Mr. White Posted September 25, 2004 Report Share Posted September 25, 2004 hi everyone....i was curious about something...i worked for a company a while back and when i did, they had company credit cards, AMEX to be specific....and i was curious if since it was a company credit card that if it gets reported on personal credit reports or should it...is it legal...i dunno...can you help me please...i'm trying to get my report looking god cause i'm going to buy a house and my credit needs to be good obviously...thanks in advance....collins Link to comment Share on other sites More sharing options...
willingtocope Posted September 25, 2004 Report Share Posted September 25, 2004 AMEX "company" credit cards issued to employees do come in at least two flavors. Some BIG companies can arrange for the company to be liable for the payments, but most small/medium size companies really issue cards to their employees that are company cards in name only. The employee is actually responsible for the debt on his/her card...So...yes, maybe your company AMEX is listed on your personal CR. There have also been cases where if the company goes BK, the individual employees wind up responsible for any company charges. You can get a good feel for what AMEX is capable of atwww.amexsux.com Link to comment Share on other sites More sharing options...
Mr. White Posted September 26, 2004 Author Report Share Posted September 26, 2004 ok, so you're saying that even though it was a company credit card, it can still go on my personal CR? is there anyway to remove it from my CR? also, if the company goes bankrupt that the individual has to satisfy the debt? does this matter on what type of company it is - corporation, llp, llc, soleproprietor? thanks for last information...collins Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted September 26, 2004 Report Share Posted September 26, 2004 My Diner's Club card is not reported on my credit report although the understanding is that if I screw them over, Diner's Club will go after me instead of my employer.And Diner's Club does an account review of my Experian report and they have severely limited my card when I became overextended on debt. I had to clean up my credit a bit before Diner's Club would return everything back to normal.They don't report though but they do based everything on my credit report. Link to comment Share on other sites More sharing options...
cabledude Posted September 26, 2004 Report Share Posted September 26, 2004 I had one that fell behind a number of years ago. They told me that if I did not pay after 120 days they would charge off the account and list it on my personal CR. I paid and it never came to that. However, if you believe what they told me and you yourself had been making the payments after you received payment from the company you will be liable. Especially if you have been reimbursed by the company and the money for some reason did not make it to AMEX. If they were making the payments and you just used the card then it should never appear on your CR. Link to comment Share on other sites More sharing options...
willingtocope Posted September 26, 2004 Report Share Posted September 26, 2004 rcollins: The only way to make sure it gets removed from your personal CR is to cut the card into pieces, and send them along with a letter to AMEX saying you cancel the account.And no, it doesn't seem to matter how the company is organized...as I said, its a company card in name only and is really issued to you.Legally, the only way that you as an individual would be responsible for the ENTIRE debt on the company card is if you personally guranteed the account when it was opened...but, AMEX and their collection agencies overlook that and try to intimidate the any individual associated with the account into paying the whole thing.AMEX is not a nice company. Link to comment Share on other sites More sharing options...
Mr. White Posted September 26, 2004 Author Report Share Posted September 26, 2004 oh, ok...well, that makes sense. no, it wasn't personally guaranteed and i will give them a litle credit for their tactic cause for a moment it had me thinking like they wanted me to...are you being a little sarcastic with the cutting the card up and sending a letter with it or what? i thought in order to get something off of your report if possible that you haveto go through the credit bureaus? how off am i on this? collins Link to comment Share on other sites More sharing options...
willingtocope Posted September 26, 2004 Report Share Posted September 26, 2004 No, not being sarcastic...not being clear either, I'm afraid. My point is that if you're concerned that this card may have a negative effect your CR, then you need to close the account. A paid in full, closed account is a positive on your CR, and there's no reason to remove that tradeline. But, the only way to make sure its closed, is to cut up the card in half so no one can use and send it to AMEX along with a letter referencing the account number and saying you no longer wish their credit. Link to comment Share on other sites More sharing options...
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