topic Re: Jared's/Comenity Credit Card- Instant Score Drop in Understanding FICO® Scoring

Jared's/Comenity Credit Card- Instant Score Drop

Anonymous — Mon, 17 Dec 2018 04:00:14 GMT

Hi All! I recently started my job / career after graduating and was fixed on improving my score, which went from 600 flat to 750 in a couple of months after paying off debt.

I recently opened a Comenity account with Jared's to finance an engagement ring on a no interest basis. I thought this would be great, but now the credit line is showing as a "maxed" out card and is killing my utilization. I didn't realize this would happen as I'm paying on an installment basis.

Any ideas or tips to fix this situation would be very appreciated!

Re: Jared's/Comenity Credit Card- Instant Score Drop

Anonymous — Mon, 17 Dec 2018 04:20:05 GMT

The quick fix would to pay down the utilization at least below 70%, but below 30% is better, if you have the cash to do so now.

While I know, you are doing your payments in installments, it’s still a revolving account, so that’s why it’s showing maxed out.

Congrats on your engagement!

Re: Jared's/Comenity Credit Card- Instant Score Drop

Pikaboo-icu — Mon, 17 Dec 2018 04:20:42 GMT

Welcome to My Fico..

Wow sorry that sucks.. Yes that card would be considered maxed out.

My suggestion: Go to Discover and Amex prequal sites, see if you are prequalified for any cards with Balance Transfer.

Apply and transfer that balance.

If not, until you pay down that balance, it will be tanking your score. It's temporary though and will go up after the balance is paid down.

Re: Jared's/Comenity Credit Card- Instant Score Drop

Caardvark — Mon, 17 Dec 2018 18:35:55 GMT

Did you attempt to get a CLI on the account? It would reduce your utilization %

Re: Jared's/Comenity Credit Card- Instant Score Drop

Anonymous — Mon, 17 Dec 2018 19:55:21 GMT

One more reason to stay single.

Re: Jared's/Comenity Credit Card- Instant Score Drop

Remedios — Mon, 17 Dec 2018 20:00:10 GMT

@Anonymous wrote:
One more reason to stay single.

Shameless self promoter

Re: Jared's/Comenity Credit Card- Instant Score Drop

Pikaboo-icu — Mon, 17 Dec 2018 21:12:09 GMT

@Anonymous wrote:
One more reason to stay single.

Or buy a CZ in gold and invest in a home.

I have both and can't tell the difference.

Re: Jared's/Comenity Credit Card- Instant Score Drop

Anonymous — Tue, 18 Dec 2018 04:34:00 GMT

@Anonymous wrote:
I thought this would be great, but now the credit line is showing as a "maxed" out card and is killing my utilization. I didn't realize this would happen as I'm paying on an installment basis.

Anyone think there's a chance that this is being coded as a CFA rather than a revolver? The installment nature of it sort of made me think CFA here, but I'm not sure if that's something a jewelry store would possibly push on a customer.

Re: Jared's/Comenity Credit Card- Instant Score Drop

Pikaboo-icu — Tue, 18 Dec 2018 04:53:03 GMT

@Anonymous wrote:
@Anonymous wrote:
I thought this would be great, but now the credit line is showing as a "maxed" out card and is killing my utilization. I didn't realize this would happen as I'm paying on an installment basis.

Anyone think there's a chance that this is being coded as a CFA rather than a revolver? The installment nature of it sort of made me think CFA here, but I'm not sure if that's something a jewelry store would possibly push on a customer.

Maybe but it's through Comenity and I've never seen any of their products code as a CFA before..

Shudder at the thought though- Yikes.

CFAs are deadly..

Re: Jared's/Comenity Credit Card- Instant Score Drop

Anonymous — Tue, 18 Dec 2018 16:17:11 GMT

I've never dealt with Comenity and know nothing about them, so you very well may be correct. The installment nature of what the OP was talking about just made it sound like that may have been the case.