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Work-sponsored AMEX


sharizap
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Ok, here's an odd question for you.

We (my dh & I- we both work for the same company) just got an email last night that all employees are required to apply for a company AMEX card to be used for all business and travel expenses. We work for a division of a very large corporation and have had to go through our corporate travel dept. to book flights, and fill out complicated expense reports to get reimbursed for meals, etc. I can see how this would make things easier- BUT... we just started this credit repair thing. Are they going to be able to approve us for this? (both of us range in the low to mid 500s currently.) More importantly, this is going to put a hard inquiry on our reports- one that given a choice, I wouldn't elect to do. But I don't appear to have much of a choice. How hard is this going to impact us, and what are the chances that we are forced to go through a denial for the card? It's tough enough on private matters, it's downright embarrassing when it's through a company.

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Our company has been out of business for a few years, so things might have changed...but...in the 2000-2003 time frame, this would have been a "corporate" AMEX card, with a personal guarantee. In other words, the company was primarly responsible (and the decesion to issue the card was based on the company's credit), but the individual would have given a personal gurantee to cover anything the company didn't. Also, since this is probably a "standard" AMEX, payable in full every month, its handled a little differently.

I'd suggest you give it a shot...I'm guessing there's better than a 50-50 chance you'll get the card.

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In 2004, I faced an identical situation. I was actually IN THE PROCESS of a BK7 and my company was forcing me to apply for and use a corporate Amex for travel. To make it worse, AmEx was a creditor that I BK'ed on and they were the only creditor to send an attorney to represent them in my BK7 and fight the discharge.

This was the order of things:

1) I filled out their AmEx corporate card application form.

2) A hard inquiry appeared on credit report.

2) Not unexpected, I was denied for the card due to a # of reasons.

3) I had to go to my supervisor (director of dept.) and explain that I was denied.

4) He had to sign and submit a form on the company's behalf guaranteeing a specified amount. In my case, he gave me $5000 since most trips I go on are only a few days.

5) I received the card and there is a note on my online account that I have a $5000 total limit & a $1000 limit on 'consumer goods' whatever that means.

6) AmEx DOES NOT report corporate cards to the CRAs. That is, unless you are 30 days late.

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Don't worry. I had the same issue and got approved without issue. Basically what AMEX does is check your credit and will then determine if a credit limit will be required. At my job, we have to use the AMEX for all expenses, turn in our expense reports, and at some point in time, get reimbursed.. :-) Mine for instance has a total limt of $5,000.00 - BUT - It has a "retail" limit of $1000.00. I can make retail purchases for my office supplies, client lunches/dinners, until the $1.000.00 limit is reached and then the balance can be used for travel exoenses. In my case, I work with a company that has over 42,000 employees (almost 70% are required to get the AMEX), what happens is I am 100% resposnible for imely payment of my account. Any late fees, suspension fees etc, in incurred, are 100% my responsibility. I think it's very funny how AMEX hold the cardholder accountable, checks you credit when you apply, but then never reports the good payment status to the CRA's.

I could really use my AMEX on my CR to help increase my scores. Wonder if I can report it myself?

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I could really use my AMEX on my CR to help increase my scores. Wonder if I can report it myself?

I tried. I called and spoke to a rep then their manager. They told me they only report if the account goes bad and never report positive history.

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