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Repairing Credit & applying for Chase Corporate card..


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The last post in this topic was posted 3472 days ago. 

 

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Hello All,

 

It's been a while since I've been on here and unfortunately my credit situation is much worse than it was the last time I was around. FICO scores used to be in the mid to high 700's, but now they are hovering around or just below 600.

I went through a rough patch in the income situation and built up ~ $50K in credit card debt. I started working with a non-profit debt management program (Greenpath - very happy with them) to get back on track and get things paid off. I have/had many late payments (30/60/90/120, etc), several charge-offs, and one account that was sold to a collection agency. I secured a great full-time job and over the past 11 months I've paid off around $15K of the credit card debt (plus paid off the rest of my new car loan ($1,500 in payments, plus an early $5,500 lump-sum payoff in Feb. Note: never missed a payment on this loan in the 4 years I had it) and a low-balance student loan. All of the debt that I have remaining is ~$35K in credit card debt. I'm paying consistently through the debt management plan plus adding extra when I can strategically to different cards. I have 8 cards currently in the DMP, 2 that were in the DMP but which I have since paid off, 2 Citi cards that I setup an arrangement with them directly that I'm paying, and 1 that I didn't include in any arrangements and have been paying normally (AmEx Blue). All credit cards are either closed or will be closed at the conclusion of the DMP, except for my AMEX which I didn't include. I'm very pleased with the progress I've made so far because last year I felt very overwhelmed and wasn't sure what to do.

Having said all that, I have two questions.

 

One, I'm looking for comments/advice on my situation to see if there is anything else that I could be doing better or that I should be doing. For example, before I ruined my credit, I had success removing my one single late payment from a student loan (using a goodwill letter sent to the lender) and it ended up improving my score greatly. I'm wondering if I should even try to attempt doing that with the vast array of mistakes haunting my credit reports, or if they're past repair at this point (except for just waiting for the negatives to fall off).

 

Two, For my job, I'm going to be doing some traveling pretty soon and I've learned that I'll have to apply for a Corporate credit card through Chase in order to charge travel and expenses. I've done some research and found different stories on trying to get corporate cards with bad credit, but 99% of them have been with AMEX corp cards. I haven't been able to find any information about Chase. Does anyone have any experience with corporate cards with them? I'm not sure if the card will be personally guaranteed and/or if Chase will pull my credit to determine my eligibility. I'm terrified of going through this process only to be denied by Chase and then have to explain it to my employer. In my field and industry of work, having bad credit is not a good thing and I would rather not see what happens if that comes to light.

 

Any comments/advise would be greatly appreciated!

 

Thanks!

 

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Civiljudgements: "but with Citi Corp there is not a pull of any kind and No PG."

 

The above is not true and misleading:

 

*Social Security Number:

 

is required and they will run your credit

 

 

They may have for you, but they do not always do so. My wife's former company uses Citi exclusively and they never pull credit. Her current company used Citi up until recently and never a credit check. They are now changing to Chase & AmEx and have been told a credit check is not required, but seeing is believing.

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That is true if you as an employee is added on as an AU, but that is not what Eric was describing unless I have misunderstood

He mentioned travel for his job. He stated "has to" apply for corporate card. It's clear he isn't talking about a Chase business card.

 

With business cards Chase and Citi and even AmEx will pull. Corporate cards are usually a different story.

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That is true if you as an employee is added on as an AU, but that is not what Eric was describing unless I have misunderstood

He mentioned travel for his job. He stated "has to" apply for corporate card. It's clear he isn't talking about a Chase business card.

 

With business cards Chase and Citi and even AmEx will pull. Corporate cards are usually a different story.

 

 

Correct, I am an employee of a company and will need to get a corporate card. This isn't a business card that I'm applying for separately, it's a Chase Commercial card.

The feedback so far is encouraging. I just decided to call Chase Commercial card services to ask about pulling my credit and she told me "No, these cards are based off of the companies' credit". I think I'm safe in this situation. Thanks for the feedback on this! :)

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That is true if you as an employee is added on as an AU, but that is not what Eric was describing unless I have misunderstood

 

He mentioned travel for his job. He stated "has to" apply for corporate card. It's clear he isn't talking about a Chase business card.

With business cards Chase and Citi and even AmEx will pull. Corporate cards are usually a different story.

Correct, I am an employee of a company and will need to get a corporate card. This isn't a business card that I'm applying for separately, it's a Chase Commercial card.

The feedback so far is encouraging. I just decided to call Chase Commercial card services to ask about pulling my credit and she told me "No, these cards are based off of the companies' credit". I think I'm safe in this situation. Thanks for the feedback on this! :)

That's great!

 

Those in my wife's company are being told there is no credit check, but I wasn't sure that was reliable. You went straight to the source and got a definitive answer. :)

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The statement I made above is 100% true with the company I work for. No SS# and no pull of any kind. Maybe it depends on the size of the corporation I'm not sure. I sure wish my 50k CL would report!

Of course it's true. Financialevolution just failed to understand what was being discussed. Corporate cards are not business cards with Citi or Chase.

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