#Wait for the flames to burn out

If you can't mitigate your credit crash, don't despair. Take a breather after the event, says Rod Griffin, director of public education at Experian, before mapping out your re-emergence into the world of credit.

If you have other outstanding delinquencies, catch up on those payments. If you still face looming debt out there, work on reducing it. The key, Griffin says, is time.

More On How To Fix Your Credit:

"credit"

"You won't be able to qualify for credit for a while," he says. "Wait weeks or months so you have time to stabilize, to regain control of your current finances."

After the dust settles, restart your credit

It's also important to know how to fix your credit using new credit accounts. A secured credit card is typically the first and only type of credit available to someone with a badly blemished credit history. These cards require a security deposit, usually a minimum of $500, to activate it. The deposit is placed in a savings account, money market account or certificate of deposit.

If you consistently make on-time payments, your bank might convert the card into an unsecured card after a year, says Barry Paperno, consumer affairs manager at myFICO.com.

The card is not treated differently than a regular credit card by the FICO score, Paperno says. Just make sure the issuer reports to the credit bureaus. Otherwise, your efforts will be for naught.

Another way to build up your credit is to piggyback on someone else's credit card account. Ask a family member or your spouse to consider adding you as an authorized user on their credit card. An authorized user is not responsible for the balance, but benefits from the cardholder's payment history on that account. So, make sure you choose a financially sound credit ride. A side note: Experian only includes authorized user accounts if the payment history is good, says Griffin.

Ulzheimer also suggests checking with your bank or credit union to see if overdraft protection on your checking account is reported to the credit bureaus. Sometimes, it is considered an unused installment loan on your credit report.

"It's not a bad way to get a good thing on your credit report," says Ulzheimer, "as long as you don't have to use it."