Compton was born in Lexington, Kentucky. (Despite frequent reports to the contrary, her name was not originally "Eleanor Hunt"; she had appeared in the film Good Sport (1931) with Hunt and this confusion in an early press article followed Compton throughout her career.) After graduating high school she spent two years studying at the University of Tulsa, studying dramatics, art, music and dancing. She won a personality and beauty contest and spent two months in a film studio as an extra.