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allsmiles2

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if i consolidate will this affect my chances for a home mortgage loan
my score is 668, by consolidating my credit cards ( which is taking out a loan) will this affect my chances of getting approved for a mortgage?

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If you have no negative accounts with balances due, past due accounts or other negative items like bankruptcy or judgments, then you may have a problem.  Consolidation may affect your score slightly; the inquiry will hurt a little and opening a new account may also be a hit against you, but it depends on your overall utilization.  Sit down with a mortgage lender and talk to them, they'll be more than happy to tell you what is and is not important to them with regards to your credit.  Don't have them pull your report until you're ready to get qualified, though.  Take them a copy of your report from www.annualcreditreport.com, since that is free and does not affect your score.  If you do consolidate, be sure to keep any of the "good" accounts open by using the card(s) once or twice a year.  That good credit history helps.  If you close out any good accounts, your score will take a hit.  You can learn more at www.credit.about.com.  

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