Here's what I use for light rust: Mix a pint bottle of concentrated water softener liquid cleaner in a one gallon garden sprayer. I spray on rust and let sit until I see the surface turning white. I will sometimes reapply the solution, as a direct rinse doesn't remove all. I may brush against the surface with a brush while the solution is on the surface, depends on the amount of rust. Rinse off solution thoroughly and let dry. It is the phosphoric acid in the water softener cleaner that removes the rust. A guy can also use rust cleaners and surface etchers sold at auto body suppliers. I have and there is little difference except in my wallet.
I don't see how a conventional 1/4" or larger bolt is going to break from rust-through in just a few years. Even snow plow equipment or offshore steel that is continually exposed doesn't fail like that. There are other forces at work in that situation.
Painting the underside is a good deterrent to rust. I may do that to my 47 yr old trailer since the frame is covered with surface rust. It is a lot of work and has little improvement with low risk to continue with what I have.