It’s important to note that repairing bad credit takes time and there is no quick way to fix a credit score. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast.

There’s no need to waste your time — and some short-term damage to your credit score — by applying for a credit card offer that’s out of your league. This first step is crucial because the information in your credit reports — and the scores that are calculated as a result — will be critical in determining which cards you get and how much you pay for them.

A good FICO score is one that exceeds 700. Any amount above that number is generally sufficient to qualify for the lowest available rates on most types of loans, but it is not a one way ticket to being able to take out extraordinarily large loans-your income will have a more significant effect on that.

Your credit score is used by lenders to determine if you can get a mortgage loan and what interest rate they will charge you.  It is also used to obtain a car loan, cell phone contract –- even employers and landlords check it!  This is a precious 3 digit number you should try your best to protect.

If you don’t have an established credit history, or if you do have an established credit history but it has some dings, you may need a co-signer to get approved for a loan or credit card. By co-signing a credit application, the co-signer is agreeing to assume responsibility for the debt should you, the primary borrower, default on your agreement to pay the debt.