1 issue here - Most people are now ineligible to get credit cards. With the recent economic fiasco, you need a 700+ credit rating, something only a small minority of the population has.

I always found the best way to build up my credit was to apply for a credit card, buy something for around $300, then pay around $50/month for the next 6 months+ (interest).

I am fairly certain that a 1-time payoff doesn't help your credit as much as a 6+ month period of consistent payment equal to or above the minimum required.

I know I did it like this when I was 18 and when I was 21 I bought my first car on my own and my credit was very high (Around 750+) and my interest rate on my loan was only like 5.5%.

I still get pre-approved credit card applications in the mail regularly.

This is a common misconception. Applying for credit cards and getting them actually improves your credit rating. When I checked my credit rating a while back, the most negative factor was that I hadn't applied for enough credit cards (I rarely use them anyway). I know, wtf?!

Well it's definitely an idea...

Wow so many people here have no fucking clue how credit or credit cards work but I guess thats par for the course that is I guess a major part of what crashed the economy. Ill just leave you with this.

Credit/Credit Cards = Good
People who dont pay them = Bad

This is a bad idea cause I suspect there is some trick to it...

Of course it is. If you can get approved I don't see why you shouldn't.

It may suck at times, but keeping a credit card bill coming every month and making sure you pay the mininum or above that, on time of course, will help your credit score out. I have always made sure I had at least (1) credit card active, as I only have (1) now. I believe I have just paid it off so I need to buy something (Demon's Souls Deluxe Edition) and I will pay maybe $10 or so towards it for like a year. It sounds dumb, but it actually works wonders.

Same applies to car loan payments, mortgage payments, etc...

Too much credit card debt is bad when tied to income ratio. But revolving credit does increase rating when income ratio in high. Paying it off immediately does nothing to increase credit scores. Paying over time does help increase credit score. Everytime a credit report is pulled then your credit rating takes a small hit but cause no severe damage to it. Your credit report gets pulled and checked often by many businesses and banks often as a term on your loans, current cards, or accounts anyway. Getting this card and then paying off the balance immediately upon statement is a great idea only for those that are financially responsible. People that live on credit cards and use them often with no self control should just stay away.

Whatever you do, don't do what I did - Rake up 30k in debt, only to still be paying it off a decade later.

Its not a common misconception, it correct.

http://www.privacyrights.org/fs/fs6c-CreditScores.htm#4

5. Do Credit Report Inquiries Lower Your Score?

Your credit report includes more than your record of paying bills. One section of the report lists inquiries. These are records showing who has accessed your credit report. There are various purposes allowed for companies to look at your credit report.

• Your credit card company may monitor your report to review your account with them. This type of inquiry appears on your credit report, but does not affect your credit score.
• Creditors and insurers review your report to see if you qualify for an offer. These "preapproved" or "prescreened" offer reviews do not affect your credit score. (For information on how to stop preapproved reviews, see www.privacyrights.org/fs/fs1a-basics.htm.)
• You apply for a job and the employer orders your report. This inquiry does not affect your credit score.
• You check your own credit report. This will not lower your credit score.

The only credit report inquires that can lower your credit score are applications for new credit.

I bolded the important part for you,  and that is part of FICO guidelines