Most people mistakenly believe that their credit and their credit report are the same thing.
This is wrong. Your credit is you r ability to borrow money, while your credit report is a summary of your payment and credit history. Although you may have a perfect payment history, if you currently have more bills than you can afford, you have no credit because no one will loan you any more money. Many people discover this when they apply for a consolidation loan. Bankruptcy is a negative credit rating on your credit report.