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 discover yourself with a suddenly 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 readily available credit on one card, a different issuer might consider you due for a credit line boost. Something worth getting into the practice of doing even if your credit line hasn’t decreased is checking your credit score frequently. A possible solution to a lower credit line is just to increase your general quantity of credit available.

Credit utilization is calculated 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 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 issuer might consider you due for a credit line increase.

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