According to a report from Lending Tree, California residents who file for bankruptcy may be able to rebound from it relatively quickly. The report indicates that about 40 percent of Americans have a credit score of 640 within a year of filing. That improves to 65 percent within three years of filing. Having a good credit score is one of the most important attributes to have when applying for a mortgage after a bankruptcy.
Those who had a credit score of at least 720 three years after bankruptcy were offered home loans at rates similar to those who hadn't filed. The key to repairing a credit score after bankruptcy is to have a plan. Part of it should be to obtain gas or retail credit cards that are easy to repay. In fact, it may be beneficial to apply for credit cards and not use them at all.