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My husband and I are interested in buying a home but we would like to consolidate our credit cards to make things easier. I heard this can damage our credit score, then we won’t be able to buy a home when we are ready.

4 Responses to “Does it hurt your credit when you consolidate credit cards into one?”

1. Nelson_DeVon says:

   January 9, 2010 at 3:13 am

   Credit is a strange thing–it shouldn’t hurt your score, but it might since one of your cards may be close to the max. I would call them and explain what you are trying to do, and maybe they can raise your limit so that you will stay under 50%.
2. SPIFIMAN1 says:

   January 12, 2010 at 4:49 am

   As long as you wait 6-months it will actually help your credit.

   All of your credit card balances will be $0 (keep them that way) and you will have another trade line on your credit report paid as agreed.
3. Miss Mocha Latte says:

   January 13, 2010 at 2:49 am

   Consolidating debts is the best way to make your life- and payments easier. Just get your own loan. If you work with one of those debt consolidation companies, then it does lower your credit score.
4. Mike M. says:

   January 16, 2010 at 1:18 pm

   You need to speak to a loan specialist. There are many issues involved including minimum monthly payment, total debt, age of debt, credit limits on each account, etc. Each lending institution has slightly different requirements. Sometimes everything gets consolidated at the settlement table, and won’t effect your credit until you have the mortgage. Usually a Realtor can suggest a mortgage broker who will answer your questions and pre-qualify you for no charge.