I have no idea where to post this, so I'm sticking it here. I have been trying to get a credit card to start building more credit (though my credit score is respectable), but I've been getting turned down left and right. I think it's my student loans, but I'm not sure. Is there any way that I can turn this around? I don't need a credit card, but I wouldn't mind getting a head start on this credit thing for when I'm older. Would student loans make a difference? I'm paying them off already even though I'm still in college... Anyway, thanks!
I'm assuming that student loans would have an affect since they are an extension of credit, but I could be wrong. I would see if you can find a place that has credit cards geared towards college students, that might improve your chances of getting accepted. You could try out the joint card from Costco and AMEX, I got one with no credit history whatsoever and so have a few people I know.
Applying for a bunch of credit and not getting it will, by itself, ding your credit score and also looks bad to potential creditors. If you have no other credit besides your student loans, you need to start small. Getting a secured credit card from a credit union (you give them $300, they give you a card with a $300 limit) is a good place to start. Then, never use more than 50% of your credit line, so never have more than $150 (or whatever half your limit is) on the card. Over time, the bank should increase your credit limit without increasing the amount you have on deposit. After you've had the secured card for a year or so, then you can apply for an unsecured card. You may want to pull your credit report (free if you've been declined) and see how many inquiries there are, from your applications. If it's more than 2 or 3, I'd wait 6 months or a year before applying, even for the secured card.
Also, for the credit that you do have out right now (loans), always be sure to pay on time and as much of the balance as possible. Not only will that keep your interest as low as possible, but it will reflect well on your credit score.