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Topic: Expense Account - Bad Credit
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| Author | Message |
| MarleyMedia -* | Posted – 6/2/2005 1:28:54 PM | show profile Anyone have advice regarding this? Would this disqualify me from a job? |
| can't say | Posted – 6/3/2005 4:01:02 PM | show profile This is a good question. Unfortunately, I don't know the answer. Usually, you're hired, and then you apply for the corporate credit card. So I don't know what would happen if your credit was so bad that you were declined. However, a friend of mine with bad credit (including a fairly recent bankruptcy) was able to get a corporate credit card. In some cases, you may be given a credit limit that's not too high. |
| canasta | Posted – 6/3/2005 4:11:25 PM | show profile It should be fine. I know of a few people that had filed for bankruptcy, but were still able to get a corporate card. It may be that they're basing their acceptance on the company's record of paying, not yours. |
| Cyrus | Posted – 6/3/2005 4:26:13 PM | show profile Company credit cards basically are guaranteed income for the issuer. Although having a company card will show up on your credit and you are responsible for payment, the card's actually guaranteed by the credit of the company you work for. IOW, if you didn't pay it, they'd demand the company cough up the money. That's why some have strict rules prohibiting you from using them for personal expenses. ------ Cyrus Afzali Astoria Communications www.astoriacomm.com |
| can't say | Posted – 6/3/2005 5:33:14 PM | show profile After reading the other responses, it seems to me that having a corporate card would be a big help to you in reestablishing good credit. Of course that assumes you process your expenses quickly, etc., and get payment going on time. |
| worm | Posted – 6/3/2005 7:15:32 PM | show profile I don't know if this is relevant to your situation, but I have heard that some employers routinely check a prospective employee's credit. The thought is that a bad credit risk is a bad risk as an employee--one of the reasons possibly being responsible for an expense account. In other words, it is possible that having bad credit could count against you in an interview situation. |
| voxo | Posted – 6/3/2005 9:44:55 PM | show profile I have had three different corp. credit cards from two different companies, and NEITHER appeared on my credit report. |
| voxo | Posted – 6/3/2005 9:52:07 PM | show profile Clarification for the grammar nazis - the cards from neither company... |
| MarleyMedia -* | Posted – 6/3/2005 10:25:35 PM | show profile so your saying it shouldn't matter voxo? |
| screennamehere | Posted – 6/6/2005 10:53:01 AM | show profile I've known people (including myself, with not-too-shabby credit) who got denied corporate cards. but my co. uses AMEX, who are credit nazis... if your co uses a more normal company, you should be ok. I have decent limits on my own credit cards, so maybe it's just AMEX that's unreasonable. |
| newsgirl508 | Posted – 6/6/2005 11:20:02 AM | show profile It Must Depend on the Company too Because I have a friend who has HORRENDOUS credit...I mean, she couldn't even get a checking account at one point! But when she went to work for Universal, they plopped a fat AMEX Gold corporate card in her lap; it came with the job. I can't tell you how many car service rides and dinners she & I expensed, because in her job, it's a given that she entertain clients. I was sad when she moved to Warner Bros. as they are not as loose with their entertainment expenses for A & R reps. But it was fun while it lasted. ;-) |
| Cyrus | Posted – 6/6/2005 11:20:07 AM | show profile Marley, I think it will depend on the situation. I can tell you my corporate card did show up on my credit report because it was a card established in my name. It's possible those with different experiences worked with companies who somehow used a different procedure. But the bill from Chase Manhattan came directly to me at my residential address and the credit available showed up on my individual report. I would think the only thing that would really cause problems in this instance is if you have a record of non-payment. I wouldn't worry about being disqualified from a job that much. I didn't have stupendous credit when I carried one and it never hurt me although I've since become debt free and get solicitations wanting me to open up a card for my business all the time. It's true that some companies pull credit reports as a part of the application process, but it's imp. to remember that you MUST consent to them doing this and have the right to refuse. Would it hurt you? Potentially. I personally think it's going too far to pull credit on people, but it's legal as long as you consent, so there's not much you can do other than walk away. ------ Cyrus Afzali Astoria Communications www.astoriacomm.com |
| voxo | Posted – 6/6/2005 12:43:30 PM | show profile Wow - I would never stand for having a corporate card appear on my credit report. Having bought two homes now, I can tell you that having ''too much'' revolving credit, even if it is in good standing, drags down your FICO score. As a result, for the lifetime of any loan you take out you will be paying a higher interest rate. Further more, if a company is slow to reimburse expenses, you'd have to come up with money out of pocket lest you take late payment hits on your credit. God forbid the company get into financial trouble and file for bankruptcy as you would still be responsible if they haven't yet reimbursed you. And of course, with the new rules for personal bankruptcy taking effect soon, it would be awfully hard to get out of paying. Unless you have no credit history (or VERY bad credit), I think you'd have to be a short-sighted fool to accept this situation, which is someone else's credit on your file for years. I'd quit or turn down any job which used this type of card. Period. No exceptions. As to your question, Marley, my answer is that it ''shouldn't'' matter. And ''probably'' won't. But I wouldn't be suprised if it does matter for some companies. If a company has been burned several times by employees who used their card for personal expenses which they weren't able to pay, I could certainly understand them shifting the liability of repayment onto employees. I've only heard of having a credit check prior to extending a job offer from a few friends with those high finance jobs I don't understand. |
| Vasili Slotkuv | Posted – 6/7/2005 5:06:31 AM | show profile I'm sorry, but I don't understand why a company would pull your credit. My credit is normal (neither perfect or bad), but if a company wants to hire you I couldn't imagine why they'd make any decisions based on that. Maybe I'm naive or missing something. |
| Marie | Posted – 6/7/2005 8:29:46 AM | show profile Credit checks have been routine for a long time, although they can't check without your permission, and whether they actually do check is debatable. There's been a number of good articles (one in the Christian Science Monitor) about how stupid they are for employment screening. Often these checks are made after you're hired. You can refuse to sign the form (you could only likely do this and not jeopardize your chances if you're not coming in through HR--in other words, the hiring editors want you, and you're being sent to HR after the fact to fill out the paperwork, which is really the only time you should deal with those HR dolts). You can ''neglect'' to give your social security number on the application, and that way it would be hard to check your credit. |
| canasta | Posted – 6/7/2005 9:52:31 AM | show profile I worked with someone whose wages were garnished due to his credit history, and the company was of course notified. He was fired...they didn't say specifically for that reason, but it was apparent. |
| Marie | Posted – 6/7/2005 10:28:46 AM | show profile It's hard to imagine why the company would care, providing his credit problems weren't affecting his performance. |
| can't say | Posted – 6/7/2005 10:37:41 AM | show profile canasta, was that person in edit? |
| canasta | Posted – 6/7/2005 10:37:51 AM | show profile Likely a combination of the two. |
| canasta | Posted – 6/7/2005 10:53:11 AM | show profile Can't say, yes he was...a local newspaper. |
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