Buying a House with Bad Credit

Americans are starting to wake up to the idea that if you have bad credit - or even so-so credit - it might prevent you from doing things you want to do, like buy a first house or refinance your mortgage.

As mortgage lenders increasingly use credit scores to decide who is credit worthy, improving, and then maintaining, your credit score has become one of the most important financial moves you can make.

But with the average American now carrying about $8,000 in credit card debt, bankruptcy rates have soared over the past couple of years. Unfortunately, filing for bankruptcy stays on your credit history for 10 years, and can significantly lower your credit score.

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