Tone up or Lose Weight?

**Kind of a repost of my earlier thread but with pictures this time.

Should I lose weight or focus on toning? I can't tell. I'm 5'3, 153lb. and I wear between a size 5-9 (dependent on brand) jeans. I can still wear all my homecoming and prom dresses from high school, with the exception that my girls are spilling out the sides but no horrificly, just a little. I was 127 then. This is like 6-7 years later. I'm a college senior, student teacher, african american as well. According to the BMI scale, I'm overweight but I look the same as I did in high school except my thighs may be a bit bigger and I went up to a 36C.

I heard the BMI scale isn't accurate and I'd like to know if I'm overweight or not or if I should even be worrying about losing weight. I like my thighs and chest, though I would like to ton up my arms, thighs, and have a flatter stomach. I look more bloated than fat so should I be worried?

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