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

[Anonymous]

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.

[Anonymous]

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