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By Terry Savage on November 20, 2021 | Credit/Debt

How soon after bankruptcy am I allowed to rebuild credit to purchase a home? And can I rent an apartment with a chapter 15 hanging over my head?

Terry Says

Once the bankruptcy is over — discharged — you can start to rebuild your credit using a “secured card” — a Visa or MC that has a credit limit based on the amount you deposit in a savings account at the issuing bank. Read here for more about secured cards. Charge regularly, and pay on time and don’t carry a balance. That starts immediately rebuilding a credit history.

As for your bankruptcy hanging over future credit decisions, first I’m guessing that was a typo and that you entered Chapter 13 bankruptcy, NOT chapter !% (which is for international bankruptcies!)
Your bankruptcy will stay on your credit report for many years — slowly to be replaced by newer, more positive items.
The landlord has the choice of renting to someone with a bad credit history. If you can offer perhaps a 3-monthy security deposit, you would likely have a better chance of getting approved.



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