AM/EX QUESTION

Discussion in 'Credit Talk' started by BGOLDEN, Nov 17, 2000.

  1. BGOLDEN

    BGOLDEN Guest

    MY HUSBAND TOOK A POSITION THAT REQUIRES LITE TRAVEL. HE HAD TO FILL OUT AN AM/EX APPLICATION IN HIS OWN NAME. WELL, HE GOT DENIED BECAUSE OF HIS CREDIT. NOW THE COMPANY HAS TO BE HIS CO-SIGNER. HE HAS TO FILL OUT EXPENSE REPORTS TO TURN IT IN TO MAKE HIS PAYMENTS TO AM/EX. HE IS RESPONSIBLE FOR PAYING THE BILL. AFTER 18 MONTHS OF EXCELLENT PAYMENT HISTORY HE WILL NOT NEED THE COMPANY BACKING HIM.

    ALL THAT TO ASK THIS...WHEN THIS REPORTS ON HIS CREDIT DO YOU THINK THAT IT WILL HELP HIM ESTABLISH BETTER CREDIT OR BECAUSE SOME OLD CHARGEOFFS ARE STILL ON THERE WILL HE KEEP GETTING DENIED? THANKS FOR YOUR RESPONSES.
     
  2. mj

    mj Well-Known Member

    Unfortunately (for your husband, but fortunately for those watching their debt ratios for better scores), Amex doesn't report corporate card balances or payments - only if they go >90 days late and/or are charged off.

    The good news is that after 18 months of positive pay history, it may help in getting other personal credit from Amex (charge or credit cards).

    Good luck,
    MJ
     
  3. Cadillac408

    Cadillac408 Well-Known Member

    This will not report on his credit....that is if you are referring to the Corporate Am/Ex card. I have this card and it does not report. I was weary about applying for it at first but the Am/Ex site administrator at my job told me that if I was denied, that my manager could guarentee my card (meaning that if I defaulted on the card that my company would pay Am/Ex and charge my manager's dept back). I applied and low and be hold, I was approved and had my card in less than 5 business days. My card did come with a restriction of $5k limit for travel and $100 limit for retail. I have since had the retail limit bumped up to $500 (that's what I use the card mostly for). I was glad that I was apporved (how embarassing to have my boss sign a guarentee form).

    What I can't understand is Am/Ex Corporate Services pulled a *soft* inquiry on Experian...the same report that has my judgment listed on it! I consider a judgment on your report the worst of the worst when it comes to credit. They still approved me???? So I would have to assume that if Am/Ex Corporate Services denied your husband, that his credit must be FINISHED!

    On a flip note, one of the good things about having my Corporate card is that our expense reports are done on-line. Your Am/Ex statements are downloaded into your expense report profile so when you do your report, you can drag and drop all Am/Ex charges onto your report. Then you can mark the option to have your company pay Am/Ex directly on your behalf! This is so convenient!!!! No need to wait for your expense check just so you can pay Am/Ex.
     
  4. BGOLDEN

    BGOLDEN Guest

    YES, THIS IS WHAT I AM TALKING ABOUT THE CORPORATE AMEX. AND IT WAS VERY EMBARASSING FOR HIM AND ME. HE HAS 7 CHARGEOFFS, 1 JUDGEMENT AND 1 REPOSSESSION. I WAS HOPING IT WOULD BENEFIT HIM MORE. BY THE END OF 18 MONTHS, HE SHOULD BE SET UP QUITE NICELY, BECAUSE ALL THE CHARGEOFFS ARE SUPPOSED TO COME OFF BY THEN, IF I DONT GET THEM OFF FIRST. THANKS FOR RESPONDING.
     

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