If you're looking for a fast, quick way to improve your credit score, you're pretty much out of luck if your credit history is seriously damaged. Improving a bad FICO score takes time. You may be able to "fix" your credit rating, but it's not an immediate fix. The good news is, once you've gone through bankruptcy, foreclosure, repossession or other bad debt problems, you can start anew building your damaged credit score. Learn what you need to do to repair the damage and, with everything else being equal, financially get your feet on the ground again.

Note:  Credit scores are not the only factor that affects whether or not you get a loan or the interest rates on loans offered you.

Your credit score is a numerical marker of how good or bad a credit risk you are. Lenders may offer--or refuse--you loans to some degree based on your credit score. You're unlikely to get very good interest rates on loans or lines of credit if your credit rating has recently been seriously hurt by foreclosure, bankruptcy or other damaging credit events.

If you haven't already, you should check your credit score to make sure it is good enough for you to qualify for decent loans and also to make sure it doesn't contain errors you don't know about that might be a blot on your credit history. If so, make sure to get the errors fixed.

Improving a credit score is done by building a better credit history. The Fair Isaac Corporation offers tips on how to build a credit history.

• FICO scores improve naturally as your credit history gets better over time. You don't need to request a review. Each time your credit score is requested by a lender, your FICO score is recalculated based on the new information reported to the credit bureaus.
  
• Avoid going delinquent on payments. Never let the balance of a bill go over into the next month, and don't let your loans slide into default. Pay all your bills in a timely manner before the payment due date.
• Avoid closing a credit account you don't use, unless there are fees associated with it.
  
• If you do miss a payment, get current on your payments as soon as possible.
• If you're having difficulty making your payments, get in touch with your creditors or a credit counselor to work out payment arrangements. Over time, this can improve your FICO score.
• Reduce your outstanding debt on revolving lines of credit such as credit cards. Keep a low balance. Showing that you pay down your credit cards is a big step toward fixing your credit score.
  
• Don't transfer balances and shuffle debt frequently. This is seen by the credit bureaus as an attempt to fix your credit rating quickly.
  
• Re-establish your credit history. Have credit cards and/or installment loans and pay them off each payment cycle. Again, this is a slow but effective process. Remember, repairing credit isn't a fast process; it takes time.
• Open new accounts that you will use and pay them off on time.
• Avoid opening lots of credit accounts simultaneously or credit accounts you aren't going to use. This is also seen as an attempt to increase your credit score fast.
• Don't get impatient. You'll see your FICO score raised as you demonstrate that you are a low risk to lenders.
  

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