topic Re: Advice/ guidance on employer corp card needed please in Credit Card Applications

Advice/ guidance on employer corp card needed please

Anonymous — Sat, 17 Jan 2015 20:44:31 GMT

I first want to start off by saying how much I have appreciated reading these threads and topics, I have learned so much already. I have a new situation and I have tried to do some searches and haven’t found very much on this topic, so I am going to try my first post!

Background: Several years ago, I went into financial crisis and had almost everything possible go wrong. I went into at least 5 years of cash only, paying off debts that I could. Slowly started to rebuild my credit about 2 years ago. This has been a very long process and I still have 2 things on my credit report giving me trouble. Two collections (I cant get them off my reports no matter how many times I dispute!) they will remain on for 6 months to a year.

I travel frequently for work. I have been mostly paying for my travel out of pocket and then being reimbursed from my employer, because my credit accounts are newer (2 years or less) and have small limits on them (can’t charge hotels and plane tickets and high amount things on them). So, I am out cash while waiting for reimbursement. There is a travel corporate card available to staff to help with this. So you use that for work related travel, not personal. This seems like a great solution, a work resource is used for work, my personal used for personal. The card is in my name, my credit is run (hard pull on me), but there is a “guarantor” account (my travel funding source) linked to the card. This card is offered through JP Morgan Chase (JP Morgan Chase commercial account) and has no fees, 60 days after charges to pay (through the internal funding source) and no interest.

So- where I need advice:

I am scared that even though this is work related, I may still get denied for this card?

Currently, my scores are EQ 615, EX 610, and TU 659. Factoring into this are my two collections, new age of accounts, and I just financed a car through USAA (16K).

Does anyone know whom JP Morgan Chase uses, EX EQ, TU? (I am in TX if that matters.)

Anyone have experience with corp cards while having less than stellar scores?

Am I heading for pure humiliation trying this avenue?

Sorry for the length, I appreciate any insight.

Re: Advice/ guidance on employer corp card needed please

NRB525 — Sun, 18 Jan 2015 04:28:40 GMT

Welcome to the site.

It sounds like there is a desk at your company where there is a contact who knows all about this corporate card? It is in the company's best interest that you get the card, and they are the guarantor of the card, ultimately.

You should contact the person at your company who is responsible for this card, and ask them how you would go about applying for the card. Taking a position of "I don't know what to expect" and asking for their help will probably get you a lot of assistance. As part of the conversation, ask if your credit score matters in the app, what things could result in a denial for the card.

Ultimately, you need to get this card with your employer's help. There may be some special arrangement they come up with, but it should be possible to do. And much easier if you have your employer help, than trying all on your own.

Re: Advice/ guidance on employer corp card needed please

Anonymous — Sun, 18 Jan 2015 06:42:18 GMT

@NRB525 wrote:
Welcome to the site.

It sounds like there is a desk at your company where there is a contact who knows all about this corporate card? It is in the company's best interest that you get the card, and they are the guarantor of the card, ultimately.
You should contact the person at your company who is responsible for this card, and ask them how you would go about applying for the card. Taking a position of "I don't know what to expect" and asking for their help will probably get you a lot of assistance. As part of the conversation, ask if your credit score matters in the app, what things could result in a denial for the card.

Ultimately, you need to get this card with your employer's help. There may be some special arrangement they come up with, but it should be possible to do. And much easier if you have your employer help, than trying all on your own.

+1. You aren't the first person with marginal credit to get that credit card. I guarantee it. That's the reason there's a guarantor. Speak to HR, or someone in Accounts, if you have to, but I don't think it will be necessary. Good Luck

Re: Advice/ guidance on employer corp card needed please

BarryNTexas — Sun, 18 Jan 2015 13:07:01 GMT

@Anonymous wrote:
I first want to start off by saying how much I have appreciated reading these threads and topics, I have learned so much already. I have a new situation and I have tried to do some searches and haven’t found very much on this topic, so I am going to try my first post!

Background: Several years ago, I went into financial crisis and had almost everything possible go wrong. I went into at least 5 years of cash only, paying off debts that I could. Slowly started to rebuild my credit about 2 years ago. This has been a very long process and I still have 2 things on my credit report giving me trouble. Two collections (I cant get them off my reports no matter how many times I dispute!) they will remain on for 6 months to a year.

