---
title: How to Get a Credit Card When You're Still in College
description: You're ready to rent an apartment and buy a car when you graduate. Here are two ways you can build your credit while still in college.
---

[Hanscom FCU MoneyWisdom Blog ](https://go.hfcu.org/blog)

# [How to Get a Credit Card When You're Still in College](https://go.hfcu.org/blog/how-to-get-a-credit-card-while-youre-still-in-college)

 Written by [Tracy Scott](https://go.hfcu.org/blog/author/tracy-scott) | Oct 28, 2020 12:00:00 PM

Graduating college with a degree and no credit history can put you behind the financial eight ball. Just when you're ready to start adult life on your own, a nonexistent credit history can make everyday purchases and services more expensive. It can also affect [where you live](https://go.hfcu.org/blog/bid/147505/guide-to-renting-an-apartment) and your ability to qualify for a car loan. Without a proven track record of responsible credit use, businesses and lenders are likely to charge more for the same services offered to your creditworthy peers.

A credit card, used responsibly, is one of the best financial tools available to build a strong credit profile.

Here's how to get your first credit card while still in college.

### Apply for a Secured Credit Card

A [secured credit card](https://go.hfcu.org/blog/what-is-a-secured-credit-card) works like a regular credit card, except it requires collateral before being issued to the cardholder. Collateral is equal to the credit card limit and is deposited into a designated account, which "secures" purchases made with the card. For example, a $500 deposit would be required for a card with a $500 credit limit. However, some financial institutions, including Hanscom FCU, will let borrow a percentage of your savings held for a [secured card](https://www.hfcu.org/loans-and-credit-cards/credit-cards.html#goto_3). At Hanscom FCU, that percentage is 90%, which would mean your actual credit limit is $450.

Advantages of using a secured card include:

- Fraud and purchase protections similar to regular credit cards
- Card activity that's reported to the major credit reporting bureaus
- No risk of overspending due to secured limit

Disadvantages of using a secured card include:

- Minimum deposit requirements
- Borrowing limits that may be less than the amount deposited into the account

 

***H*********an***scom FCU Tip:*** *Even if your debit card has a Visa**®** or Mastercard**®** logo, [it cannot help you build credit](https://go.hfcu.org/blog/credit-or-debit). When you select "credit" at checkout, the money is still withdrawn directly from your checking account. There are no monthly payments on a debit card that get reported to a credit reporting bureau.*

### **Become a Joint Owner or Authorized User**

If you don't have the funds for a deposit, [a credit card is still within reach](https://go.hfcu.org/blog/6-steps-to-rebuilding-credit) if you know a creditworthy person. A friend or family member might be willing to apply as a joint owner on a new credit card or add you as an [authorized user](https://go.hfcu.org/blog/should-you-add-your-child-to-your-credit-card) on their existing credit card. While both cardholder statuses allow you to use the card's credit history to build your credit profile, there are several key differences to consider before sharing a credit card with another person.

- Joint ownership requires that you apply for the credit card together since you can't be added as a joint owner to an existing account.
- Joint owners are legally responsible for repaying the credit card balance while authorized users are not.

- If the relationship goes sour, it's tough to remove yourself from a joint ownership credit card. Authorized users can easily be removed by making a phone call to the credit card issuer.
- Joint ownership card activity is automatically reported to the credit reporting bureaus. If you're an authorized user on a credit card, you'll want to check to make sure activity gets added to your credit history report.

If you're graduating college with [student loan debt](https://go.hfcu.org/blog/your-study-guide-to-paying-off-student-loans) or would like to keep more money in your bank account, you'll want to keep expenses down. A good credit history gained by responsibly using a credit card while in college can help you do just that!

 

*To get started building your credit, and to learn how a credit card can help to improve your credit score, download this free [credit card guide](https://go.hfcu.org/cc). It includes a comparison chart to help you find the right credit card for your needs. Get your copy right now!*

*Others are reading:*

- [How to Use Your Credit Wisely](https://go.hfcu.org/blog/when-to-use-credit-and-when-to-avoid-it)
- [How to Protect Yourself From Mobile App Fraud](https://go.hfcu.org/blog/how-to-protect-yourself-from-mobile-app-fraud)
- [Should You Add Your Child to Your Credit Card?](https://go.hfcu.org/blog/should-you-add-your-child-to-your-credit-card)
- [5 Surprising Ways You Can Hurt Your Credit](https://go.hfcu.org/blog/5-surprising-ways-you-can-hurt-your-credit)
- [When to Use Credit vs. Debit Cards](https://go.hfcu.org/blog/credit-or-debit)

[View full post](https://go.hfcu.org/blog/how-to-get-a-credit-card-while-youre-still-in-college)

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