Suddenly bad credit, how long to fix?

My husband and I had great credit (above 750) until 2 months ago. Both of us lost our jobs and our savings couldn't float us. We moved in with my parents about 3 weeks ago to help, and now we're both working again at dependable jobs. (He had previously been self employed so there was never a steady paycheck.) We have a baby on the way and really need to get out of my parent's house. Unfortunately, the 2 jobless months left us high and dry credit-wise, and in a few short weeks it has plummeted from the high 750s to mid 400s.



It didn't take very long to ruin our credit; how long will it take to fix it, now that we're on time again, etc? Will it take just a few weeks? Or are we going to be waiting years before we can buy a house?Suddenly bad credit, how long to fix?
To be honest I have never seen anyone's FICO dropping that much in just two months, are you sure the 400's number was real FICO? From your question you obviously didn't file for bankruptcy, and probably just missed a few payments which shouldn't kill your credit like that.



But anyway, it does take time to rebuild credit. Negative marks remain on your credit report for years, for example, late payment stays on for 7 years, bankruptcy 10. For full details you can visit this site: http://triceiver.com/CreditReport.aspx



However, I do believe that since everything is back on track for you now, you score should come back rather quickly within the first few months. But it may take a few years for yours to be 750 again. Make sure you pay off whatever was missed asap, because the time overdue is as important a factor as late payment itself.



While fixing your credit, you should start saving for an emergency fund that is at least 3-6 months' living expenses. This is very important especially since now you have a baby on the way.



Oh don't close your idle credit card accounts at this moment. It will just shorten your credit history and negatively affect your score. If you had late payments on that account, closing it won't help in anyway.



Rebuilding credit is a time consuming process, but in the end you will find it all worthwhile. Good luck!Suddenly bad credit, how long to fix?
it will take years to improve your credit..

when u guys get the money pay of your debt right away and u will u see a change..
Time is the only solution. Creditors usually will work with you. Afterall they would rather get some money out of you then none at all. Just make sure you pay it all off little by little. Don't go getting more loans or credit cards. Leave your credit card account open but leave a zero balance. Leaving it open will give you points. Do not apply for more credit cards because like you said if your credit is not all that good and if you get denied more than twice a year it can give you a mark on your credit. I went through it and it takes time. As time go on you will learn because I have learned. Life just happens. Good luck.
Although your credit score can drop in an instance it will take time to rebuild, figure on 6-12 months depending on what is in your credit report. If you have derogatory item, or things that have been written off they will remain there for 7 years, even if you paid them off. My guess is with the 400's the later is the case
Hi,



Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on%26lt;!--bad credit, you must know to how to confront it and how to clear the bad credit. Many factors can contribute to someone getting a ';bad credit'; rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on



http://badcredits.awardspace.com/



You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to--%26gt;arrange loans or other finance, and usually means you will pay more interest on any loan you take out.
This is easy-



roughly or approximately with the right steps taken you can expect that your credit can go back up in as quickly as 6 months.



It can be longer..but do not feel hopeless. Its just a number, and it does go fluctuate fairly easily.



It will not take that long( 7 years) as long as you make solid steps toward building up.



I fret it will not be up again that high (750s) within weeks.



This will take some time...

very doable within 6-12 months.

follow steps and get there!

enjoy your new baby..!