line of credit

[hoppermech]

was speaking to pour friend about our upcoming mortgage as we are very close to being where we need to get our loan score wise, as we talked we started talking about minor repairs that will be needed and some upgrades that we would like to make, she suggested getting a line of credit to cover these. Is this possible and is it smart to do. we were considering rolling a bill consolidation loan with he mortgage as the company we are going thru we already have a loan there. Smart Choices?

[IOBA]

IMO, no.

The line of credit is something you should wait on.  It's so easy to get into a house, spend more money, and then find yourself going, "How do I make all of these payments?"

As for the debt consilidation - my first impulse is to say no.  It doesn't solve the problem of your spending and how you ended up feeling the need to consolidate.   My opinion might change after you close on the house and with more information about the debts.   

Definately do NOT do anything before closing on the house!!  No way, no how!  Not even applying for a line of credit!

And please, never think of, or use your house, like a bank.