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Obtaining Credit

When you apply for credit, the one question all lending institutions will try to answer is: Are you creditworthy? They decide if you are creditworthy based on your ability to meet all your financial obligations, your savings and assets, your employment history, and your past financial history. While you cannot receive credit in your own name until you are at least 18 years old, it is a good idea to start proving your financial responsibility before applying for credit. Remember that building creditworthiness is a process that takes years. By starting now, you will be able to get credit when you need it. To start:

  • Open a checking or savings account to learn responsibility and prove your ability to pay bills;
  • Buy something on time from a major store;
  • Borrow against money you have in a savings account;
  • Apply for a secured credit card with your bank.

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