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If you have a bad credit score this new program might help you get a new credit card. If you have a poor or bad credit score there are some things you could do fairly quickly to improve it.
Dig out that old card
The first is to start using that old card that’s just been sitting in a drawer. The older a credit history you have the better. If you had stopped using that old card your card issuer might choose to close your account or not update it to the credit reporting bureaus. The accounts will still be there but won't have as much weight in the credit-scoring formula as your active accounts. You could improve your credit score by charging a recurring bill to that old card or by taking the family out for dinner and a movie occasionally. Of course you will need to pay off your balance in full every month.
Dispute negative items
Second, you should dispute old negative items in your credit reports. Let's suppose you got into an argument with your utility company regarding a bill several years ago and as a result the account went into collection. This gets a bit sneaky but you could dispute a bill like this as "not mine." If it's an old and a small account and you dispute it, the collection agency might not take the time required to verify it when it’s investigated by the credit reporting bureau.
If you have significant errors in your credit reports you need to focus on them. The things that are really worth the time and effort to correct include late payments, collections, charge-offs or other negative items you believe aren't yours. You should dispute it if you see credit limits that were reported as lower than they really are, as well as any accounts that were listed as "paid derogatory," "settled," “settled for less than owed” and any other items that isn't listed as "paid as agreed." You should also dispute negative items that are more than seven years old (or 10 in the case of bankruptcy) as they should have dropped of your reports automatically.
Improve your credit utilization
The second most important factor in your credit score is your credit utilization or debt-to-credit ratio. It accounts for 30% of your score and is something you can control – unlike your credit history. The way your credit utilization is calculated is by dividing your total credit limits into to the amount you've used up. Let's say that you have total credit limits of $10,000 and total balances of $2000. This would yield a credit utilization score of 20%, which would be considered very good. On the other hand, if you had balances totaling $5000 of that available credit your debt-to-credit ratio would be 50% and would be having a very negative effect on your credit score. There are two ways you could improve your credit utilization. The first would be to pay down some of that debt. Again going back to our example of $10,000 in total credit limits with total balances of $5000 if you were to pay it down by $2000 your debt-to-credit ratio would drop to 30%, which would definitely have a positive effect on your credit score. If you are unable to do this you might be able to get your credit limits increased, which would have the same effect as if you had paid down some of your debts.
Finally, here's a helpful video with more good tips for quickly improving your credit score.