I travel frequently for work. I have been mostly paying for my travel out of pocket and then being reimbursed from my employer, because my credit accounts are newer (2 years or less) and have small limits on them (can’t charge hotels and plane tickets and high amount things on them). So, I am out cash while waiting for reimbursement. There is a travel corporate card available to staff to help with this. So you use that for work related travel, not personal. This seems like a great solution, a work resource is used for work, my personal used for personal. The card is in my name, my credit is run (hard pull on me), but there is a “guarantor” account (my travel funding source) linked to the card. This card is offered through JP Morgan Chase (JP Morgan Chase commercial account) and has no fees, 60 days after charges to pay (through the internal funding source) and no interest.

So- where I need advice:

I am scared that even though this is work related, I may still get denied for this card?

Currently, my scores are EQ 615, EX 610, and TU 659. Factoring into this are my two collections, new age of accounts, and I just financed a car through USAA (16K).

Does anyone know whom JP Morgan Chase uses, EX EQ, TU? (I am in TX if that matters.)

Anyone have experience with corp cards while having less than stellar scores?

Am I heading for pure humiliation trying this avenue?

Sorry for the length, I appreciate any insight.

I have a corporate AMEX with the company I work for. In my case I have never been denied and I don't think anyone is actually denied a card. I spoke to the administrator and she assured me there is no issue having personal credit issues and I had plenty. At this point I wish I could put my travel on personal as I don't the MRs on the corp card.

Reach to the credit card program admin and let them know your concerns. I bet you are okay.

Re: Advice/ guidance on employer corp card needed please

Anonymous — Sun, 18 Jan 2015 15:28:50 GMT

Thanks all so much.

I did try and speak with the company contact in travel and they didn't have a lot of insight, but there is a number direct to JPM Chase that I think I will try and call this week to speak with them directly, see what I can find out.

Re: Advice/ guidance on employer corp card needed please

Anonymous — Mon, 19 Jan 2015 00:47:05 GMT

One word of warning with corp cards, I had a poor experience with one in Canada. I have great credit in Canada, but the one negative on my credit history is related to a corporate amex card. It was paid through an internal expense reimbursement system, where you submit receipts, and then it goes through the company food chain, gets approved, and then paid directly onto the card.

Well, some bean counter disputed one of my expense reports, and sent it back to me for further evidence. It was ludicrous, because it was a plane ticket purhcased for work through the internal company travel system. But they disputed it, and made me resubmit. Then my manager went on vacation for a couple of weeks, and eventually it did get cleared through the company system and paid.

BUT:

#1 - Not until the account was 30 days late, and

#2 - That caused it to generate interest on the card, which I had no meaningful way to reimburse

While I was trying to figure out how to get the interest paid, it went late again. So I had two late payments. At that point I paid the balance myself (if i recall, about $30 bucks) just to stop it from getting even worse.

But in my entire life that's the only time I have ever been late on a credit card payment, and it makes my blood boil to this day.

So, beware those corporate cards! When the company screws up and doesn't pay on time YOU get the credit hit.

Re: Advice/ guidance on employer corp card needed please

Anonymous — Mon, 19 Jan 2015 20:46:31 GMT

Woowee! Good reminder. Even though it has a funding source, I will not trust that everything go smoothly. Another question I will ask them: If there is a problem and the trip reimbursement takes a while, or something is re-routed, is the charged amount due in full within 60 days or is there a minimum payment?

Good thoughts.

Thank you

Re: Advice/ guidance on employer corp card needed please

boosnark — Mon, 19 Jan 2015 21:00:12 GMT

There should not be a hard pull for a card issued by your employer, and guaranteed by the employer. Neither would it be reported to the credit reporting agencies in your name. Your employer may have guidelines as to when to apply for expense reimbursement (e.g. 30 or 60 days) but the onus would be on them to clear the payment directly with JP Morgan Chase after approving your expenses and receipts. At least, that is how it should work. But bear in mind some companies do issue cards which they consider "Corporate" cards, but still require the employee to clear the bill directly out of pocket and THEN apply for reimbursement. Avoid like the plague and use your own cards where you can at least get cash back or rewards.

Re: Advice/ guidance on employer corp card needed please

ineedcreditbad — Mon, 19 Jan 2015 21:40:32 GMT

There is no credit check for a corporate credit card because it is issued at the request of your company.

You shouldnt have any issues.

