By far, the fastest way to credit repair and improve your credit score is to know what your credit report says about you. Specifically, you need to get copies of your report from all 3 reporting agencies at http://annualcreditreport.com you can get this report once a year at no charge. Look at what’s known as the “negative reason codes.”
Whenever an account is listed in your report, it will either show a “pays as agreed” or have a positive reason code, or it will show a problem with the account and list a negative reason code. You need to look at the negative codes because they will tell you exactly what the problem is, so you will know what steps to take fix it.
For instance, a code of “01” means “amount owed on accounts is too high.” These codes vary slightly from bureau to bureau, but you can find out their meanings from http://www.scoreexpert.com/ReasonCodes.aspx
There are a lot of factors that can affect your credit rating – everything from lack of recent auto loan information, having too many revolving accounts, using almost all of the credit line. It is best to use less than half of your available credit on any given revolving account. When you are armed with this type of information, it will be much, much easier for you to formulate a plan and take action towards improving your credit score.
There are many options available to help you work out a spending plan each month so you can work at paying off your debt if you are looking for a debt free lifestyle as one of you goals.
This process does take time, and there are no overnight solutions. It takes time and perseverance to back out of old financial patterns, but it can be done. Knowing the negative reasons in your account is the biggest and first step, and is the fastest source of information for determining how to repair your credit and improve your credit score.