According to Experian, a credit score is a number lenders use to help them decide: "If I give this person a loan or credit card, how likely is it I will get paid back on time?" The information from your credit reports is used to create your credit score.

Before getting a line of credit, get your free credit report from each of the three major credit reporting agencies (CRAs): Experian, Equifax,and Trans Union. Under federal law, you are entitled to one every year. Along with the credit histories of millions of other people, your credit history is recorded in files maintained by at least one of Canada's three major credit-reporting agencies: Experian, Equifax Canada and TransUnion Canada - it is possible to obtain your credit file for free - please consult the agency's website in order to obtain more information. Check to make sure someone else's information isn't mixed into your report. If so, contact the CRA immediately and have them delete it.

Then, follow these tips to help you establish credit and build your credit score:

1. Establish checking and savings accounts and maintain them responsibly.

Lenders see bank accounts as signs of stability. Opening checking and savings accounts is also one of the few things you can do as a minor to start building a financial history. While you can't get a credit card in your own name until you're 18 and can be legally held to a contract, many banks have no problem letting you open an account.

If your bank balks, look around for another bank or consider opening a joint account with an adult.

2. Piggyback on someone else's good credit by being added to a credit card as an "authorized" (joint) user.

3. Get someone to co-sign a loan for you (e.g., financing a car, or other secured loan) and make your payments on time.

4. Get an installment loan

To get the best credit scores, you need a mix of different credit types, including revolving accounts (credit cards, lines of credit) and installment accounts (auto loans, personal loans, mortgages).

Once you've had and used plastic responsibly for a year or so, consider applying for a small installment loan from your credit union or bank. Keeping the duration short -- no more than a year or two -- will help you build credit while limiting the amount of interest you pay.

5. Apply for a credit card or a secured card. But, make sure the issuer reports to all three Credit Rating Agencies. Otherwise, the card won't help you build your credit.

6. Apply for one gas card and one department store card to add to your credit mix.

7. Use your credit cards regularly, but wisely. Make all payments on time because the two most important factors in your score are whether you pay your bills on time and how much of your available credit you actually use.

Establishing and maintaining good credit will make buying a home a lot easier for you. You'd be able to get a good fixed rate loan instead of having to settle for a variable rate sub prime loan. It will also help for times you may need a home equity line of credit for home improvements or a home equity loan for debt consolidation, including paying off student loans.