buying a new house in 120 days)? Consider this:1. I have $30k in credit card debt.2. I have a 1st mortgage for $200k (4%) and a Home Equity line of $170k (at prime rate) with no additional credit available.3. I am buying another house at the end of April.Would I be better off refinancing my Home Equity and Credit Cards into a new Home Equity loan, or just stick with it as is?I have heard that I may be able to get better rates on my loan for my new house if I refinance. Could this be true?Thoughts? Opinions? Alternatives?

Buying another home with a HELOC of $170K is a bit risky. If you are doing this for investment purposes, be sure you can cover your new mortgage / taxes / monthly maintenance. That said, consolidating your credit card debt is a good idea ONLY if you are willing to cut up all of your credit cards and never use them again. Learn to pay cash before you leverage yourself with debt through owning 2 homes, a HELOC, and credit cards.

You don't mention how much equity you have left in the home, but lets assume you have some equity. You would not want to "max out" your equity. Save at least 5-10% since you are going to be buying another home soon. Now if you have equity left to refinance your equity loan & pay down some credit cards, by all means do so. To best improve your credit score, pay off what you can, but at least reduce each credit card so that you have some available credit if any are at or near their limits. These are important factors in credit scoring and will get you a better rate on your new home. Its best not to close the cards that you pay off. Having that available credit will help your score. Close the cards after you secure your new home loan. Good luck!

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