No, there isn't a quick fix to your credit problems, but by understanding how your credit score is determined can help you take steps in improving it. You won't be able to turn a 500 credit score into a 700 overnight, but once you begin to practice smart credit habits, your score will begin to improve.

But before you can begin to make any improvements, you really need to know how your score is determined. Your FICO score takes into account many factors, but some are far more important than others.

What Makes Up Your Credit Score:

• Payment History - 35%
• Total Amounts Owed - 30%
• Length of Credit History - 15%
• New Credit - 10%
• Type of Credit in Use - 10%

As you can see, simply making payments on time and keeping the total amount of debt down accounts for over 60% of your score. That doesn't mean that the length of credit history or the type of credit in use aren't important, but you should probably focus your efforts on the top two. Her is some additional information and tips to improve your credit.

The first step in personal financial planning is controlling your day-to-day financial affairs to enable you to do the things that bring you satisfaction and enjoyment. This is achieved by creating and following a budget. Controlling spending, saving money, and investing for the future are all important aspects of financial planning, but those things mean nothing if you don't have specific goals that you're working towards. In order to gauge your financial success, you need to have goals so that you can measure your success and progress. The second step in personal financial planning is choosing and following a course toward long-term financial goals.

The four steps to setting financial goals:

• Identify and write down your goals.
• Break goals down into short-term and long-term goals.
• Educate yourself.
• Evaluate your progress.

More information on setting financial goals.

Have you ever wondered how you can quickly estimate how fast your money or investments will grow? Sure, you can plug numbers into a financial calculator or software program to get an answer, but it doesn't have to be that hard. You can simply use the Rule of 72. This quick calculation will tell you how many years it will take your money to double based on a particular interest rate.

Of course, there are plenty of variables that affect how money grows in reality, but this quick calculation can be helpful when you want to have a rough idea, or are comparing two different investments or interest rates. Learn how you can use the Rule of 72 to estimate your returns.

Banking is just a part of life. Unless you keep all your cash locked up in a safe at home, you probably use a bank to hold on to most of your money. But not only do banks hold our money, but they provide a lot of useful services such as writing checks, offering ATM and debit cards, savings accounts, and even online bill payments. But these services aren't always free.

Even when a bank does offer free services, there are still many little events that can trigger small bank fees. Using an out of network ATM can cost you a few dollars. Having your balance in your account drop below a certain limit may trigger a monthly service fee. And obviously, overdrawing your account or writing a bad check can be costly.

While the fees may not always be large, if they happen frequently it can really start to add up. A few dollars here and there could end up costing you $20 each month or more. Learn how to reduce your bank fees and save money.