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Corporate Amex


Jondor
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In mid-2000, I began work with a new employer that required a large amount of business travel. I was initially declined for my corporate Amex because of some school-related dings, but the employer stepped in and guaranteed the card. Their only stipulation were that I not let the balance get above $15,000, and that I file my expense reports on time.

Fast forward to 2002, I was laid off during the downturn, and my company did not reimburse me for almost $7,000 of outstanding charges on the Amex. I didn't pay them, either, and Amex eventually went to my employer and obtained payment under the terms of the guarantee.

This account is showing on all three reports as "payment after charge-off/collection." It lists responsibility as "individual" and under remarks it says, "account closed by credit grantor."

I have disputed with all three CRA's as "not my responsibility" but they have come back verified. Any ideas on what I can try to get rid of this thing? Thanks!

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Having been royally screwed by AMEX, I can tell you that the bad news about "corporate" cards is that they aren't. They're personal cards, that just happen to have the company's name on them. So, basically, this is a "individual" account.

The only thing you might try at this point is a letter to the AMEX corporate offices explaining the situation...underscoring the point that you were laid off, and the company was responsible for and ultimately paid the debt.

You can find info on all of this at www.amexsux.com

Good luck...

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I'm not certain, but I don't think so. AMEX seems to like to have it both ways...corp for most reporting, since its only one report...but then personal when it goes bad. One thing I'd be afraid of, I think, is if it was on your personal, and the corp went BK, then that might get reflected on your report.

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Only if it goes neg. I have the same issue. The 5K card would definitely boost my score, but repeated calls to AmEx hasn't helped me any. The corporate AmEx card will only be be reported when late or deliquent.

BK 10/04

04/11/05 FAKOs:

620 (Eq), 660 (Ex), 649 (TU)

03/11/05 FICOs: 650 (TU)

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rising_score: That's a tough question. If you have a corp card in the name of a company you own or manage, then maybe. On the other hand, having a corp card with a company you just work for...there's probably no connection.

And just for the record....the ONLY AMEX card I would recommend is the kind that you MUST pay off each month. Any that allow you to carry a balance are pure-D dangerous. My DW's company had a corp line of credit with AMEX, an Optima account, and gold cards for all the managers. When she got behind a two months on the line of credit, they closed ALL accounts and demanded immediate payment.

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