STYLETHREAD -- LET'S TALK SHOP!

I believe they're updated monthly.  We had a credit card we'd been (intentionally) carrying a balance on to build my credit.  The balance was slightly above the halfway point of what was available, and by paying that down so there was more available than used (literally like $100) it bumped hub's credit score by 16 points.  It was enough to get an interest rate drop of 1.5% because it bumped him into the next 'category'.

My point is that it will absolutely help!  I wouldn't necessarily cancel the cards (unless they charge yearly fees or something), but paying off as many as you can and getting any others you can under the half-limit point will definitely improve your score!

Also, when our credit was pulled for our original mortgage approval, it showed a zero balance on our 'main' credit card even though I had just mailed payment to them maybe 2 weeks prior.  Maybe it's even instant??

I'd pay off all the high interest ones you can - there's no way you'r going to be able to make enough interest on that money sitting in the back to offset the interest charges your balance on the card would create.

So, completely pay off all the high interest cards, and I'd leave as little balance on a couple remaining lower interest cards as you can (between $5 and maybe $250, depending on how many there are and their limits).  If you have a card or two that you normally use alot and pay off each month, you can try always writing the pay-off check for $5 less than the balance, so you always technically 'carry', but the interest charges stay as low as possible.  I try to consider the little we pay each month in interest on the carry balance as what I'm spending to build my credit - at least that way it sounds like it's serving a purpose! 

not exactly what you are asking, but i do know that when you pay off a credit card, it is better for your credit score to keep the account open (as opposed to closing the account immediatley).  your ratio of available credit to unsecured debt plays a part in your credit score, therefore the more credit you have available to you in relation to what you owe, the better.

i would say it's always good to pay off high interest credit card debt, but i guess the thing to think about is if you are relocating, would the money better benefit you as a downpayment.  i guess the question is, how soon?  i would talk to a good mortgage person -- my sister has a great one who has guided them through all kinds of weird remortgaging and credit issues, so i would say a mortgage specialist would be able to help you with this.

Hi!  The major credit card companies report monthly to each bureau.  How your score is impacted will differ by bureau because each bureau uses a different scientific model for their scoring.  Each bureau also has multiple scores (their own and the FICO).  Even if the score is called the same thing (FICO), some bureaus weigh certain items more importantly than others.  In general, these are the items at each bureau that most impact the primary score:

-Late payments

-Amount of time credit has been established

-Amount of credit used versus amount available

-Length of time at present residence

-Employment history

-Negative history (bankruptcy, collections, etc.)

Items to increase score:

-Pay bills on time

-Do not apply for credit frequently (inquiries impact score)

-Reduce balances (maxed out on credit limit negatively impacts score)

-If you have limited credit, obtain additional.  Not having enough credit can negatively impact your score. 

So, the reports should be updated within 45 days.  Pay off balances, just don't close the account.