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I'm looking in the next couple of months to qualify for a mortgage. Currently I have 7 credit cards and 3 with balances. I pay about $175 per month on those 3 and I owe about almost 8000 on those. My question is if I get a loan to pay off those cards, it would be about $250 a month, wouldn't that be worse having a higher payment per month to get all my credit cards to zero? Would the consolidation loan be counted towards my DTI?
Thanks in advance!
of course it will count towards your Dti
Ok, thanks. I'm more worried about my DTI than my credit score at this point. I'll just stick with paying down the credit cards..