{"id":8522,"date":"2022-01-25T08:31:30","date_gmt":"2022-01-25T07:31:30","guid":{"rendered":"https:\/\/businessfinancenews.com\/?p=8522"},"modified":"2023-08-24T16:19:05","modified_gmt":"2023-08-24T15:19:05","slug":"does-corporate-card-affect-credit-score","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/credit\/does-corporate-card-affect-credit-score\/","title":{"rendered":"Does Corporate Card Affect Credit Score"},"content":{"rendered":"\n

Does My Corporate Card Affect Credit Score<\/h2>\n\n\n\n

Credit scores have become an incredibly popular personal finance topic in recent years. The rise of sites like Credit Karma, Credit Sesame, Quizzle and the reporting of credit scores with credit cards have made a once complicated topic more accessible to the public. But one element of credit scoring still confusing plenty of people: does my corporate card affect my credit score?<\/p>\n\n\n\n

Unfortunately, the answer isn\u2019t exactly a definitive yes or no. The answer is: it depends.<\/p>\n\n\n\n

Who Applied for the Card?<\/h3>\n\n\n\n

Receiving a corporate card doesn\u2019t always mean you applied and will get a ding on your credit report. Some companies make new employees (or those receiving a company card) an authorized user. This means you didn\u2019t fill out an application to receive a card. You are given a supplementary card that is tied to your employer\u2019s line of credit. Any damage you do will impact his or her credit report (so behave properly). This would be more common for small businesses instead of large corporations.<\/p>\n\n\n\n

Other companies may require you to fill out the application and run a credit check in order to receive the card. Or if a credit card magically appears on your desk, review the papers you signed during your company orientation. You likely authorized the company to get you a corporate card.<\/p>\n\n\n\n

Don\u2019t panic if a credit inquiry goes on your report. Applying for a credit card usually only impacts your credit score by about 10 points and those 10 points tend to rebound relatively quickly.<\/p>\n\n\n\n

If you are the one applying for the card, at a credit inquiry is likely to be on your credit report and potentially the monthly activity. Often the positive monthly activity is not reported, but if it is, then it can help improve your credit score (assuming you behave responsibly). However, when you leave the company and the card gets closed \u2013 you will see a drop in your available credit and thus an increase in utilization. You\u2019ll eventually also lose that healthy history off your report, so be sure your corporate card it isn\u2019t your only credit card.<\/p>\n\n\n\n

Was a Payment Made Late?<\/h3>\n\n\n\n

It doesn\u2019t matter if you\u2019re responsible for making monthly payments or your company handles the bill; if your payments are late then your credit report will get hit. Typically, the payments need to be 60 to 90 days overdue in order to get reported to the credit bureaus. But keep in mind that you\u2019re going to be the one feeling the pain if the payments don\u2019t get made.<\/p>\n\n\n\n

Don\u2019t be passive about your corporate card. Be sure to log in each month and check that your company is making payments.<\/p>\n\n\n\n

Best Way to Find Out if it Impacts Your Credit Score<\/h3>\n\n\n\n

The easiest way to find out how your corporate credit card impacts your credit is to pull your credit reports.<\/p>\n\n\n\n

See if it gets reported to the credit bureaus on a monthly basis or if there was even an inquiry for you to get the card. If you filled out the application for the card \u2013 there might be a credit inquiry and a small hit on your credit report. If your company just gave you a supplementary card, it\u2019s unlikely to pop up on your credit report.<\/p>\n\n\n\n

But keep this mind: in most cases any negative information will show up on your<\/em> credit report. Make sure those bills are paid.<\/p>\n\n\n\n

Your Options<\/h3>\n\n\n\n

It\u2019s easier to have a company credit card that automates your expenses to some degree. You may not have to keep track of every receipt or fill out reimbursement paperwork on a monthly basis. However, you are putting your faith in your company\u2019s system. If your company is late making a payment, then the derogatory mark can show up on your credit report and impact your credit.<\/p>\n\n\n\n

You could have the option of asking your company if you can use a personal credit card and just get reimbursed monthly. This puts you in control of ensuring the bill is paid on time and enables you to earn rewards and miles on the company dime. But there are some downsides to this method.<\/p>\n\n\n\n

  1. The company could be late reimbursing you, so you\u2019re floating the money out of your own pocket to make the payment.<\/li>
  2. You could be driving up your utilization, which could negatively impact your credit score. If you need to charge $10,000 in a month for work, but you only have a $15,000 limit \u2013 you\u2019re 75% utilized and that looks bad to the credit bureaus. You might want to get another credit card that\u2019s specific for business purchases, even if it\u2019s a personal card. This will increase your credit limit and make it easier to track personal and business expenses.<\/li><\/ol>\n\n\n\n

