First off, do you have any credit cards under your name? The reason I ask is because it normally takes 6 months for a FICO credit score to be generated, and since you recently turned 18 you may not have a credit score yet. If that is the case, I would not recommend applying for the Amex Blue for Students card. I attempted to do so right after I turned 18, with no credit history, and I was declined for exactly that reason. If this is the case, I would recommend applying for a Citi or BofA card, treat the card well for 6-12 months, then try for Amex and other prime issuers such as Discover.
If you do have a credit score and/or 6+ months of some sort of credit account reporting on your credit report, you can certainly include your parent's income in the Household income field, although I would only do so if they can be relied on to help you pay your bills. Others may not advocate doing so, and instead only putting your personal income on your application.
As far as the bank balances go, I do not believe Amex uses this as a basis for conducting F/Rs, though someone more knowledgeable may be able to verify. If they asked you for your tax returns, they would most definitely be interested in your returns only, and no one else in your family.
From personal experience, I usually have only around $500 in my checking account while the rest goes into my savings, and the balance on my Amex Clear card is usually at least half that, if not more. Amex only has the information for my checking account, and not my savings account and I do not believe that they have the authorization to request balance information regarding my savings account. I have only had the Amex for a little over a year though, so who knows?
My personal advice would be to treat the card delicately, and have a few backups. In all honesty, I do not believe you should go for Amex as your first card. Not only is it subject to F/Rs (what will you do if the one and only card you have is suspended?) but they are also quite difficult to get in with if you have no prior credit history.
If you do manage to get approved for the card though, treat it well: low balances, don't go out on an app-spree and rack up 10 inquiries in one night, and don't do anything that might make Amex wonder if you're in any sort of financial difficulties.
Good luck.
If you do have a credit score and/or 6+ months of some sort of credit account reporting on your credit report, you can certainly include your parent's income in the Household income field, although I would only do so if they can be relied on to help you pay your bills. Others may not advocate doing so, and instead only putting your personal income on your application.
As far as the bank balances go, I do not believe Amex uses this as a basis for conducting F/Rs, though someone more knowledgeable may be able to verify. If they asked you for your tax returns, they would most definitely be interested in your returns only, and no one else in your family.
From personal experience, I usually have only around $500 in my checking account while the rest goes into my savings, and the balance on my Amex Clear card is usually at least half that, if not more. Amex only has the information for my checking account, and not my savings account and I do not believe that they have the authorization to request balance information regarding my savings account. I have only had the Amex for a little over a year though, so who knows?
My personal advice would be to treat the card delicately, and have a few backups. In all honesty, I do not believe you should go for Amex as your first card. Not only is it subject to F/Rs (what will you do if the one and only card you have is suspended?) but they are also quite difficult to get in with if you have no prior credit history.
If you do manage to get approved for the card though, treat it well: low balances, don't go out on an app-spree and rack up 10 inquiries in one night, and don't do anything that might make Amex wonder if you're in any sort of financial difficulties.
Good luck.
Starting Score: EQ 773, TU 766
As far as that thread goes, I'm not sure, but from personal experience when I applied for the Blue for Students card, the "insufficient credit history" was the only reason they gave for denial.
it was not an instant denial - it took them about 3 days: I checked the status of my application on their website and it was only then I was notified I had been declined due to a lack of credit history. I also did not bother calling in for a recon because I was not as credit-savvy back then and didn't know that I could.
