Credit cards, consolidat
ion, scoring--l ooking for help!
01-06-2008 02:58 PM
This is my first time posting, and I'm looking for some guidance. Specifically, I'm wondering if consolidating all or some of my credit card debts with a personal loan or LOC (such as Bank of America's "Clean Sweep") is likely to improve my credit score. I have about $30k in CC debt (racked up in law school) that I'm working to pay down ASAP. I've been shifting balances around for a few years (yes, I know that's not generally a good idea) to keep interest rates low. Here's the breakdown:
BOA $15,000 (1.9% until May)
Discover $7000 (0.9% fixed)
Chase $1500 (8.9%)
Amex $6000 (0% into until Jan '09)
Here are my current credit scores:
Experian - 688
Trans Union - 706
Equifax - 716
What do you think? Another option would be to have my wife apply for a new CC in her name only and transfer some of my balances. The reason for all of this is that we'd like to buy a house in about 6 months. I'll be the only applicant on the mortgage, since she's a homemaker and has no income. We have studen loans and an auto loan--never had a late payment or any other negative info on any account.
Any suggestions would be much appreciated--Thanks!