I have 3 different credit cards, that are not maxed out, but I would like to consolidate to make 1 bill a month.. will that hurt my FICO or credit?
2007-01-12 15:02:44 · 3 answers · asked by getting old 1 in Business & Finance ➔ Credit
It depends on how you intend to consolidate...Chapter 13 bankruptcy will hurt it...Credit counselling will hurt it (it shows up as a "repayment plan" on your credit report) Increasing the balance on one to pay off the other 2 won't hurt it...Opening a 4th to pay off the other 3 will hurt it, but again only for a short while.
2007-01-12 16:56:26 · answer #1 · answered by Kim K 2 · 0⤊ 0⤋
Nope....
Credit Score Myths Explained
http://www.debt-loan-refinance-mortgage-credit.com/category/Credit-Score-Myths-Explained.html
2007-01-12 22:42:16 · answer #2 · answered by marie a 2 · 0⤊ 0⤋
Yes. For home buying purposes, it shows up as a Chapter 13 (I think) bankruptcy.
Do you have the ability to transfer balances? If you do, transfer the balances to the card with the lowest interest rate and close the other two.
2007-01-12 16:22:19 · answer #3 · answered by CCTCC 3 · 0⤊ 0⤋