What is the fastest way to improve my credit score and rating?

Public Comments

1. Click on My Q&A and go through the guidelines.
2. Make sure you make payments on time, early if you need to, just don't be late. This is HUGE one, more than 1/3rd of you're overall credit score is caused by this. Reduce your balance on credit card. Try to keep it below 25 percent of your limit. (transfering between credit card does not work, it's of overall credit) This is also a huge one, about 30 percent of your credit score. Get a copy of your credit report and fix any mistakes. Myfico.com is one place to buy your credit report online. If you were denied credit, you are entitled to a free credit report from the bureau supplying the information that was the basis for denial. Fission
3. The fastest way to improve credit is to obtain new credit (either a credit card or store card), use it and then pay it off every month on time. This will build a credit history if you don't have one already. Credit bureaus take into account payment history, outstanding credit and available credit lines to assign a credit score. So, it's good to have several open credit lines that are always paid on time. Just be sure not to max out any of your credit cards, because this makes you look risky. It's also not good to have too many accounts open because that creates the potential for you to get out of control, even if you don't use any of them. The instant availability of store credit cards get lots of people in trouble with credit scores - so if you have lots of those that aren't being used you might want to consider closing them.
4. Pay up. That's the only way.