Advice/ guidance on employer corp card needed please

[Anonymous]

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.

[NRB525]

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.

[Anonymous]

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@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.

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+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

[BarryNTexas]

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@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. 

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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

[boosnark]

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.

[ineedcreditbad]

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. 

[Anonymous]

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@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.

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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