No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi everyone,
My employer decided to issue new credit cards for some people within our firm in January. He opened up two credit cards for me. The first card had a 30k limit and he put 29k worth if transactions on it within the last four weeks. I looked at my credit karma account and my credit score tanked from 780 to 645. After calling the credit card company, I was told that they attach business accounts to personal accounts. The reason my score tanked is because of the fact that my credit utilization, which I typically keep in the low single digits, skyrocketed to 50 some percent. I informed my employer that he has 30 days to resolve this. I was told that it would be made a “priority”. I’m worried. I realize that I’m also personally responsible for this balance. Additionally, I never signed for this card, the business did it. What are my options? My hope is that it gets paid off in 30 days and my credit going back to where it was but I’m not betting on that happening.
If it does get paid off within the next month, would the score return to what it was?
What would everyone suggest?
Can I transfer this amount somewhere else?
Should I file a fraudulent charge?
Any help would be appreciated.
Did your employer add you as an authorized user to this account? Or did he actully apply for a new credit account using your SS number without your permission?
OP, it sounds like your employer is a dirt ball with bad credit. You better watch yourself and be prepared to file charges against them if it doesn’t get resolved ASAP. Also, are you sure they have the funds to pay?
Get those accounts closed when or if they get paid.
At this point I share the same view as you. I don't think they'll have the funds to pay it but I hope I'm wrong on that.
I told them that at the end of the month, the card is going to be locked to everyone but me. I don't want to close it and have another negative mark on me credit report.
This is felony fraud. File charges, put his butt in jail and sue him. If he has anything, take it to pay the card.
This doesn't sound right! How can the employer just open up credit cards in employees names without it being a business/corporate account and the employees are users under the business/corporate account (to which you would be liable for all charges you make on your own card)? Isn't this the same as fraud?
@Uniquawrote:This doesn't sound right! How can the employer just open up credit cards in employees names without it being a business/corporate account and the employees are users under the business/corporate account (to which you would be liable for all charges you make on your own card)? Isn't this the same as fraud?
Yes, as mentioned above OP’s employer committed a felony. I have a business w/ employees with bus cards and would never think of doing this, because it”s soooo wrong. This can get you three hots and a cot (prison).
@Anonymouswrote:At this point I share the same view as you. I don't think they'll have the funds to pay it but I hope I'm wrong on that.
I told them that at the end of the month, the card is going to be locked to everyone but me. I don't want to close it and have another negative mark on me credit report.
Update your resume and move on, no run. Get as much info and see if you can get other employees to sign statements on what has occurred. Your employer isn’t going to be honest if/ when the crap hits the fan.