CNBC.com- With lower credit limits, cash-strapped consumers, will have less of a back up— and in some cases none at all—when things get tough. “It’s going to, in turn, effect discretionary spending,” says Bruce Cundiff, director of payments research and consulting at Javelin Strategy & Research.

So, here’s how to prepare for any changes.

Pay Attention

A change in credit lines or account closures will be communicated in writing. Woosley says consumers should check online statements as well as regular mail, as some of the notices can look like junk mail.

She suggests using myfico.com, and making sure there aren’t any errors on the report.

Appeal The Decision

If you get a notice saying your credit limit is being reduced, you still have a chance to call up the company and try to reverse the decision, especially if you feel your credit score is in good standing. Sometimes, mentioning the possibility of changing card issuers can help. “Consumers still have some power,” says Weston.

Use Your Card

If you have a dormant, or inactive, card—one with a zero balance on a regular basis—use it for small purchases, recommends Kaplan. “It might be a good idea to go out and use it, so it doesn’t look like it’s sitting there unused,” she said.

Don’t Miss Payments

An obvious piece of advice, but worth repeating, try to pay your balance in full every month, avoiding interest and finance charges.

Companies are less likely to take action “if you have good credit,” says Kaplan.

“You should know your credit score by checking it at least once a year, says Weston.Read Full Article