I have quite a large amount of credit card debt. Bank Of America has offered me a loan to consolidate these debts into one lower monthly payment, though I do not know how much they are willing to lend me yet and at what rate because I am reluctant to have them do an inquiry. I have just had one inquiry come off my credit report after the mandatory 2 years and that felt good. I was wondering how another inquiry will affect my credit score, 674(EQ), 719(EX). I have alot of revolving credit (which is always paid on time) and I realise that I will be wiping out one debt only to take on another, but how will THAT affect my score?
Any words of wisdom will be appreciated.
