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Over the last few days, we've been taking a special look at the credit score. The most commonly used system is the FICO score. This is a very important number when it comes to getting mortgage financing. So far, we've looked what goes into a credit score and who looks at your credit score. Today is all about how to improve your credit score.

Improve your credit score

While some improvements to credit score may show up rather quickly, it usually takes three to six months for a dramatic improvement to be seen in your credit score. This means that if your score is questionable, it is a good idea to plan ahead. Here are some things you can do to boost your FICO score:

1. Pay your bills on time and at least the full minimum amount. As we discovered last week, payment history is the #1 important factor in your FICO score. Prompt, in full payment can have a big impact on your credit score.
2. Keep at least one long-standing account. When you cancel credit cards, your credit score will take a bit of a hit. You can minimize this by carefully choosing which cards to get rid of. Keep one of your cards that has been open at least five years. The longer your credit history, the better.
3. Maintain bank accounts. Checking and savings accounts can help establish responsibility and stability. Keep bank accounts active and in good standing.
4. Limit credit inquiries. Don't apply for very much credit. This shows up. You can actually see an increase in your FICO score if you go a few months without applying for any sort of credit or loan. Shred pre-screened offers. They don't check your credit score until after you return them.
5. Consistent use of your name. Try to pick one version of your name and stick with it. The more "aliases" you have, the worse off you'll be.
6. Consider the type of credit you have. Pay down balances and get rid of debt first on things like payday loans and department store credit cards. This kind of debt is not a good thing. Try to get rid of this type of debt first.
7. Pay down balances. Try and avoid being "maxed out" on credit cards. Paying down balances can improve your credit score.