[Gearhead999]

When you say going up and down. You need shocks to stop that.

I don't know what bolt you're talking about.
Is it the shackle bolt??

If it is, it should be in front of the shackle itself. If it has been pulled down it is usually to overcome a weak spring.
If you put it where it belongs it should lower the car.

Sounds like the springs might of seen better days.