Company Credit card- AMEX

[ac921ol]

Question from the spouse:

I filed BK in 9/2009. I have since had a company credit card through American Express. I am an authorized user and make frequent purchases up to 7k and pay the balance monthly. Shouldn't this be building my credit? It did not show up on my TransUnion report.

Also, I have a few items on my report that are paid/charged off. Do I really have to wait for the "date to be removed" or is it worth sending in a letter requesting deletion sooner?

My credit score is 632. Do you think I should apply for a CC even if it carries a high interest rate? Or should I wait until these other items are removed (4/13-7/13)?

I currently have a small $6k car loan with a 22% interest rate at Wells Fargo JUST to build some credit. I was told I should have 3 lines of credit. My fiancee added me as a user to one of his longer standing credit cards. Hopefully that will help?

Thanks!

[aussiesareforever]

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@ac921ol wrote:

Question from the spouse:

I filed BK in 9/2009. I have since had a company credit card through American Express. I am an authorized user and make frequent purchases up to 7k and pay the balance monthly. Shouldn't this be building my credit? It did not show up on my TransUnion report.

Also, I have a few items on my report that are paid/charged off. Do I really have to wait for the "date to be removed" or is it worth sending in a letter requesting deletion sooner?

My credit score is 632. Do you think I should apply for a CC even if it carries a high interest rate? Or should I wait until these other items are removed (4/13-7/13)?

I currently have a small $6k car loan with a 22% interest rate at Wells Fargo JUST to build some credit. I was told I should have 3 lines of credit. My fiancee added me as a user to one of his longer standing credit cards. Hopefully that will help?

Thanks!

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I'm not sure about the AU question. I will have somebody else chip in.

The paid/charged off items will remain on your credit report until 7.5 years after the date of first deliquency (DOFD). The only way you can have them deleted is to call/email/mail the creditors and request (more like beg) that the paid items be deleted. It is worth giving it a shot but check your credit reports for the DOFD of those items.

Wow..the interest rate you have is crazy. If you have funds available, pay that baby off ASAP. Use the money you would save and get a secured card through Capital One or your local credit union. I won't pay that much interest just to buid credit. I definitely recommend applying for a credit card. Check Capital One's pre-approved site to see if they have an offer for you. Go to your local credit union. Try Barclays too. I don't think your credit score is too shabby. Capital One gave me an unsecured card 2 months after my BK.

Finally, it shouldn't matter what the interest rate of your credit card is. Once you get your statement in the mail, pay it off completely. You won't get charged interest if you pay off in full every month. I'm almost five years post BK and I haven't paid a dime in interest all that time.

Credit recovery is possible and fun. Good luck!!!

[ac921ol]

Just got preapproved for a cap1 secured card. Only put a $49.00 deposit.
Paying the interest doesn't bother me as much since I plan on paying the car off soon (in a year so its 2 years of credit history and on time payments.)
Or should I still pay it off and just be happy with the 1year payment history. (I pay almost double the monthly cost and just plan on doing a lump payment after 2 years of history. I knew I was going to eat some interest cost, but thought a car payment for 2 years was a nice start from bankruptcy.

Also I am calling the number on the back of the AMEX company card to see why its not reporting.

[ac921ol]

So I called the Amex number on the back and this is the response I just got.

"they dont do anything with credit reporting unless you are 180 days past due"  well why isnt it even showing up my report?? nothing, 110% nothing is on my report about the company card.

[aussiesareforever]

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@ac921ol wrote:

Just got preapproved for a cap1 secured card. Only put a $49.00 deposit.
Paying the interest doesn't bother me as much since I plan on paying the car off soon (in a year so its 2 years of credit history and on time payments.)
Or should I still pay it off and just be happy with the 1year payment history. (I pay almost double the monthly cost and just plan on doing a lump payment after 2 years of history. I knew I was going to eat some interest cost, but thought a car payment for 2 years was a nice start from bankruptcy.

Also I am calling the number on the back of the AMEX company card to see why its not reporting.

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If you have the money I would just pay it off. As a paid off closed account in positive standing, it will stay on your credit report for 10 years after you close it. There is really no point paying that much interest if you have the money. Just pay it off.

I rebuilt my credit mostly with one card. I had a single Capital One card for three years before I got other cards. My recommendations to you will be to treat your secured card well. Pay on time, every single time. Never ever ever miss a payment. Only charge what you can afford to pay off when the statement comes in. In six months, you will be ready to apply for other cards. Barclay, Discover, GE are all BK friendly cards. Just be patient and don't apply for too many cards too quickly. It is a marathon and not a sprint.

[aussiesareforever]

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@ac921ol wrote:

So I called the Amex number on the back and this is the response I just got.

"they dont do anything with credit reporting unless you are 180 days past due"  well why isnt it even showing up my report?? nothing, 110% nothing is on my report about the company card.

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You know, I don't think that the company credit card will be reported on your individual credit report. I may be wrong but I'm almost pretty sure that they would not report it. Good job with getting your Capital One card. What limit did they give you?