Obtaining Credit

For the single or young person or new credit applicant it is often a frustrating experience for a person to establish their credit record. The question raised is,
"If I haven't any charge accounts, how can I establish a credit record? Where do I start?" Here are a few suggestions:

1. Establish a stable address and job;
2. Open and maintain a chequing and savings account if possible, an established chequing and/or savings account could indicate to a credit manager that you have good money management skills;
3. Apply for your financial institution's package deal for personal financial services. This kind of account often includes an all-purpose credit card;
4. Apply for a first credit account at your local department store;
5. If you drive, apply for a credit card from a gasoline company;
6. When approved for a loan from a financial institution such as a bank, trust company, credit union or finance company, ensure the loan is paid promptly, and as you agreed to pay;
7. Always deal with reputable firms.

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