Only if you are willing to follow the advice in Applying For and Using Credit Cards.
Credit cards are the most important type of account for achieving a high FICO score, but they can also do more damage than other types of credit if not used right.
Students graduate with more credit-card debt than ever before: $4,100 on average, according to a 2009 study by Sallie Mae. Recent reforms have limited banks’ freedom to keep increasing the interest rates of those who fall behind in card payments. Still, even at the average student-card rate, up to a relatively low 13.16% APR, interest compounds (link) fast.
That’s why financial reforms went into effect in 2010 to curb credit-card companies that often solicited students with offers of T-shirts and other gifts to entice them. The law now requires those under 21 to have either proof of sufficient income or a co-signer before they can open a credit-card account. Another option is to be added to your parents’ card as an authorized user though that won’t allow you to build your own credit history.
- Your own, if you are earning.
- Co-sign on your parents’ card.
- Authorized user on your parents’ card.