Dear Miss Emily:

I leased a car but fell behind in payments. Recently I caught up and I'm on time with payments Now I'm trying to buy a home but I can't because my Fico score is low even w/cosigner. Will it kick back up, and what estimated time frame?

----------------------------Miss Emily's advice------------------------

Although I'm not a finance expert, I'll tell you what I know. Having a low Fico score, and with this bad economy, your chances of getting a home loan in the near future are slim to none. It's an abrupt turnaround, because so much of the reason our economy tanked is because loans were given out with little question as to how the person was going to pay for it. They were called sub-prime loans, and the banks didn't mind loaning because they would sell off the loans, take the up-front money, and let some other investor worry about it. Hence, one of the reasons we're in this fix, today. The best thing you can do is to build your Fico score (obviously) by always making payments on time, keep credit cards amounts low, and sit out the bad economy. A Fico score can improve much faster than a bankruptcy -- which can ruin your credit for 7-10 years. These are tough times, but the banks hold all the cards and there's not much you can do to change it. Owning a home can be a costly venture. There are property taxes, insurance, and you fix all the problems when things go wrong. Remember this fact, and you may feel better about your present circumstances. The real estate market is going to take years to recover -- and those who once saw it as a form of a nest egg -- or easy money to tap into,  won't be able to realize it in the way a person once might have believed. If your finances are the least bit fragile, you won't want the headache of owning a home, now. It's a good future goal but, presently, it's out of reach. But, if you are young, you still have a chance in the market if you stay financially stable for long enough to show a bank you're a good risk.