If you filed for a chapter 7 bankruptcy years ago, how long does it take to start living a better life in the eyes of your creditors?
For openers I'm not sure about credit cards or home loans, but after bankruptcy is discharged you should be eligible for an auto loan. The first car you finance after bankruptcy will be at a higher rate then you're used to, so I would recommend buying a car that meets your needs in the short term and not your dream car. I've seen a lot of people buy expensive cars right after bankruptcy for a 72 month loan term. The problem with this is that after 12 or 18 months the borrower qualifies for a better rate, but cannot trade in or re-finance the auto because the loan to the value is too high. This is called negative equity. If you finance a car with payments that do not exceed 15% of your income for the 36 months you should be able to trade in at about 18 months and qualify for a better interest rate.
Whether it's a credit card, home loan, or an auto loan, you have to get credit to re-establish your credit rating, and start living a better life.
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