage is computed by taking the quantity of credit you’re using and dividing it by the quantity of credit you have access to. If you do discover yourself with a suddenly lower credit line on your credit card, there are a few opportunities you can take to lessen the damage to your monetary health. While you may have seen a drop in available credit on one card, a different provider may 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 treatment to a lower credit line is just to increase your overall amount of credit available.

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