Raising your credit score takes time. Your score didn't drop overnight, and it's not going to come back up that fast either. A good credit score will be 700 or higher; 760 is considered excellent, and the top score, a perfect score, is 820. A score above 700 is considered by lenders nearly the same as a perfect score, and anything below 620 is considered a risk for those lenders.

To begin, go to the government website, www.annualcreditreport.com, and request a free credit report. You can do this annually, but it won't include your credit score. You can, however, check the report and make sure your name, address, employment history, and credit history is accurate.

Next, check the websites of any of the three credit bureaus: Transunion, Experian, or Equifax. Each of these offers different packages which enable you to check your credit report and score each month, usually for around $15 for the basic information.

If you find errors, and you will, simply because each bureau has different reporting methods and some creditors only report to one, you need to make corrections. These could be as simple as your name and address, a past employer, or a closed credit account.

Gather your documentation, canceled checks, copies of letters from creditors, statements, and so forth, and prepare to make corrections. Contact the credit bureaus and ask them to remove the conflicting and/or inaccurate items. They are required to do so, but they must usually investigate first; it can take up to six weeks for the information to be corrected on your credit report.

All three bureaus offer disputing processes, either online, by phone, or by mail. Doing this online takes the least time and aggravation. And creditors are often quick to report delinquencies, slow to report a good transaction.

Paying your bills on time, over time, is the best way to raise your credit score. Don't risk a collection account. Derogatory items remain on your credit report for 7-10 years, whether or not you eventually pay them off. If you make a "deal" to pay a lower balance, often the creditor will list the difference as a "charge-off", and future lenders will be reluctant to process your loan.

Some experts recommend closing old accounts, and some don't; don't, however, close your oldest credit account. Part of your score is calculated on the length of your credit history, and closing that account from 1985 could lower your score.

Do, on the other hand, pay down your balances to 35% of less of the total credit available. This raises the amount of credit available to you, and can help increase your score. Make sure, too, that you have a good mix of revolving, installment, and mortgage credit.

If your credit score is below 700, there is certainly room for improvement. However, be aware that raising your score will take many months; there is no quick fix. After you've been successful, stay on top of your credit by doing a complete check-up every 6-12 months. It's much easier to maintain a good credit report than to repair one.