Re: Advice/ guidance on employer corp card needed please

Anonymous — Mon, 19 Jan 2015 22:19:02 GMT

@boosnark wrote:
There should not be a hard pull for a card issued by your employer, and guaranteed by the employer. Neither would it be reported to the credit reporting agencies in your name. Your employer may have guidelines as to when to apply for expense reimbursement (e.g. 30 or 60 days) but the onus would be on them to clear the payment directly with JP Morgan Chase after approving your expenses and receipts. At least, that is how it should work. But bear in mind some companies do issue cards which they consider "Corporate" cards, but still require the employee to clear the bill directly out of pocket and THEN apply for reimbursement. Avoid like the plague and use your own cards where you can at least get cash back or rewards.

This card has the option when filing for travel reimbursements "pay to corp card" and then the money goes straight to that and not through me first, otherwise I would avoid.

Additionally, I called JPMC through the contact number listed on my employer's intranet. Asked about the application process. Representative explained that there may be a soft pull. I am not clear on what exactly can be seen on a soft pull from them, but I am thinking this may be a way to see if I meet certain requirements? I am nervous if JPMC pulls EX, as it is my lowest score (610). To add to the mix, my score is suffering because of one older collection, newer age of accounts, but most of all, I have a high utilization- because of work travel right now (as my personal cards that I use sometime for travel have small limits on them, so if I use them they get high fast)! Arrgghhhhhh

Re: Advice/ guidance on employer corp card needed please

NRB525 — Tue, 20 Jan 2015 03:09:09 GMT

@Anonymous wrote:

@boosnark wrote:
There should not be a hard pull for a card issued by your employer, and guaranteed by the employer. Neither would it be reported to the credit reporting agencies in your name. Your employer may have guidelines as to when to apply for expense reimbursement (e.g. 30 or 60 days) but the onus would be on them to clear the payment directly with JP Morgan Chase after approving your expenses and receipts. At least, that is how it should work. But bear in mind some companies do issue cards which they consider "Corporate" cards, but still require the employee to clear the bill directly out of pocket and THEN apply for reimbursement. Avoid like the plague and use your own cards where you can at least get cash back or rewards.
This card has the option when filing for travel reimbursements "pay to corp card" and then the money goes straight to that and not through me first, otherwise I would avoid.

Additionally, I called JPMC through the contact number listed on my employer's intranet. Asked about the application process. Representative explained that there may be a soft pull. I am not clear on what exactly can be seen on a soft pull from them, but I am thinking this may be a way to see if I meet certain requirements? I am nervous if JPMC pulls EX, as it is my lowest score (610). To add to the mix, my score is suffering because of one older collection, newer age of accounts, but most of all, I have a high utilization- because of work travel right now (as my personal cards that I use sometime for travel have small limits on them, so if I use them they get high fast)! Arrgghhhhhh

The SP is probably just to ensure you are a real person, and the information on your app is legit. The score should make no difference, as outlined by others.

Re: Advice/ guidance on employer corp card needed please

KatieKatie — Wed, 21 Jan 2015 01:57:51 GMT

Hi, I completely understand what you're experiencing. I've been there. For the last 14 years I had to have a corporate credit card with each of my employers. For 10 of those years my credit was hideous. Here's my experience with each issuer:

American Express: Denied - The corporation I worked for at the time had about 15,000 employees, so this was no small organization. I had to use my own personal (secured card) at the time for travel and I was reimbursed. Ironically this would be a great option now if I could rack up all the points without the stigma now that I have great cards and decent limits.

US Bank: Approved with two different employers. The first with about 12,000 employees and the second with about 8,000. The interesting thing about them is that in both cases common travel related expenses, like airfare, hotels, restaraunts (if they were coded properly when they ran the charge) were virtually unlimited, however I had a separate internal limit of $2500 (first go round and $3000 second go round) for any non-travel related expenses, such as buying office supplies.

JPMorgan Chase: Approved. The corporate limit was $10k. Company was huge.

Re: Advice/ guidance on employer corp card needed please

Anonymous — Wed, 21 Jan 2015 13:36:49 GMT

@KatieKatie wrote:
Hi, I completely understand what you're experiencing. I've been there. For the last 14 years I had to have a corporate credit card with each of my employers. For 10 of those years my credit was hideous. Here's my experience with each issuer:

American Express: Denied - The corporation I worked for at the time had about 15,000 employees, so this was no small organization. I had to use my own personal (secured card) at the time for travel and I was reimbursed. Ironically this would be a great option now if I could rack up all the points without the stigma now that I have great cards and decent limits.

