Some advice for parents wanting to help out their college age kids (and even high school seniors):  Help them get a good credit record.

Today, a person's credit record can have a big impact on a lot of different things.  Everyone knows that a good credit record can help you get loans or a lower rate on a mortgage.

But another big benefit to a good credit record is discount on your insurance.  For example, we have carriers that give very significant discounts for superior credit records.  You can help out your child that is in college, or a high school graduate or high school senior by helping them establish credit and get a good credit record.  Here's one way.

- Help them get a small limit credit card with their name on it.  Don't just make them a signer on your credit card; but have them actually "be on the hook" as well.

- Once they have a credit card, MAKE SURE IT IS PAID ONTIME EVERY MONTH.  The whole thing can backfire on you if your child gets a credit card and then doesn't pay on a perfectly timely basis.  If that happens, it will create a BAD credit record and do more harm than good.

- There are several banks that offer credit cards designed for students.  You can go online and check them out.  Among others, some offering student cards include Disover, Capital One, Bank of America, and Citi. 

- Because you child probably does not have any credit yet, it may be difficult for he or she to get approved.  Thus, you may need to co-sign the agreement with your child in order to get approved.

- Often times, the college may have an associated credit union.  Sometimes approval may be easier going through one of those entities.

Of course, I must emphasize again the importance of making sure payments are kept up and made ON TIME.  Pay the ENTIRE BALANCE off on the card every single month.  Set it up on automatic payment from your checking account and them make sure you have enough money in your checking account for the payment each month.

Setting this up and being careful to pay it off each month will help your child get a good start!

One final note: If YOU have a good credit record, be sure to have us quote your home, auto and other insurance.  Take advantage of our huge discounts!