    Related Articles<\/h2>\n\n\n\n

    We want to recommend to you some featured articles related to credit management, credit score, and debt settlement.<\/p>\n\n\n\n

    We study which are the credit scoring models available<\/a>, the differences between chapter 7 and chapter 13 for bankruptcy<\/a>, an analysis of the application of chapter 12<\/a>, what is APR and how it is calculated<\/a>, options available when you cannot pay your debt<\/a>, and the debt snowflake method<\/a>.<\/p>\n\n\n\n

    We have reviews of Accredited Debt Relief<\/a> and Pacific Debt<\/a>.<\/p>\n\n\n\n

    We discuss debt consolidation vs credit counseling<\/a>, secured vs unsecured debt<\/a>, and being sued by the debt collector<\/a>.<\/p>\n\n\n\n

    We analyze if having a corporate card can affect credit score<\/a>, how to settle credit card debt<\/a>, and we discuss if your credit score has an influence on car insurance<\/a>. We also deal with a strange line item “national credit cards airlines”<\/a>.<\/p>\n\n\n\n

    About student loans, what happens if you do not pay your student loan<\/a>, and how do student loans affect credit score<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Does My Corporate Card Affect Credit Score Credit scores have become an incredibly popular personal finance topic in recent years. The rise of sites like Credit Karma, Credit Sesame, Quizzle and the reporting of credit scores with credit cards have made a once complicated topic more accessible to the public. But one element of credit … Read more<\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[44],"tags":[],"yoast_head":"\nDoes Corporate Card Affect Credit Score - Business Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/businessfinancenews.com\/credit\/does-corporate-card-affect-credit-score\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does Corporate Card Affect Credit Score - Business Finance\" \/>\n<meta property=\"og:description\" content=\"Does My Corporate Card Affect Credit Score Credit scores have become an incredibly popular personal finance topic in recent years. 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Since some credit situations are more complex than others, credit repair companies can help you resolve credit issues that would otherwise be hard to do on your own.\r\n\r\nCredit repair companies will start by pulling your credit reports from the three major credit bureaus\u2014TransUnion\u00ae, Experian\u00ae and Equifax\u00ae. Since some credit agencies only report to one credit bureau, there may be errors on one report that won\u2019t appear on another, which is why it\u2019s important for credit repair companies to pull all three.\r\n\r\nWhen reviewing your credit reports, credit repair companies will look for the following errors:\r\n<ul>\r\n \t<li>Incorrect inquiries<\/li>\r\n \t<li>Inaccurate accounts<\/li>\r\n \t<li>Accounts that don\u2019t belong to you<\/li>\r\n \t<li>Duplicate accounts<\/li>\r\n \t<li>Delinquencies and derogatory marks<\/li>\r\n \t<li>Fraudulent activity<\/li>\r\n \t<li>Missing accounts that should be listed on your reports<\/li>\r\n<\/ul>\r\nOnce they\u2019ve identified these errors, they may ask for extra documentation to help prove the inaccuracies. With all the necessary information, they\u2019ll file the disputes and work with the credit bureaus to resolve the issues.\r\n\r\nThese companies will also help answer any questions you may have about your credit and once the errors have been disputed, they\u2019ll provide you with information on strategies you can use to help keep a healthy credit profile.\r\n<h3><span id=\"How_to_know_if_a_credit_repair_company_is_legitimate\">How to know if a credit repair company is legitimate<\/span><\/h3>\r\nWhile there are many legitimate credit repair companies the industry is also filled with its fair share of scammers. Doing thorough research on the companies you\u2019re looking to work with can save you time and money. To verify a credit repair company\u2019s legitimacy, you\u2019ll need to know what they\u2019re legally allowed to do and not do.\r\n\r\nThe Credit Repair Organizations Act (CROA) was put into place to help regulate the industry and protect consumers from illegal credit repair scams. Under CROA, credit repair companies are not allowed to guarantee the removal of negative items, cannot offer to create a new credit profile for you and cannot accept payment until after the services have been completed.\r\n\r\nWhen determining good credit repair companies from bad ones, look out for the following red flags:\r\n<ul>\r\n \t<li><strong>They request payment up front.<\/strong>\u00a0All payments must be made after the services have been completed.<\/li>\r\n \t<li><strong>They\u2019re unable to answer your questions.<\/strong>\u00a0Legitimate companies will provide answers to any and all questions that may arise.<\/li>\r\n \t<li><strong>They ask you to lie about your credit history.<\/strong>\u00a0Under CROA, companies are prohibited from asking you to lie or misrepresent your information.<\/li>\r\n \t<li><strong>They fail to provide information.<\/strong>\u00a0Reputable companies will always inform you of your rights as a consumer.