yfan wrote: flan wrote:
yfan wrote:Dispute it with the credit bureaus, and include a copy of the original application as documentation. Send Amex a copy of the dispute as well. If the application lists the company's EID (employer ID) and classifies it as a corporate card, you should be in the clear. It will be a bit of a hassle, but things shoudl clear up.
The application almost certainly says he's responsbile. AMEX does not issue many cards to corporations, without a personal guarantee.
To me, that doesn't seem to be the case here. OP has not said he gave personal guarantee in the application, and that the CEO filled in the corporate information - which probably means the CEO signed the application as the CEO. OP also had no right to give personal guarantee on behalf of the corporation, since he was not even an employee, let alone a director. Lastly, the whole purpose of incorporation is to protect one's personal assets against loans to the corporation - banks can't just get around it by claiming personal guarantee. If it's a corporate card, only the corporation (and possibly, though still unlikely, its directors) may be held liable.
You don't know what you're talking about. You should probably learn, because everything your said in nonsense. Every single sentence in the quoted paragraph is false.
A creditor can require, as a condition of extending credit, that the cardholder personally guarantee that the charges rung up on the account will be paid. They can do that even when it's a corporation who is nominally the primarily responsible party. An individual can guarantee anyone's debts he cares to, whether they're of a corporation, another individual, or whatever. It is Amex's policy to generally do that for corporate cards; I've held corporate cards while the employee of fortune 500 firms, with revenues of tens of billions of dollars, but they still wanted little old me to guarantee the debt. It's a very common practice for lenders, particularly to corporations that don't have a long history of making money. (think about it: Would you lend money to an entity that when it fails to pay you back simply ceases to exist, leaving you with no recourse to get your money back? Or would you rather add a second (or more) party, who will have a much harder time dodging their obligation?)
I will bet a substantial sum that the OP gave a personal guarantee of the loan. He may not have realized he was doing so, because he's an idiot and didn't read the paperwork. It's possible there's some chicanery going on, and the CEO or somone forged a signature. But that's not the way I'm betting.