First, continue timely paying on items such as your home and cars that were not discharged in bankruptcy. Having at least a couple credit items you are paying on- time will help. Second, limit amount of other debts such as credit cards or bank loans. Too much debt will make it more difficult to qualify for a loan, particularly revolving credit accounts such as credit cards. Your debt-to-income ratio is one part of puzzle lenders will look at in determining your ability to repay a mortgage.

Have you considered preparing a budget? The first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend. Start by listing your income from all sources. Then, list your "fixed" expenses — those that are same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize rest. The goal is to make sure you can make ends meet on basics: housing, food, health care, insurance, and education. Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your cheque book, and creating plans to save money and pay down your debt.