Credit Rating - any thoughts - also do banks consolidate line of credit into a mortgage with the same bank?

I did my Equifax score and it said that i was right at the risk point. That is because I have way too many credit avenues that i can use. They are all from past financing purchases.
I have 1 bad remark from missing 1 30 day payment (which by all accounts was 40% my fault 60% the creditors. Anyway I have no other existing debt to any of the credit companys that I have used in the past.
I want to get a new mortgage for a second house purchase and plan on terminatimg all but a line of credit $20000 and 1 Visa card with a $2500 limit. Other than the 1 missed 30 day payment, everything else is good.
My spouse and I can easily make the payments on the new mortgage. Will that one missed payment affect us getting a mortgage. (her credit history is spotless) My credit score wasnt that great due to all the available credit i could use, but with all that terminated and only the line of credit and 1 visa card we are well within our financial means to make a new house purchase.

It sounds like you have a clear goal (purchase a 2nd home through a secondary residence mortgage). Banks are constantly changing their guidelines, but it sounds to me that you will be able to get your loan, provided you put 20 to 25% down. In your case, it's more about "loan to value" (which is 80% if you put 20-down, 75% if you put 25% down... lower is better from a bank perspective) than it is about any one specific item on your credit report.

It also sounds like you are making efforts to clean up your available credit. That's also very important.

http://www.creditmexy.com