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if i consolidate credit cards does it affect credit score?

im going to be buying a house soon and I dont want to damage my credit beforehand by andrewimpala89619 from Herald, Illinois. Jun 8th 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

It may hurt your score depending on what the balances are on the existing cards. Generally opening a new card will lower your score, but paying down the balance on others so that they are now less than 30% of the limit on that card (or even less than 50% of the limit) can help, and it can help you qualify for a larger mortgage if your total payments are less as a % of your income (DTI)

Jun 8th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

True Consolidation will probably have a negative effect on your credit scores.

Jun 8th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Possibly.. but without putting your complete profile in a simulator, it's difficult to say exactly.. if your doing a consolidation loan, then these types of loans can actually bring your credit score down.. however if you take the proceeds and pay off your credit cards, it could raise your score.. whether or not your overall score would improve, it's difficult to say.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 8th 2015
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