I will describe a system I used to turn my dismal credit report into AAA credit in 6 months. My problem was that I had no credit. I was out of the country for 7 years and when I returned to the US, I promptly applied for a credit card, was rejected and was told that no history was worse than bad credit. I was ready to buy a house and car and needed all three reporting agencies to confirm I was and excellent risk.

Though most people only think of all the small brightly colored plastic in their purse or wallets as “credit cards”, the truth is some of them are not. While all the cards both debit and charge may often find themselves cuddled next to credit card a distant relative, a charge, credit and debt card each different from the other.

Credit Cards

Credit cards set a spending limit based on your credit rating and the money you make. They enable consumers to carry a balance from month to month and charge interest on outstanding debt.

Filing bankruptcy does not end the possibility of obtaining a personal loan. In fact, a person who files bankruptcy can obtain a bad credit personal loan in as little as 30 days after the discharge of the bankruptcy. And since they cannot file for another bankruptcy for seven years, this provides insurance for companies that are willing to take a chance on someone with bad credit knowing that they have legal recourse to recoup the amount of the loan.