FICO has some good tips for parents and young people who are going to College in the USA, however these tips may apply in other countries as well!

The combination of skyrocketing college expenses and access to credit has made it more important than ever for parents to teach their teens about financial management. It’s become as big a parental responsibility as some of those other uncomfortable-but-necessary topics we force ourselves to discuss with our teens. Like it or not, we owe it to them to provide as much of a head start with successful money management habits as we do helping them with a college education. Earning a good grade for credit habits will allow students to graduate with a good credit score that will earn them good rates on their first car loan.

A recent survey of parents with college-age kids conducted by myFICO.com found that nearly half (47%) were unaware of a provision within the recently enacted Credit CARD act of 2009 that prohibits banks from issuing credit cards to young people under 21, unless they provide a co-signer or proof of the ability to pay.

We recommend for parents and young people to read:  FICO Credit Scores for the College Bound and Tips for Helping College Students Build Good Credit

Source:  FICO Blog