text: The first thing you need to do is contact all of your creditors and see if you can work out a payment schedule. Make sure you can stick with any arrangements. You can often work out a settlement for less than is owed. Once you have these balances cleared, you should see your credit score rise. While you are clearing your credit you should start saving money for a down payment on a house. It takes time to rebuild your credit. Don't get discouraged. You can do it.