Going through bankruptcy is a horrible experience and can take a long time to get over. Once your bankruptcy discharge has been issued and the dust has settled, it is time to think about rebuilding your financial status and getting things back on track.
This of course is going to take time, and depending on the type of bankruptcy you filed for it will stay on your credit report for either 10 years if it is a Chapter 7 bankruptcy or 7 years for a Chapter 13, although this can also stay for 10 years in some circumstances. However, this does not mean you have to wait 7 or 10 years before you can start to apply for credit again, of course you shouldn’t be rushing to get yourself back into debt, having had to go through bankruptcy proceedings, but there are some circumstances where it is unavoidable such as getting a mortgage.
There are ways to help speed up the repairing process, although not by much, but, every little helps. If you know you want to apply for a mortgage as soon as you can, then you should get yourself a credit card from a company that specialises in high-risk lending. Use this to make a couple of purchases a month and pay it off every month, in full. This will build you a good payment history and show you are a responsible debtor and that you are capable of managing your debts. It is prudent to note that if you have an application rejected you should wait at least a week, preferably two or three before trying another application as each application leaves a footprint on your credit report showing it has been searched and why it has been searched. Having too many of these on showing on yor report will not go in your favour.
This will put you in good stead with future creditors. Now, most lenders will expect you to wait at least 2 years before you apply for any serious credit such as a mortgage, however there are lenders out there who may consider your application after 18 months if you have repaired your credit rating to a certain extent. The problem with these type oflenders is they specialise in high-risk lending therefore will have much higher rates and may well ask for arrangement fees and large deposits up front. If this is not a problem for you and you are keen to get a mortgage then this could be the right path for you, and you could be looking at getting a mortgage application accepted around 18 months from your discharge date.
If you are not keen to take the high-risk lender route, then you are going to have to be more patient. It may only be a case of waiting an extra 6-12 months, all the while working on building a good credit history and payment history, and saving a good deposit in order to show that you are serious about taking on such a large debt and are commited to paying it back in a timely fashion.