How can I re-establish my credit rating after bankruptcy?

The best way to rebuild your good credit over time is by making payments every month without fail.  A bankruptcy followed by a good payment record is much more desirable than a continued history of unpaid bills.  Creditors also may be willing to work with you because you are prohibited by law from filing Chapter 7 bankruptcy again for a significant period of time.

Other ways to renew credit you may want to consider are:

A number of banks now offer "secured" credit cards where a debtor puts up a certain amount of money (as little as $200) in an account at the bank to guarantee payment. Usually the credit limit is equal to the security given and is increased as the debtor proves his or her ability to pay the debt.

Normally, four years after a Chapter 7 bankruptcy discharge, debtors are eligible for mortgage loans on terms as good as those of others with the same financial profile, who have not filed bankruptcy.  The size of your down payment and the stability of your income will be as important than the fact you filed bankruptcy in the past.

Your bankruptcy can stay on your credit report for 10 years.  It becomes less significant the farther in the past the bankruptcy is.  The truth is, you are probably a better credit risk to a lender after bankruptcy than before.