When your credit score starts to dip, it can feel like you're in quicksand. The lower it gets, the harder it is to rebuild. But don't despair – there are things you can do to start digging yourself out. Credit scores can fluctuate monthly, depending on your payment history. So, even if you have made some credit missteps in the past, there is always hope for improvement. Your score can increase if you pay down debt or open a new credit account. Conversely, your score could drop if you apply for a lot of new credit at once or increase your debt.

Not sure what a credit score is? Here's a quick refresher. Your credit score is a number that represents your creditworthiness – in other words, how likely you are to repay a loan. It's based on information in your credit report, which records your credit activity. There are different scoring models, but the most common one lenders use is FICO. Scores range from 300 to 850; the higher your score, the better.

If you have a low credit score, don't worry – you're not alone. According to Experian, one of the three major credit bureaus, 26% of Americans have a credit score below 601. However, there are several things you can do to start rebuilding your credit score.

1. Check your credit report for errors.

2. Pay your bills on time.

3. Keep your credit card balances low.

4. Apply for a secured credit card.

5. Get a co-signer on a loan or credit card.

Remember:

• High credit card balances can hurt your credit score, so keep them as low as possible.

• Late payments can significantly impact your credit score, so always pay your bills on time.

• A mix of different types of credit – such as credit cards, personal loans, and home loans – can help your credit score. So don't be afraid to mix it up.

• Communicate with your creditor. If you struggle to keep up with your payments, contact your creditor and explain the situation. They may be willing to work with you to create a payment plan that's more manageable for you. You may be able to negotiate with your creditors to get lower interest rates or monthly payments.