Your credit score is a number that tries to quantify your credit history and practices so that lenders can quickly compare and assess you as a potential client. Recent activity counts more than old activity, but pretty much everything is there. So, while good behavior can improve a low score over time, bad behavior shows up for years.
Recent Activity
The best thing you can do is to clean up your act immediately. Pay all your bills on time, stop relying on your credit card and try to pay off any outstanding balances. Good behavior can start improving your score within the first two months.
Quick Fix
There are two ways to quickly boost your credit score. First, get a copy of your credit report and check it for accuracy. Make sure you report any erroneous information to the credit bureau and the listed creditor. If your credit report is correct, try to pay off all late bills and other outstanding debts and ask to have your report go through rapid rescoring, which can update a report within 72 hours.
Past Performance
Though old mistakes will lose importance as time goes on, even things as seemingly minor as a late payment can stay on your record for years. Credit inquiries (such as those made by a company when you open a new account) appear for two years and delinquent bills remain on your record for seven years. Bankruptcies and any other public record occurrence stay on your credit report for 10 years while a tax lien will appear for a whopping 15 years.
Tips
A couple other moves with open cards or lines of credit can make your credit usage appear more acceptable. First, BankRate.com discourages people from closing old credit cards with no balance. Those accounts establish that you have been using credit for a long period of time, and closing them reduces your borrowing history. Second, having a low balance compared to available credit ratio boosts your score, so spreading out balances between cards can help (however, watch out for high rates on some cards).
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