How long will it take for my credit to get better?

My husband and I claimed bankruptcy at the start of the year, and we are now having a baby. We are okay financially, and don%26#039;t have many bills. But, we would like to trade in our car for something a little bigger. Our car is not too old, so we don%26#039;t HAVE to trade it in, but we would like to for something bigger and safer. My score is around 550 I think..the vantage is 646. Anyway, if we save up a few thousand dollars will it help? Also, when should we trade it in? Should we wait until the bankruptcy has been discharged for two years??|||Depending on the type of bankruptcy, it will take 7 to 10 years after filing, and yes, then you have to wait for 2 more years after the discharge, for your credit to completely heal. That is a long time. Because of the bankruptcy, lenders will be very weary about lending any money to you and your husband.





The higher down payment you have, the more likely that you%26#039;ll be approved for a credit account like a car loan. You may be able to offset the damage that the bankruptcy has done a little bit if you apply and get approved for a secured credit card.





Other than that, I would suggest to save up for a large down payment to go with your trade-in for when you do need a safer vehicle. Just save up for everything.





Good luck.|||Although it stays on your credit report for 10 years, you should be able to re-establish your credit after 2 to 3 years. If you or your spouse are employed and have $500/$1000, you should be able to get a secured credit card from your bank. Make sure they belong to the credit bureau. Use it for gas and small items and always pay the balance the following month.