Credit Score in Baltimore>Question Details

Mstrong27, Home Buyer in Baltimore, MD

I want to consolidate 13,000 of credit card debt into one payment without a debt program that will bring down my credit score. Is this possible?

Asked by Mstrong27, Baltimore, MD Sat Sep 25, 2010

I can afford the montly payments but interest rates on credit cards are really high. I am trying to buy a house soon.

Help the community by answering this question:


Mstrong, you will get a lot of advice about paying off high-interest cards first. This is true for saving interest. However for credit score purposes you actually want to prioritize a slightly different goal, which is to make sure that your credits cards are ALL at least 50% paid off. If you use more than 50% credit on any card it is a negative. Try to get them all down to 25% utilization. That helps. For more tips check out my 10 part blog series, Top 10 credit myths. Link below. Good luck!

p.s. if you can use a good agent in Baltimore, let me know. I have a great colleague there.
0 votes Thank Flag Link Sun Oct 3, 2010

Hi there,

I don't normally answer questions here but am here often and learning answers from all of them.
What I did in the past (my own experience). Whichever has the highest limit on your card contact them and see first if they can increase your limit. If they do talk to them about paying off those little ones. Just like consolidating in that account that has the highest limit. Don't forget to ask them when you should call to get a lower rate. If you're doing really good in paying it on time and more than your payment amount each month then you build trust with them They'll help you out. Talk to the manager not just anybody there. If this doesn't work call all the other creditors you have and do the same thing.

Third option. Those new offer call them and ask who can give you a better rate. Once you have a new account open one and pay those who has a higher rate if possible combine them. Make sure that you are using your money to pay this loan (consolidation) don't get tempted using the money somewhere else.
I've been also with debt consolidatin thru internet. I got cheated and lost almost 3,500 dollars for monthly fee and they neer pay my bill.

I hope this help. for the meantime save money for the house by managing your cash wisely.
0 votes Thank Flag Link Sun Sep 26, 2010
Hi there - I recently had a customer that paid off all of her debts and the tradelines were closed.
We had a really rough time getting the mortgage done because she had no open and active trade lines on her credit report. I would strongly suggest that you work with a great credit couselor and not do anything until you do. I teach classes on this subject and offer it as a free service to my customers.
In the meantime, you might think about just leaving everything alone until after you purchase if you can qualify with the debt ratios and then really going strong after you have those new home keys in your hand.
lending in all 50 states!
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0 votes Thank Flag Link Sat Sep 25, 2010
If you have good credit and have a credit card with low interest transfer rate options that you can put other debt on, that's probably a great way to save money on interest. However, what you don't want to do is to totally pay off those credit cards as the companies might cancel the cards once they are paid off, and that might lower your credit score. I suggest you seek out a professional credit consultant who knows all the nuanaces of what affects your credit card score. Best, Terry Bell, Realtor, CPS Real Estate, Santa Rosa, CA
0 votes Thank Flag Link Sat Sep 25, 2010
It may be possible if you are able to secure a credit card with low interest rate and that high of a line of credit. Not all debt consolidation programs bring your score down. I have a mortgage professional who can advise you better -- she used to work for a company that did that -- and it was to help credit, not harm it. Please let me know if you would like to speak with her. She can advise you as to the best route to take to continue on your hopeful path to homeownership!
Thank you!
Marney Kirk
Keller Williams Excellence Realty
0 votes Thank Flag Link Sat Sep 25, 2010
I worked for a debt settlement company and am a Realtor. I will be happy share some tips with you. Contact me directly at
0 votes Thank Flag Link Sat Sep 25, 2010
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