Answer (from Money): NO.

According to a survey, most college students asked this question got it wrong:

In a questionnaire about basic personal finance concepts, 60% of students said that using checks and debit cards helps build credit. The truth is you have to use credit in order to build it (and get more), which means you need a loan, line of credit, credit card or an account reported to the credit bureaus to get started. Despite the often-discussed negative impact of student loan debt (which, to be clear, can be very problematic), student loans are a typical credit starter: You can get federal student loans with no credit history, which makes them easier to get than most credit cards.

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Check out this NGPF Activity on Comparing Checking Accounts

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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