Myth #1: Your credit accounts need to be in your name ONLY to strengthen your credit history.

You can build credit history with your parents' help if they are willing to share a credit card with you.  Another option is to add you as an authorized user onto their accounts.  You can also put utility bills and other accounts in your name, even if your parents are the ones footing the bill.

Myth #2: You need to take on debt to have a good credit score.

It's not a history of debt that you need, but a history of credit. There is a big difference in managing your credit in a way that reflects you are responsible with it, and taking on more and more debt thinking this will improve your score. So don't rack up the credit card bills; instead use credit consistently with the habit of paying it off on time.    

Myth #3: College students should open multiple credit cards to build up their credit report.

While college is a good time to wade into the credit waters and learn how to use a credit card responsibly, there's no need to take on multiple cards, and in fact, taking on too much debt and failing to make payments will hurt your credit report. Limited and responsible use is best.  

Myth #4: Paying off your loans early hurts your credit report.

When you pay off a loan, your credit history is updated to reflect that, but it is still considered useful information and, because it's positive, typically stays on your credit report for 10 years.  So it is important to keep credit and use it sparingly to consistently have it show up on your credit report reflecting that you have been responsible with credit.