Paying down your debts (30% of your FICO) is about as important as on-time payments (35% of your FICO). By the time you pay down your credit cards enough time will have gone by that you will probably have the 620 score which is generally the cut-off for decent credit. Below 620 is considered sub-prime, and I'm sure you've heard about the subprime mortgage crisis so you'll now have an even harder time with a score under 620.