Quesions about reducing credit limit on card

[Son Underwood]

Hi, I'm new here and I'm looking for advice / experience with this question:

I have a credit card with a fixed rate and a high credit limit. I have reduced what I owe to about $3000 less than the limit, and I would like to start cutting the credit limit back so that my wife and I don't feel tempted to spend it back up again. So, I have three questions:

1) What will this do to my credit?
2) Is the credit card company likely to convert the card to a variable rate or mess with my fixed rate if I start ratcheting back the credit limit?
3) How much is a safe buffer to leave in between what I owe and my max limit? $1500? 2000?

Thanks for any advice or experience you can share!

[JoyJoy]

Go to http://www.experian.com/ask_max/index.html and type in the search box "credit limits". It will have a negative effect to reduce limits says experian's vice president of consumer affairs and she states the reasons why.

Total usage of your credit line shouldn't be over 50% of your credit card limit and 35% is even better.

Credit card companies have the right to change the terms of your card from fixed to variable from what I have read.

[Ima saver]

You will hurt your credit score. Do not reduce the limit, but do not charge anymore. You need to pay it down to zero and only use it when you can pay it off the following month!