Would it be damage my credit score if I go for consilidate all my bills.?

I do have bills,mostly are my credit card bills.Im planning to consolidate all my bills and go for a one payment only(one bills per month).Would it be affected my credit score?...Because we were planning to buy a house.Thanks for reading my post and hope I can get the best I can. Goodluck to me.

Would it be damage my credit score if I go for consilidate all my bills.?

If you are talking about going to a consumer credit counseling service, yes it will affect your ability to buy a house. It won%26#039;t affect your score much if you are already behind or have maxed out your cards, but when ANY lender sees %26quot;consumer credit counseling%26quot; on your report, they treat that the same as a bankruptcy and will not give you a loan.

Would it be damage my credit score if I go for consilidate all my bills.?

The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.

1. Re-payment history

This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.

2. Outstanding debt

The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is

30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.

3. Length of your established credit history

The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score.

4. The state of your financial accounts

How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score. Read more from: http://www.credit-card-gallery.com/artic...