I have fair credit with 2 of 3 bureaus,what will happen if I pay off all my credit cards?

I have a fair score with Experian and Equifax. However with Transunion, its slightly poor due to late payments to Capital One.I was also told that since I have been making payments on time since then some lenders might overlook a couple late payments,which weren't really my fault anyway. I had payment protection with Capital One and they were late paying my credit card bill for me when I needed it. I'm in the process of getting a second job for the sole purpose of paying off all 5 of my credit cards ( they range from a balance of $250 to $1000, none of them exceed $1000). I'm mainly doing this because I want to raise my score because I may want to apply for a personal loan sometime this year.If I pay off all my cards around the same time, what will happen to my credit and my score?

P.S. - The total that owe in credit cards is about $2900.

Actually, your score my drop a bit.

YOur score is based on the amount of credit that you have and how you handle it. If you pay off the accounts and close them you will have less of a database for the score to be derived from. Therefore ANY negative item will have a greater weight agains the whole.

On the other hand.. if you pay them off, keep them open, and pay them off on time and in full each month, your score may improve a bit.

A better way is to review your score and see if any of the charges are in error or slanted. Then write a protest to each of the 3 companies explaining your side. This may reduce their negative impact

(it may not because the way that the scores are generated, while described in general, are somewhat like the identities of the neilson families or the coke formula - well guarded).

The measurement of your score is mostly about "activity" and no defaults or walking away from debt.

If you are paying your cards and other loan relationships regularly and being current with people, your credit score will maintain itself or go up

Be well

Your credit will improve.

Make sure to close all the accounts. You have to call the issuing bank and tell them you want to close your account. They will try to offer you great (not really) incentives to keep your account open, but be firm and insist on closing them. This will also help your credit score.

I would keep one credit card open for emergency use.

After you pay them off, your score may not rise very much. The problem is you still have all that available credit, you may have to close 4 of the 5 accounts and wait awhile until your score rises.

It will take time, but you're on the right track.

Read this:
http://www.nextcreditera.com/1.php

your credit score will go up.

My Experian and Equifax scores are considerably higher than Transunion. I think it is just the way each does the math.

My credit score went from pathetic to good in 4 months after paying off all my vehicles and credit cards. Other than monthly bills, I have only debt--my house.

I have been informed, though by credit groups, that closing credit card accounts does not help. It does not provide enough info, and shows negatively against some credit reports.

Paying them off will give you an excellent rating.Don't close them however,leave them open just don't use them.Or cut them up except for one for emergencies.