What will it do to my credit score if a creditor lowers my credit limit?

Question

It was $2800 and they sent me a letter saying they lowered it to $2521...

Answer 1

that's so weird...never heard of that before...ever.

Answer 2

Are you carrying a balance?  You credit score is affected by the balance divided by the limit... so if you're carrying a 50% balance of your credit limit then it could be why they dinged it.  

So now the percentage will go up if your limit was lowered.

Answer 3

Due to the small decrease I would not worry about it.

The only way this could affect your score would be if the decrease made you debt to credit ratio go over 30% and then your score would take a hit.

Answer 4

Should not lower your score unless they lowered your limit due to late payments