Credit Card Consolidation?

Has anyone done this? Do you have company to recommend? DH and I want to do this, but we aren't sure how it will reflect on our credit and I definitely want to use a reputable company.

Thanks

we did this by putting them all on a 0% interest card with Bank of America and then wepaid it all off in like 6 months. After 6 months or so the rate would have gone up.

ETA: I don't think it affected our credit. We have good scores.

---

Posted by cluelessbride

we did this by putting them all on a 0% interest card with Bank of America and then wepaid it all off in like 6 months. After 6 months or so the rate would have gone up.

ETA: I don't think it affected our credit. We have good scores.

---

The above is a better and quicker option than actual consolidation through a consolidation company.

I consolidated all my debt, not because I couldn't make the payments, but because I had so much debt that if I didn't consolidate, I was going to be (1) perpetually broke, and (2) be paying the balances off for the next 35 years.

I consolidated with a company called 'A New Horizon'. Hindsight tells me that although everything is okay now, I should have gone with either Green Path or BUCCS (Budget and Credit Counseling Services).

Either way, now I will be debt free in 5 years instead of 35. I left a few store cards open in order to maintain a good credit rating by paying them on time ALWAYS.

I did this about ten maybe 12 years ago thru a company in RVC called Garden State Consumer Credit ... I paid off my over $25K in debt in under five years.

I think if you could find a credit card with a low or no interest rate and transfer everything there then you are better off.

If you are thinking of buying a house in the near future, credit consolidation does not look the greatest on your credit report.

They needs all kinds of proof to show you are not in bad credit standing and the consolidation has been in effect for a certain amount of time.

HTH

Thanks everyone for your advice.