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Practical Money Matters Radio Series

August 5, 2013
Credit 101 for High School Grads

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If your high school graduate is heading off to college or entering the workforce, share these tips for managing their personal finances and building a strong credit history.

Transcript

If your high-school graduate is heading off to college or entering the workforce, share these tips for managing their personal finances and building a strong credit history.

Open a checking account and debit card – preferably with convenient ATMs and minimal monthly fees or balance requirements. Faithfully recording all transactions will help avoid overdraft charges. You could make them an authorized user on one of your credit card accounts to establish credit history. But monitor account activity closely to protect your own credit score.

They can also start building credit history by opening a secured credit card account. After several on-time payments, have them ask the lender to convert it to an unsecured card that gets reported to the credit bureaus.

Bottom line: Help your kids establish a positive credit profile.


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