US Bank: Approved with two different employers. The first with about 12,000 employees and the second with about 8,000. The interesting thing about them is that in both cases common travel related expenses, like airfare, hotels, restaraunts (if they were coded properly when they ran the charge) were virtually unlimited, however I had a separate internal limit of $2500 (first go round and $3000 second go round) for any non-travel related expenses, such as buying office supplies.

JPMorgan Chase: Approved. The corporate limit was $10k. Company was huge.

Thanks so much for your post. I know when I get through this phase, I will wonder what I was so nervous about, but it's hard and embarrassing at times. My employer is about 5000 employees (academic institution). Travel used to reimburse pretty quick when I was first hired, but there has been more and more red tape, so it is a pain when I am waiting to get reimbursed. Most of the time, I am using my check card/ cash because the limits on my other cards are either too low, or completely maxed out from putting one hotel charge on it. It's hard when I'm expected to travel, I don’t want to refuse because it's necessary for my growth, work, etc., but I don’t have the cards/ flexibility that it seems like EVERYONE ELSE has.

To add to all of this, there is hardly anyone that has a travel card at my department. Although the institution offers this, it is viewed as some “big deal” that I am requesting. Most of the other people I work with have a much higher income category than I, so they just use their personal cards, or just travel for professional reasons and never even apply for reimbursement. So, this has led to all kinds of attention to me wanting to pursue this avenue. I have to get 5 approvals to even get to the point where I can turn the authorization in to travel department and JPMC. So, my ultimate fear is that after all this hassle and pushing, I will get the form into them and then it will come back DENIED, and probably someone will find out because of all the crap it’s caused. When starting the process, I didn’t think it would be that big of a deal, and then when it started being a big deal, it was too far to turn back.

Sorry for the rant, I’m just nervous over it and I am supposed to get my last 3 approvals any day now and turn in my authorization this week.

Re: Advice/ guidance on employer corp card needed please

merlinflex — Wed, 21 Jan 2015 14:39:17 GMT

@Anonymous wrote:
@KatieKatie wrote:
Hi, I completely understand what you're experiencing. I've been there. For the last 14 years I had to have a corporate credit card with each of my employers. For 10 of those years my credit was hideous. Here's my experience with each issuer:

American Express: Denied - The corporation I worked for at the time had about 15,000 employees, so this was no small organization. I had to use my own personal (secured card) at the time for travel and I was reimbursed. Ironically this would be a great option now if I could rack up all the points without the stigma now that I have great cards and decent limits.

US Bank: Approved with two different employers. The first with about 12,000 employees and the second with about 8,000. The interesting thing about them is that in both cases common travel related expenses, like airfare, hotels, restaraunts (if they were coded properly when they ran the charge) were virtually unlimited, however I had a separate internal limit of $2500 (first go round and $3000 second go round) for any non-travel related expenses, such as buying office supplies.

JPMorgan Chase: Approved. The corporate limit was $10k. Company was huge.
Thanks so much for your post. I know when I get through this phase, I will wonder what I was so nervous about, but it's hard and embarrassing at times. My employer is about 5000 employees (academic institution). Travel used to reimburse pretty quick when I was first hired, but there has been more and more red tape, so it is a pain when I am waiting to get reimbursed. Most of the time, I am using my check card/ cash because the limits on my other cards are either too low, or completely maxed out from putting one hotel charge on it. It's hard when I'm expected to travel, I don’t want to refuse because it's necessary for my growth, work, etc., but I don’t have the cards/ flexibility that it seems like EVERYONE ELSE has.

To add to all of this, there is hardly anyone that has a travel card at my department. Although the institution offers this, it is viewed as some “big deal” that I am requesting. Most of the other people I work with have a much higher income category than I, so they just use their personal cards, or just travel for professional reasons and never even apply for reimbursement. So, this has led to all kinds of attention to me wanting to pursue this avenue. I have to get 5 approvals to even get to the point where I can turn the authorization in to travel department and JPMC. So, my ultimate fear is that after all this hassle and pushing, I will get the form into them and then it will come back DENIED, and probably someone will find out because of all the crap it’s caused. When starting the process, I didn’t think it would be that big of a deal, and then when it started being a big deal, it was too far to turn back.

Sorry for the rant, I’m just nervous over it and I am supposed to get my last 3 approvals any day now and turn in my authorization this week.

I think you are stressing yourself too much. I work for a large company, over 400K employees around the globe. Here in the US, I know co-workers with credit scores in the low 600's and who have degros and such and they got the Amex Corp no problem at all. Just go apply for the darn thing and be done with it. You will know in a min or so whether you get it or not. They send you to special link to apply or have you fill out some form and submit, so just suck it an do it.

