I am considering consolidating my

debt consolidation , will not hurt your fico score but will show you are in a consumer credit counseling program on your credit report and some banks look at that as bad or good . Depends on the bank.

mobile0311 is right, and, depending on your situation, it could even improve your fico score. I'm talking about consolidating, not a CCCP. However, if you're planning on buying a new home next year, most lenders will not look favorably on a CCCP showing up on your credit report.

[justify:fa5cb8e20a]It won`t hurt ur chances..Debt consolidation is often advisable in theory when someone is paying credit card debt. Credit cards can carry a much larger interest rate than even an unsecured loan from a bank. Debtors with property such as a home or car may get a lower rate through a secured loan using their property as collateral. Then the total interest and the total cash flow paid towards the debt is lower allowing the debt to be paid off sooner, incurring less interest.[/justify:fa5cb8e20a]

Keep this in mind though. A lot of financial advisors do NOT suggest turning unsecured debt into secured debt . So basically your 2 best options that won`t hurt your score is debt consolidation loan and consumer credit counseling.