DIY Debt Consolidation & the Aftermath: Credit 'Repair'!
so, couple months ago i settled multiple unsecured credit cards and now finally they are reporting as closed (by the consumer) and settled (for the amount agreed; a few say for less than the full amount, though).
my fico/credit score is still terrible, low, though, at 528. last year, it was in the 700s but then i splurged at home depot and realized i may as well just default on all those credit cards and let them go to collections cuz i heard they settle for around half. besides i was going 'blind' (severe postcapsularhaze) for some time after a traumatic head-on injury and even after eye surgery in both eyes so my credit score was the least of my concerns.
anyways i'm wondering now that i do not have nor will i open any new lines of credit (no more credit cards, no more cell phone contracts, no mortgage, no auto loan, etc) indefinitely, how long might it take for my credit as far as 'score' to be back up to qualifying say for an FHA?
a year or two? much longer?? or do i have to wait for the negative credit card histories (ie, 180+ days late before closed) to drop off my credit record more completely in like 7yrs or whatever the current cutoff is?
do i now need to open secured lines in order to build it back? i havent ever considered starting a business line of credit (as my organizational endeavors are more in the nonprofit arena, not business) but might be open to that too if there is a way to start a business line of credit with no good personal credit to back it up with in the 1st place =/