How can I improve my credit score?

A woman who was recently in the market for a new home discovered that her credit report was blemished, all because of a late payment on her existing home mortgage. This came as a surprise to her because she always paid her bills on time. She contacted her bank immediately and reported the error. The bank acknowledged that a mistake had been made, and issued a letter stating this to the credit bureau. Even so, it can take a couple of months at least before a mistake like this is corrected. In this case, the buyer was able to obtain the loan she needed despite the credit error because she had a cash down payment of more than 50 percent of the purchase price. But if she, like many buyers, had a cash down of 10 percent, or less, she might have been turned down completely, or only qualified for a less desirable mortgage. When a late payment or similar credit blemish shows up on your credit report, it can lower your credit score and make loan qualification more difficult. Increasingly l...