I am thinking of consolidating my two credit cards through a personal loan.
In order to increase borrowing capacity what is viewed more favourably – Having 2 credit cards or one personal loan?
I I went with the personal loan, I would be cancelling one of the cards.Any advice greatly appreciated!
If you have a credit limit on any of your cards the mortgage lender will take this as an item to reduce how much you can borrow even if the credit card is empty of debt. You may wish to reduce the credit limits on both credit cards or on the one remaining credit card.
The personal loan will be an item that also reduces how much you can borrow for a house loan !
However the personal loan should have a lower interest rate than the credit cards.
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