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I would start with any of the entry level cards. It doesn't really matter, IMO, since most of the entry level cards don't have big time rewards. I think the Discover Student Card has 5% cash back (Someone mentioned that in another thread). Start with that or the AMEX Blue Student Card.
Apply for an Orchard Bank Credit Card. There are literally homeless people that have those things (I'm being completely serious.) That should help you build, or repair, your credit enough to get something more substantive later on.
Some of the entry level "credit" cards are actually debit cards. You deposit money into an account with them and you draw against that money and make the monthly payments to re-up the account. Once you establish yourself, you can withdraw the escrow and/or get a better card now that you have some credit history.
This is right. I asked this exact question to my personal banker and she told me to use the credit card at least once every month and pay it back. How much you use does not matter as long as it doesn't exceed your limit. I have it automatically transfer from my checking account at the billing date.
You should get credit card offers in the mail. I had one a month ago for a Student Capital One Mastercard I believe.
When you apply for a credit card, your credit report will be checked to see if you should be given one. When they do this it does put a "ding" on your report, but it's only temporary. I believe it's around one point per inquiry and you get it back after a few months. Just don't go trying to get 50 cards and you'll be fine.
As for actually building credit, make sure you understand what factors into your credit score. The amount of time you've had credit established, or just having the card in general, will build credit. Keeping your charges down below 25% of your available credit (some people go as far as below 10%) will also help your score rise faster. Just because you can charge more doesn't mean you should if your goal is to acquire credit quickly. Above all make sure you NEVER miss a payment. Payment history is the single most important factor used when calculating your FICO (credit) score. While a perfect score is 850 (some people have actually attained this but it becomes more of an obsession and is mostly unnecessary), having one at or above 760 will usually still get you the best rates.
Overall, it's pretty ridiculous when you think about all the different factors that go into calculating a credit score, and they don't even reveal the exact weights placed on those aspects. If you make your payments on time and keep your charging to a minimum then your score should rise quickly enough.
The way credit is calculated is insane. There was a woman on CNN awhile back who had a credit score of 749 on March 1st. On May 1st it dropped to a 689 because one of her accounts had been open for over 12 months at that point thus placing her in a different pool (or on a different 'card' as the rating agencies call it.) Makes zero sense. Nothing else had changed, balances were all the same, no late payments, etc.
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