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Amelia1211

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I am trying to use the stimulator thing. What category would this fall under?
I recently opened an account with a furniture store. I don't have a payment until next month so nothing appears on my report yet. I was trying to figure how it will effect my credit but I am not sure what category it would fall under. Would I use a new loan or new credit card? The total financing amount was 1,200. If it's a loan would I use that amount? If it's a credit card is that my limit?

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Use the loan option in the simulator, not a credit card.   That is because the credit card would be a line of credit whereas the store would be an installment loan for the total cost of the loan.   As you pay it down, you do not retain the original line of credit.   Also, it is possible that the furniture store may not report this to the bureau unless you miss a payment.  Inquire if they report and if so, which bureau do they report.

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Depends

I have bought furniture and it was on a line of credit, credit card, or I have taken out an installment loan.  Read your paperwork to know which it is, one will spell out monthly payment amounts and when loan is projected to be closed, one would tell you of yearly fees and other credit card information. And yes you would use the 1,200.00 either way, although if it was a line of credit they should have informed you of your limt.

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