Personal loans to consolidate credit card date?

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My fiance and I are planning to buy a house next summer. We both have FICO scores in the range 700-720. We wanted to consolidate our debts with personal loans. Currently, my average loan interest is 14%, but I could get a loan at 8.5%. I am convinced that once the tickets are paid we could put them (it is rare that we even use them now), but unfortunately, we have used it too many years. None of us ever missed payments and even if we do personal loans pays more than the minimum is not a problem. We thought it would be easier, the payments were consolidated. Long story short, would be to take a loan that will adversely affect our results when we try to get a mortgage in the summer? We actually saw last summer and we’ve already approved for a mortgage then. Thank you for everyone’s help! ….

5 Comments
  1. Reply
    I Love Richard KHC
    May 16, 2011 at 4:07 am

    As long as the loan has a lower interest rate than your cards it sounds like a great idea! Scores in the 700 range aren’t going to go down unless you do something stupid like stop paying your cards.

  2. Reply
    Karen
    May 16, 2011 at 4:28 am

    A Consolidation loan will not look good on your credit report or application for a home loan. Buckle down and pay it off yourself fast or find a card for a lower rate and transfer the balance to that new card.

  3. Reply
    Chuck L
    May 16, 2011 at 4:55 am

    Contrary to some people’s belief, credit consolidation will not hurt your credit. Below I will give you a great url to go to.

  4. Reply
    Alethia
    May 16, 2011 at 5:04 am

    I have personal experience with a company who will get you around 6% on all your credit combined. You then have one low monthly payment that you can pay off in 24 to 48 months or sooner. This is not a consolidation loan, and there is no negative impact on your credit.

  5. Reply
    Marlee Graham
    May 16, 2011 at 6:02 am

    http://debtreliefreviews.net/top-debt-consolidation-companies/ has reviews of top debt consolidation companies that can even do student loans.

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