Q.I filed for bankruptcy twice, a Chapter 7 in 1999 and a Chapter 11 in 2001. Since then, I have been making timely payments on credit items that I had (home, car), but I have not established much new credit. Question 1: When will the bankruptcies fall off of my credit reports? Question 2: What should my credit score look like?

A. We contacted Fair Isaac Corp., creator of the FICO score that virtually all lenders use when determining creditworthiness. Craig Watts, a spokesman for the company, said there is no specific formula that determines what happens to your credit score after a bankruptcy. It depends on how many accounts were involved. But there is no doubt that your FICO score goes down.

Both Chapter 7 and Chapter 11 bankruptcies will fall off your credit reports 10 years after discharge, which means your Chapter 7 should go away next year. If any of your accounts went into collection, a record of that will remain on your credit report for seven years, so those also should be close to being cleared.

But you can begin rebuilding your credit before your bankruptcy is discharged by paying every bill you have on time. Do that, and your credit score should begin improving.

In order to show real improvement, you have to establish new credit. The best way to do that is to apply for a credit card, buy an item or two every month and pay your balance in full every time.

Charge things that you have to buy anyway -- a tank of gas or your dry cleaning. We don't want you to spend more money. We just want you to pay for them without cash because 35% of your FICO score is based on your payment history, so the more on-time payments you make, the higher your score.

Here's where you can compare credit card rates. Where it says "COMPARE CREDIT CARD RATES," just put in your state and click on "GO." You'll have dozens of choices. And when one card is under control and working for you, get a second. Do the same thing.

Your application should be accepted after all this time, but if it isn't, you can begin building credit with a secured credit card. It requires you to deposit $300 to $500 with the credit card company, and that serves as your credit limit. If you use that card responsibly, you'll build credit and eventually be accepted for a regular card.

Here's where to learn more about finding the best secured credit cards.

You probably also should enroll in the FICO Quarterly Monitoring program. Here's where to review it and its benefits. It costs $4.95/month or $49.95 year to receive your FICO score quarterly plus a credit report from TransUnion -- one of the three major credit reporting agencies. That way,you can monitor your progress.

You can get free copies of your credit reports (but no FICO) once a year at annualcreditreport.com. This is a good way to check for errors that may be affecting your score.

Regarding your credit score, your ultimate goal should be 720 or better. With a score like that, you're golden. You should get the best rate on any loan available. But rebuilding credit takes time.

We suggest you read our 7 smart moves to improve your credit score. It will give you lots of information and links on this topic.