Okay, First of all, there is no magic quick fit. With that said, do not be tricked into any fix your credit plans. The last thing you need is to pay someone to fix your credit and it is a rip off. It took some time to get into this mess and it will take you just as long if not longer to get out. First step, sit down and make a budget. Get all bills caught up and paid on time. At first use as much extra money in your budget as you can to get those high interest loans paid down or off. Then start a savings program, you can start little at first, as you will still be focusing on paying off debt. If you can pay down the car below bluebook you may want to try to refinance and get a lower rate. Debt ratio and payment history are key to home loans. Take some time and work out a plan, after a year you could be ready.

1st - search the Internet for a Consumer Credit Counseling service. They’ll work with your creditors to reduce your payments, and may even waive interest charges.
2nd - defer your student loans (if possible) to pay off your credit cards
3rd - PAY OFF THOSE CARDS! But don’t cancel them. Your credit rating will move higher based on how much credit you have available to you that you have not used yet. Example, if you have a credit card with a $5,000 credit line, and you close it, you’ve just lost another chance to show a bank that you can handle credit responsibly.

4th - Sell your car, cash out, and get a used one.

Also, if you want to save money for a home, make a list of every single purchase you make, from a stick of gum to a new shirt. After a month of doing this, you’ll really see where your money is going.

And, don’t keep applying for new credit cards, unless you are sure you are going to get approved. Everytime you apply for credit, your credit report gets tagged that you have been applying excessively for credit. To a potential lender, this will appear that you are ‘desperate’ for cash, and cannot handle your finances.

All in all, it will take time for your credit report to build back up…patience.

I would put off buying the home for the moment but keep that as you goal for why………..you pay off your credits, and any other bills that you have. As soon as you accomplish this your rating will give you what you need for the loan you want. Also I would suggest to start a savings account so you can have a good downpayment when you purchase your new home. This will keep your mortage at a reasonable limit.