First of all, here's a reliable source: http://www.myfico.com/CreditEducation/ImproveYourSCore.aspx
Second, as in many things in life, there is no quick fix or magic pill that will heal all ills.
1. Pay your bills on time from now on, reduce the balances on as many of your accounts as possible, but don't close any accounts.
2. Go through your credit report line by line, and correct any errors that you can. Understand that no government backed lender (FHA/VA/Freddie Mac or Fannie Mae) will even process your loan if you have outstanding disputed issues on your report. That's because the old way to "fix" credit was to dispute everything in the hopes that the company would delete it rather than spend the time to investigate it. That doesn't work any more.
3. Don't open or close any accounts, unless your lender instructs you exactly how to go about it to improve your score. If you don't have any accounts open, you may want to open an account, borrow a little, pay it off and keep it open. Of course, accounts that are OLD have more weight.
4. Be careful about making changes relating to OLD accounts and chargeoffs. They don't carry much weight any more, but paying them off or changing them may refresh the data and make it current news.
The best thing you can do is to find a solid, experienced lender who will work with you to get these resolved. Most of us REALTORSÂ® know one or two who will do a great job.
Doc and Ellen Stephens, REALTORS
Keller Williams Realty
10999 IH-10 West, Suite 175
San Antonio, TX 78230
(210) 696-9996, ext 409