You can buy a house after bankruptcy by paying cash but for most of us\u00a0a mortgage is needed. In order to get a mortgage, you\u2019ll need to have a strong and healthy credit report.\r\n\r\nA bankruptcy stays on your credit report for 10 years and is a red flag for lenders\u00a0making them leery in extending credit.\u00a0 However, there is financial life after bankruptcy especially if you are taking the necessary steps to rebuilt your credit early. If you have a history of bad credit such as collections, bankruptcies or numerous late payments and don\u2019t take the steps to repair your credit report and improve your credit score, most lenders will not take the risk of giving you credit.\r\n\r\nThere are some lenders who may be willing to give you credit however expect a high interest rate and not so favorable terms. Once your bankruptcy has been discharged, you should work to improve your credit rating by opening up new credit cards and lines of credit. With on time payments on these new credit lines, it will\u00a0help reestablish your credit report that may be enough to help you obtain financing to buy a home.\r\n\r\nLenders want to see good credit histories so establishing good credit as soon as possible is important. There are some who believe sticking to cash payments is the only way to have good credit however lenders look at how you handle credit not cash. Paying for cash is a good way to curb overspending and a good practice to make sure you don\u2019t repeat past financial mistakes. Cash does not establish your credit after bankruptcy. If you\u2019re looking at obtaining a mortgage, you\u2019ll need a credit history. It\u2019s your credit history that lenders use to gauge whether you\u2019re a good or bad credit risk.\r\n\r\nRegain your credit worthiness by obtaining a new credit card. Make sure you make on time payments every month.\u00a0With a bankruptcy on record, you\u2019re more than likely need\u00a0to get\u00a0a secured credit card. A secured credit card works like any other credit card although the limits set is based on the amount of cash deposited. For example, if you deposit $500 in an account with the creditor, they\u2019ll give you a secured credit card line of $500. Some lenders have specific terms and fees that you should read and completely understand.\r\n\r\nBy\u00a0rebuilding your credit early, you may be able to prove to lenders you are creditworthy for a mortgage.