Ok, never posted before but need some sound advice! I am in the market for a house and have about $20,000.00 to put down. My husband and I are looking in the price range of $250-$290K. We both have steady jobs...his salary about $80K and mine $60K. We went though a job loss of about 7 months that took all our savings and left us with a hefty credit card debt-$30,000.00. We also have 2 car loans and a student loan totaling $40,000. I was thinking today that maybe it's a good idea to put that $20,000 towards our debt, and balance transfer the remaining CC debt to my credit card that I have had the longest...has the lowest interest rate out of all my cards. We would wait a few months while we build our savings back up before we buy a house. Would this action totally improve my credit score? If so, by what amount. Any other suggestions? Current FICO score is 661 and my debt ratio is 78%!! Thanks!
