New Visitor
Posts: 1
Registered: ‎06-29-2009

How is credit score effected when they lower limit

With the current climate of credit my credit cards for my store line has been lowered I owe more the 50% + with the limit. Some have been lowered to only around a few hundred dollars..For instance one had a limit $22,000 then went to a few hundred dollars over what I owe. I have written congress, my score in march was 766 but who knows now?
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007

Re: How is credit score effected when they lower limit

If you can pay everything under 9% of the current limits. Otherwise your scores will absolutely go down the chute. 

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+