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 FICO 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 more information and ways to improve your credit.