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Regular Contributor
cd2004
Posts: 147
Registered: ‎07-19-2010
0

Does American Signature Furniture account report like CC?

I am in the process of moving and I'm in dire need of new furniture and I dont want to max out my credit cards or deplete my savings. I was approved to get an American Signature furniture account at $1500 CL will it report as revolving?  I was worried my score would take a great hit because more than likely the limit will be maxed out?

Starting scores Jan 2011: EQ: 510(fico) TU:521(fico) EX?
June 2014 scores EQ08:683 TU08:667 EX:651(amex)
Goal: 700's

in my wallet:BarclayMR $7k/CareCredit $7k/DiscoverIT $6k/Ashley furn. $5k/Springstone $5k/Kanes furn $3.5k/Walmart $2.7k/Cap 1 Plat.$ 2.5k/JCP $2.5k/Chase freedom $1.7k/TJX $1.7k/Cap 1 cash $1.5k/Amex delta $1k/Victoria $950/Paypal $800
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MrShush
Posts: 1,412
Registered: ‎04-18-2008
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Re: Does American Signature Furniture account report like CC?

It will report as a revolving CL like a traditional CC rather than a line of credit.
Regular Contributor
cd2004
Posts: 147
Registered: ‎07-19-2010
0

Re: Does American Signature Furniture account report like CC?


MrShush wrote:
It will report as a revolving CL like a traditional CC rather than a line of credit.

Thanks, I may have to calculate my util on all my accounts because the furniture I want comes up to $1475, I know I will pay it off in 6mths but I am afraid of the maxed out dropping my score alot of points/

Starting scores Jan 2011: EQ: 510(fico) TU:521(fico) EX?
June 2014 scores EQ08:683 TU08:667 EX:651(amex)
Goal: 700's

in my wallet:BarclayMR $7k/CareCredit $7k/DiscoverIT $6k/Ashley furn. $5k/Springstone $5k/Kanes furn $3.5k/Walmart $2.7k/Cap 1 Plat.$ 2.5k/JCP $2.5k/Chase freedom $1.7k/TJX $1.7k/Cap 1 cash $1.5k/Amex delta $1k/Victoria $950/Paypal $800
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ryanbush
Posts: 1,292
Registered: ‎08-19-2012
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Re: Does American Signature Furniture account report like CC?


cd2004 wrote:

MrShush wrote:
It will report as a revolving CL like a traditional CC rather than a line of credit.

Thanks, I may have to calculate my util on all my accounts because the furniture I want comes up to $1475, I know I will pay it off in 6mths but I am afraid of the maxed out dropping my score alot of points/


 

 

are you planning on applying for anything else in the next 6 months, if not don't worry about your scores

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Does American Signature Furniture account report like CC?


ryanbush wrote:

cd2004 wrote:

MrShush wrote:
It will report as a revolving CL like a traditional CC rather than a line of credit.

Thanks, I may have to calculate my util on all my accounts because the furniture I want comes up to $1475, I know I will pay it off in 6mths but I am afraid of the maxed out dropping my score alot of points/


 

 

are you planning on applying for anything else in the next 6 months, if not don't worry about your scores


+1  Maxing your scores only matters when you're apping for credit.  You'll take a ding due to Util but when you pay that off it'll shoot right back up.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
cd2004
Posts: 147
Registered: ‎07-19-2010
0

Re: Does American Signature Furniture account report like CC?


ryanbush wrote:

cd2004 wrote:

MrShush wrote:
It will report as a revolving CL like a traditional CC rather than a line of credit.

Thanks, I may have to calculate my util on all my accounts because the furniture I want comes up to $1475, I know I will pay it off in 6mths but I am afraid of the maxed out dropping my score alot of points/


 

 

are you planning on applying for anything else in the next 6 months, if not don't worry about your scores


No I dont plan on applying for anything in the next year or so, I have applied for all the things I needed in the last 4mths. I was just trying to reach my goal score of 700's by end of year but right now my furniture is more important. I am like 30-50 pts on each bureau away from 700's

Starting scores Jan 2011: EQ: 510(fico) TU:521(fico) EX?
June 2014 scores EQ08:683 TU08:667 EX:651(amex)
Goal: 700's

in my wallet:BarclayMR $7k/CareCredit $7k/DiscoverIT $6k/Ashley furn. $5k/Springstone $5k/Kanes furn $3.5k/Walmart $2.7k/Cap 1 Plat.$ 2.5k/JCP $2.5k/Chase freedom $1.7k/TJX $1.7k/Cap 1 cash $1.5k/Amex delta $1k/Victoria $950/Paypal $800

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