Good AND bad, everything stays on your credit file for 6 – 7 years, so time could be on your side if you’re trying to recover from past difficulties. If you’re curious to see what is on your own credit report you can obtain a copy for free.

Reduce your monthly debt payments (excluding mortgage payments) to no more than 15% to 20% of your take–home pay. This will allow you to manage unforeseen financial challenges effectively.