Family Finance: Credit card tips for college students - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Family Finance: Credit card tips for college students

SAVANNAH, GA (WTOC) -

A good credit score can help you take out a mortgage, buy a car, and even rent an apartment, but when should young adults start building their credit? 

Financial advisor Iris Dayoub says college is the perfect time. 

"I think it is very important. It's a good experience for them but also it can make a big difference in the kinds of things they're going to do when they do get out of college," Dayoub explained. 

But, Dayoub also says it's crucial to teach budgeting skills way before high school graduation. 

"Teaching kids to be responsible has to start earlier than that," she said. "I recommend to my clients they have their teenagers start to keep a budget of how they spend their money." 

Before you let your son or daughter sign off on a card, Dayoub says look out for three things.

First, make sure they won't overspend. 

"It has to be something they can pay off each month," she said.

Second, Dayoub believes it's important to make sure your student is getting a card that doesn't have a fee. Third, look for the extra perks like getting a card that gives them some cash back or rewards.

And lastly, but most importantly, Dayoub says if you don't think your student is responsible enough to handle a credit card, just say no.

Copyright 2013 WTOC. All rights reserved.

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