Re: Advice/ guidance on employer corp card needed please

Anonymous — Sat, 24 Jan 2015 22:04:48 GMT

I am so thankful that I found this thread. I am in the very same position. Huge company, JP Morgan Chase corp card. Just two months into the job and being told getting a corp card is a must. I need to request online asap but petrified it could cost me my job if denied. I have an open late/unpaid mortgage and am in the credit industry. Please report back and let us know what happens. I considered calling the Chase phone number on our website and asking them but am even scared to do that and can't ask internally because of my industry it would be a major red flag. My credit score is around 685 (ish) so not bad but it shows multiple negatives and like I said one that is still negative and I can't fix yet. Does anyone know what info is shared via a soft pull vs. a hard pull? Is it only credit score?

Re: Advice/ guidance on employer corp card needed please

merlinflex — Sat, 24 Jan 2015 23:11:01 GMT

@Anonymous wrote:
I am so thankful that I found this thread. I am in the very same position. Huge company, JP Morgan Chase corp card. Just two months into the job and being told getting a corp card is a must. I need to request online asap but petrified it could cost me my job if denied. I have an open late/unpaid mortgage and am in the credit industry. Please report back and let us know what happens. I considered calling the Chase phone number on our website and asking them but am even scared to do that and can't ask internally because of my industry it would be a major red flag. My credit score is around 685 (ish) so not bad but it shows multiple negatives and like I said one that is still negative and I can't fix yet. Does anyone know what info is shared via a soft pull vs. a hard pull? Is it only credit score?

It will be a HP to get the card, not a SP

http://www.nerdwallet.com/blog/tips/credit-score/credit-report-soft-hard-pull-difference/

Re: Advice/ guidance on employer corp card needed please

Anonymous — Sun, 25 Jan 2015 02:33:35 GMT

@Anonymous wrote:
I am so thankful that I found this thread. I am in the very same position. Huge company, JP Morgan Chase corp card. Just two months into the job and being told getting a corp card is a must. I need to request online asap but petrified it could cost me my job if denied. I have an open late/unpaid mortgage and am in the credit industry. Please report back and let us know what happens. I considered calling the Chase phone number on our website and asking them but am even scared to do that and can't ask internally because of my industry it would be a major red flag. My credit score is around 685 (ish) so not bad but it shows multiple negatives and like I said one that is still negative and I can't fix yet. Does anyone know what info is shared via a soft pull vs. a hard pull? Is it only credit score?

Hi there, OP here. I have called and spoke with JP Morgan Chase, and the representative told me that it is a "promotional inquiry" that will not affect my credit score, so I am thinking soft pull. Similar to the limited information that the people in my employer's travel department told me. I haven't been able to turn in my forms to JPMC yet, as I have to go through 5 approvals in order to proceed and I am hung up on one. One of the department heads doesn't want to authorize more travel cards because I guess some irresponsible people haven't managed thiers well. When and if I can get to the point of turning mine in to JPMC I will update. My scores are below yours (especially EX), so I am very curious about what will happen (if I can even cut through the red tape to get there).

Re: Advice/ guidance on employer corp card needed please

Anonymous — Sun, 25 Jan 2015 11:58:46 GMT

Thanks Pragmata- Like you I have several internal approvals to await once I submit the request but in my case the card is required based on my position.

From what I have gathered based on limited research JP will see the very same info/detail on a soft pull as they would in a hard pull. I was hoping that all they would see is the 'score'. If I'm wrong I hope someone will chime in.

Having a few old negatives that have been cleared up doesn't bug me since it's explainable and likely wouldn't get me denied, it's having a current open unpaid late that concerns me.

Re: Advice/ guidance on employer corp card needed please

merlinflex — Mon, 09 Feb 2015 03:34:51 GMT

Updates? Curious to hear the latest!

Re: Advice/ guidance on employer corp card needed please

Anonymous — Mon, 09 Feb 2015 03:41:23 GMT

@merlinflex wrote:
Updates? Curious to hear the latest!

For me- I am still in an unexpected holding pattern. I never thought that pursuing this card would cause so much controversy. The process for me is at a stalemate, department head doesn't want additional staff to have travel cards, division head says it's OK. I have an international trip pending that I need to book within about a month. Will be interesting when mangement notices I haven't booked, so maybe that will get things moving again. I am not going to book an international trip when current reimbursement to personal accounts is averaging 8 weeks.