Credit score is a scientific and statistical analysis of a person's credit files, representing the creditworthiness and the payback capability. Creditworthiness refers to the quality of being worthy of a credit. This score is used by financial companies and lenders to assess the risk factor emanating from assigning credit to a particular individual. Sometimes, it may so happen that a person is not a defaulter or a threat to the financier on account of bad debt. Although things may not be simple in a few other cases. Nevertheless, the bottom line is that they fall short of a good credit score and thus, improving it becomes a priority. But many of us do not know how. So, here is how you can improve it fast. It's Pay Back Time Once you realize that your credit score is low, (which you would get to know by checking out your credit report), make it a point that you clear all your dues and payments. If you skip a payment or delay a payment, it can wreak havoc on your credit score. Never Shut Shop Never close your unused accounts. A positive, long term history with a creditor even if the account is unused or inactive helps in improving and getting a good credit score. The longer you have a credit history with each creditor, the better it is going to be. Hence, chuck the idea of closing old accounts and if you have credit cards you do not use much. Just keep them in a safe place, and forget about them. Low on Credit Cards Okay, the earlier point told you to keep away your credit cards, even though unused. Now if at all you are using your credit card, utilize it responsibly and properly. Keeping your balance below 35% of the total credit limit mark is ideal and advisable. Further, have the payments made in time for each card and develop a good standing. Updating - The Key Any inconsistencies and inaccuracies in the credit report can affect your creditworthiness and credit score. Therefore, review your credit report. Correct any wrong information and see if it is properly updated. If you come across any outdated or erroneous information, inform the concerned authorities and get it changed. The Checklist

• Check the intent of the credit report. A bad credit report in one is not the end of the world.
• Shop for the most economical rates.
• Avoid over-indulgence in inquiries before you go for a loan or apply for a credit card, because it drastically brings down your credit score.
• Avoid bankruptcy as much as you can. In fact that is the best possible way to improve credit score.
• If (unfortunately) you undergo a divorce, separate your account from that of your spouse's account.
• Finally, negotiate with the creditors and communicate honestly and openly with them. A good way to do that is to immediately contact the creditor once you come across a problem regarding payment.

Improving your credit score immediately, is not very difficult. You just have to be thrifty and a bit judicious about your finances and credit.