Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website http://www.consumer-action.org/.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/microsites/moneymatters/dealing-w
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
We work to help folks repair and rehab their credit all the time. We charge nothing extra for the service than a full credit report charge ( 9 dollars to 60 dollars, depending), and that is not charged until your loan closes....so we have a vested interest in th success of your credit repair. As I understand it, most loan officer offer similar services, just not as effective as ours!! :)
I would be happy to work with you on this issue.
Best regards, Jim, American Bank