Qualifications for corporate card

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ItsMe
 
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Joined: Wed Dec 26, 2012 5:36 pm
Location: Bronx, NY

Qualifications for corporate card

Postby ItsMe » Wed Dec 26, 2012 7:15 pm

Hello,

I recently started a new job with a very large company (an LLC). My job requires me to travel a lot and so they provided with an opportunity to get an AM Corporate card. My issue is I have very poor credit, and so I have several questions:

What is the likelihood of my approval?
Why does my credit play a part if this would be a Company Corporate Card?
If I am not approved how long do you think with my starting to rebuild my credit before I can reapply?
If not approved, what are my other options?

Thanking you in advance


Money card
Centurion Member
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Postby Money card » Fri Dec 28, 2012 11:56 pm

let's see if I can help you with this. whether you have good credit or poor credit shouldn't affect the likely hood of you getting a corporate card unless your an authorizing officer like the president of your compan, then this would be a very different situation., if sighning for your own card then you would need good credit.

the likelyhood of you getting a corporate card assuming your a sales person and either a treasurer, vice president, chairman of the board
are going to sighn for your card that particular person has to have good credit, if there credit is like yours you probably wont get approved
but if they have great credit then you will be approved. but if your the president of the company based on what you wrote I'm going to guess
you won't be approved.

your credit would only play a part if your an authorizing officer if your the chairman of the boad, a treasurer, a vice president, ceo general mgr and sighned your self for a corporate card , then your credit would play apart.

if your not approved you should tell the department that is in charge of your business travels, that decides what airlines you fly, hotels you stay at let them decide on what credit card you have to have for work.

MemberSince99
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Location: WI

Postby MemberSince99 » Sat Dec 29, 2012 1:01 pm

From what I understand, it really depends. Last I knew there were two kinds of corporate card you could get. One has the company guaranteeing to pay and the other is on YOU to pay (the company reimburses you but you pay it). If the company pays and guarantees it, it probably won't much matter what your credit is like as long as you haven't burned Amex in the past. If the burden is on you to pay, then they do care about your credit and poor credit may well be denied.

If you've burned Amex in the past, they know that too and will deny you for that. I worked for a large company last year that asked me to app for the corporate Amex. I applied, and it was denied, not due to credit but due to the charge offs from years ago. Oddly enough less than a year later they approved me for 3 personal cards, then shortly after blacklisted me again. It was a fun ride. Anyway, it's hard to say for sure without knowing the details. But your credit likely will matter and if it's poor I would not be too surprised if they decline. I've always thought these things are a crock anyway, because YOU are still on the hook for the card not the company BUT you reap no benefit of having it report favorably - it will only report if you don't pay as a collection against you (and whatever else happens). In other words, heads the company wins, tails you lose. Inside I was honestly glad to be declined, but at the same time I worried it might cost me my job too. On that same vein, eventually the beancounters at American corporations are going to get the bright idea that we workers should be "renting" the resources we use to do our jobs, and will start charging us for our PCs, for our cube space, for electricity and so on (all the while claiming these expenses on their taxes of course but not stating what they charged us...) but that's a WHOLE different story! I'm just surprised they aren't already doing it, after all, what would anyone DARE to do about it? We all sit back and take it like the sheep we are when they screw us in every other way (like 30 hours of unpaid overtime one week and getting docked for a doctor appt the next) so what would really happen...nothing.

Now on to how long it will take you to rebuild your credit. Again it depends on where you are. As a rule it takes years. Bad things fall off your report after 7 years. You may be able to get them removed sooner with diligent hard work and perhaps money from you. Amex will not want to see BK on your report they are NOT known for being BK friendly at all. They won't like baddies but may accept a couple. It just depends on your report and what kind of card and we don't know either so all we can tell you is some general stuff.

Good luck with it though.

SteveT
Gold Member
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Joined: Wed Dec 31, 2008 2:40 pm
Location: California

Postby SteveT » Sun Dec 30, 2012 2:24 pm

ItsMe wrote:Hello,

I recently started a new job with a very large company (an LLC). My job requires me to travel a lot and so they provided with an opportunity to get an AM Corporate card. My issue is I have very poor credit, and so I have several questions:

What is the likelihood of my approval?
Why does my credit play a part if this would be a Company Corporate Card?
If I am not approved how long do you think with my starting to rebuild my credit before I can reapply?
If not approved, what are my other options?

Thanking you in advance


I used to be the Amex Program Administrator for my previous employer a few years back.

Amex Corp Card has two types of programs: 1) Direct Bill and 2) Central Bill. Direct Bill is when you are directly billed by Amex and you and your employer are jointly responsible for the liability. You submit your expense report to your employer and they reimburse you directly and you pay Amex. Central Bill is when all the accounts are billed to the company and the company is solely responsible for the liability. With Central Billing you are automatically approved (I think even if you had defaulted with Amex in the past, not sure though.) With Direct Bill they will pull a soft credit report and check if you have defaulted with them in the past. You will be denied if you are blacklisted and if there are issues with your credit they will probably issue you the card with small spending limits. Your company Administrator can override the decision by guaranteeing the account.

SteveT
Gold Member
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Joined: Wed Dec 31, 2008 2:40 pm
Location: California

Postby SteveT » Sun Dec 30, 2012 2:26 pm

Money card wrote:let's see if I can help you with this. whether you have good credit or poor credit shouldn't affect the likely hood of you getting a corporate card unless your an authorizing officer like the president of your compan, then this would be a very different situation., if sighning for your own card then you would need good credit.

the likelyhood of you getting a corporate card assuming your a sales person and either a treasurer, vice president, chairman of the board
are going to sighn for your card that particular person has to have good credit, if there credit is like yours you probably wont get approved
but if they have great credit then you will be approved. but if your the president of the company based on what you wrote I'm going to guess
you won't be approved.

your credit would only play a part if your an authorizing officer if your the chairman of the boad, a treasurer, a vice president, ceo general mgr and sighned your self for a corporate card , then your credit would play apart.

if your not approved you should tell the department that is in charge of your business travels, that decides what airlines you fly, hotels you stay at let them decide on what credit card you have to have for work.




This only applies for a Business Card. Corporate Card Accounts have a different criteria for companies that do not require a person to guaranty the account.

Money card
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Location: New York state

Postby Money card » Sun Dec 30, 2012 9:07 pm

I believe that because both small business and corporate cards have to be signed by an authorizing officer. that's what makes them different from a personal card. because if somebody decided to charge 4,000 dollars a month , the person who signed for that corporate
doesn't want to pay American express back, let's say a sales person in the marketing department how would American express get paid?

where as if the sales person who charges 4,000 a month , the card gets signed by an authorizing officer if nobody decides pay that back
American express can close out those cards that are not paid in full. but I would suppose with a corporate or small business card , when it comes to ceo's presidents American express is more trust worthy with them as compared to a sales person in the Marketing department.



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