New Sears Home Improvement Account / Utilization

Anonymous · ‎08-09-2018

My credit has finally come back after a long hard road. Feels good to be in control of my numbers again. Anyway, dont have alot of credit yet. Amex PRG w 3K and Cap One w 1K. No Collections. Couple lates over 2 years ago. Just financed a new ac system for the upstairs of my house w CBNA. Gave me 10K limit and put 8K on the acct. I thought that this was an installment loan but appears as a revolving charge. Screwed up my util which I had at less that 10. Now its sky high because of this. My question is should I convert this to an installment loan like lightwave or one of the others and pay this off.

Scores before cbna were EX 751 TU 741 EQ 746. Now they are EX 726 TU 680 EQ 761.

Thoughts?

Smooth_J · ‎08-13-2018

Depends on if you will be app'ing soon and what the APR is on the loan. If going the loan route, keep in mind your score will take a hit again from the hard inquiry, which would temporarly lower your score, AAoA, etc.

Anonymous · ‎08-14-2018

Your before/after scores are suggestive that you have far more going on with your profile than this new account. Adding a new account that reports with high utilization won't cause one of your scores to drop 25 points, another 61 points while the third goes up 15 points.