Credit Card limit was reduced..Any problem with FICO Score

Anonymous — Fri, 24 Apr 2009 00:15:34 GMT

Hello,

Today I got a letter from Bank of America indicating that my credit limit was reducted from $50,000 to $24,500, I called and asked why and they said it is being done to all holders based on credit review....etc. I have been customer with them since 1995. I asked if this will effect my FICO and the Bank of America Rep said now.

Currently I have 3 other credit cards with limits from $4000 to $10000. I always payoff my balance in full each month..I usually have about $100 to $200 on each credit card that I pay in full each month.

My quetions...IS the reduction in the limit for one of the cards from $50,000 to $24,500 will cause my FICO to drop? If yes, by how much (estimate)? Will it be a short term or long term drop?

The Rep from Bank of America said that my FICO will not be effected...but I don't belive him.

Thanks for the help.

Re: Credit Card limit was reduced..Any problem with FICO Score

Anonymous — Fri, 24 Apr 2009 00:22:27 GMT

Short answer, surprisingly enough, is no it won't drop your FICO score.

In fact now that it is below 25-30K it will now start to be included in your utilization,

As you are carrying no large balances it has no effect on you presently.either way

topic Credit Card limit was reduced..Any problem with FICO Score in General Credit Topics

Credit Card limit was reduced..Any problem with FICO Score

Re: Credit Card limit was reduced..Any problem with FICO Score