Credit Cards

[dtub20]

I have a score of TransU 698, Equif 708, and exper. 726.   3500 bal on 6550 credit limit.

almost all of that balance is due to travel exp for corporate business.  I am seriously considering getting the corporate amex card which now would be in my name with companies name on it also.  We fill our expense reports out on line and they pay amex.   Will my scores qualify for the card?

Our company encourages us to use it but I don't want to be refused and have company notified. 

I would really like to get it because other than that, I rarely would use it and would pay it off every month.  As of now, I have to wait for my expenses to get back and they run 2 - 4 grand a month.

What do you advise? 

[imducky]

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as long as you reports are clean, those are actual fico scores, and you never had an amex account that went bad you fit the classic amex mold. amex is an ex puller so you may want to look at how many inq's you have there as well.

as for them notifying your company, again if you aren't trying to obtain a card through your compnay's account i'm pretty sure they would have no idea you even app'd, much less got a decline. yes they will know you app'd and were declined since the app will go through you company's account.

ugh, i just re-read your post and apparently missed hal the info you posted. sorry.

Message Edited by imducky on 07-11-2008 07:08 PM

[dtub20]

I am actually applying through my company site.  It gets approved by my boss and approver and then sent to Amex who does the credit check.  In other words, the card is in my name and they have to do a credit check on me but after I do my expenses electronically, one the report is approved, the company pays amex (My company is a fortune 500 comp).   Can't keep putting company expenses on my card... it is killing me in use of revolving credit which is main ding on my credit report.

[imducky]

sounds like the main thing to consider is do you get to keep the points from you co's issued amex? if not i would get the nasa fcu cash back card (or rewards card of your choice) and keep the usage on my account.

[GettingBackOnTrack]

Ummm, I have a corporate AMEX and I had horrible credit when I got it. If I got it, you will.

[cw81]

I worked for a company  who  had  a relationship with AMEX where  everyone got approved for  an Amex card  we used it for company expenses but you you could use it for personal,  my credit  sucked eggs  really bad at that time I was  approved and given an Amex Gold  with   an intial  500 dollar limit .  After I had it for while  I was given the  pseudo unlimited  CL .  It was great  to have  when I left that company  it got cancelled  because I was no longer there but I  got a preapproved offer in the mail  for another one  and  applied and got it.  

They closed it on me   last year because things go out of hand with my  other  accounts while I was going through  a tough time .Its on my report as never late but closed by  grantor. I really want that card back  I will wait until my scores hit the  700s  then  see if  they show me love

[Watchmann]

Normally, most corporate AMEX cards are underwritten by the company and they are the ones responsible, the theory being they have ultimate control over you as an employer, i.e., they can fire you at will if you screw up.  My AMEX card through my company can ONLY be used for company charges.  Using it for personal uses gets you fired immediately, and that happens a few times a year.  It's a tough policy but it is reiterated to employees over and over again.  If you accidently use it by mistake that is not the end of the world and that will be forgiven, but using it for lunch at Hooters on your own time and you are gone.  I suppose if you can use it for your own personal expenses as well as company expenses the rules will be different as far as what is reported to the CRA's.  Mine doesn't show up on my reports at all since I can't use it for personal expenses.

[MattH]

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Watchmann wrote:

Normally, most corporate AMEX cards are underwritten by the company and they are the ones responsible, the theory being they have ultimate control over you as an employer, i.e., they can fire you at will if you screw up. My AMEX card through my company can ONLY be used for company charges. Using it for personal uses gets you fired immediately, and that happens a few times a year. It's a tough policy but it is reiterated to employees over and over again. If you accidently use it by mistake that is not the end of the world and that will be forgiven, but using it for lunch at Hooters on your own time and you are gone. I suppose if you can use it for your own personal expenses as well as company expenses the rules will be different as far as what is reported to the CRA's. Mine doesn't show up on my reports at all since I can't use it for personal expenses.

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Same with me, my Corporate AMEX does not appear on my credit reports (my personal AMEX Gold, "Member Since 82" of course does appear on my reports) because the Company pays for it and it is ONLY to be used for business purposes. Data from AMEX automagically appears in our online expense report system so with a few mouse-clicks I can submit expenses for approval and they get paid electronically by my employers. We have regular mandatory training on all our policies, in which one first reads the policy and then answers a multiple-choice test to document that one has read and understood the main substantive points of the policy.

[haulingthescoreup]

DH's corporate Green is OK to use for both work and personal expenses. He gets the statement, and he pays it off, but it doesn't report on his credit, and he doesn't get any rewards. He recently called to clarify things. The AmEx CSR told him that if he wanted to pay the fee, he could get the rewards, and I guess (?) it would report. (We didn't ask about the reporting. Once he heard "fee", he was done, LOL.)

[MattH]

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haulingthescoreup wrote:
DH's corporate Green is OK to use for both work and personal expenses. He gets the statement, and he pays it off, but it doesn't report on his credit, and he doesn't get any rewards. He recently called to clarify things. The AmEx CSR told him that if he wanted to pay the fee, he could get the rewards, and I guess (?) it would report. (We didn't ask about the reporting. Once he heard "fee", he was done, LOL.)

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My company actually stopped allowing us to pay the rewards fee for our Corporate AMEX cards a couple years back, because the Company gets rebates from AMEX and those are smaller on charges for which the employee has earned rewards!