<\/li>\r\n<\/ul>\r\n<\/div>\r\n<div>\r\n<p class=\"after-tip\">Legitimate credit repair companies will be up front about how they can assist you and what services they think will work in your favor. They\u2019re here to help you understand your credit standing and want to work with you to improve your credit score.<\/p>\r\n\r\n<h3><span id=\"How_much_does_it_cost_to_repair_my_credit\">How much does it cost to repair my credit?<\/span><\/h3>\r\nHow much you pay for credit repair will depend on the company and your credit situation. Some consumers may only need a few errors disputed, while some may require more in-depth credit repair services. How you pay for these services vary from company to company, as each has its own payment structure. Some companies may require you to pay a one-time flat fee, pay per derogatory mark or charge a monthly payment.\r\n\r\nCredit repair companies cannot charge you until the work outlined in your contract is complete. The contract should also outline your right to cancel without penalty should you wish to do so.\r\n\r\n<\/div>\r\n<div>\r\n<p class=\"after-tip\">We offer a variety of service levels to support every budget and need. Our credit repair service levels range from $95.95 to $139.95 and each option offers unique coverage to fix errors on your credit report.<\/p>\r\n\r\n<\/div>","parent":0,"count":18,"filter":"raw","cat_ID":44,"category_count":18,"category_description":"<div>\r\n\r\nCredit repair companies help you dispute inaccuracies on your reports with credit bureaus and creditors to help improve your credit score, while also helping you understand your credit standing. Since some credit situations are more complex than others, credit repair companies can help you resolve credit issues that would otherwise be hard to do on your own.\r\n\r\nCredit repair companies will start by pulling your credit reports from the three major credit bureaus\u2014TransUnion\u00ae, Experian\u00ae and Equifax\u00ae. Since some credit agencies only report to one credit bureau, there may be errors on one report that won\u2019t appear on another, which is why it\u2019s important for credit repair companies to pull all three.\r\n\r\nWhen reviewing your credit reports, credit repair companies will look for the following errors:\r\n<ul>\r\n \t<li>Incorrect inquiries<\/li>\r\n \t<li>Inaccurate accounts<\/li>\r\n \t<li>Accounts that don\u2019t belong to you<\/li>\r\n \t<li>Duplicate accounts<\/li>\r\n \t<li>Delinquencies and derogatory marks<\/li>\r\n \t<li>Fraudulent activity<\/li>\r\n \t<li>Missing accounts that should be listed on your reports<\/li>\r\n<\/ul>\r\nOnce they\u2019ve identified these errors, they may ask for extra documentation to help prove the inaccuracies. With all the necessary information, they\u2019ll file the disputes and work with the credit bureaus to resolve the issues.\r\n\r\nThese companies will also help answer any questions you may have about your credit and once the errors have been disputed, they\u2019ll provide you with information on strategies you can use to help keep a healthy credit profile.\r\n<h3><span id=\"How_to_know_if_a_credit_repair_company_is_legitimate\">How to know if a credit repair company is legitimate<\/span><\/h3>\r\nWhile there are many legitimate credit repair companies the industry is also filled with its fair share of scammers. Doing thorough research on the companies you\u2019re looking to work with can save you time and money. To verify a credit repair company\u2019s legitimacy, you\u2019ll need to know what they\u2019re legally allowed to do and not do.\r\n\r\nThe Credit Repair Organizations Act (CROA) was put into place to help regulate the industry and protect consumers from illegal credit repair scams. Under CROA, credit repair companies are not allowed to guarantee the removal of negative items, cannot offer to create a new credit profile for you and cannot accept payment until after the services have been completed.\r\n\r\nWhen determining good credit repair companies from bad ones, look out for the following red flags:\r\n<ul>\r\n \t<li><strong>They request payment up front.<\/strong>\u00a0All payments must be made after the services have been completed.<\/li>\r\n \t<li><strong>They\u2019re unable to answer your questions.<\/strong>\u00a0Legitimate companies will provide answers to any and all questions that may arise.<\/li>\r\n \t<li><strong>They ask you to lie about your credit history.<\/strong>\u00a0Under CROA, companies are prohibited from asking you to lie or misrepresent your information.<\/li>\r\n \t<li><strong>They fail to provide information.<\/strong>\u00a0Reputable companies will always inform you of your rights as a consumer.<\/li>\r\n<\/ul>\r\n<\/div>\r\n<div>\r\n<p class=\"after-tip\">Legitimate credit repair companies will be up front about how they can assist you and what services they think will work in your favor. They\u2019re here to help you understand your credit standing and want to work with you to improve your credit score.<\/p>\r\n\r\n<h3><span id=\"How_much_does_it_cost_to_repair_my_credit\">How much does it cost to repair my credit?<\/span><\/h3>\r\nHow much you pay for credit repair will depend on the company and your credit situation. Some consumers may only need a few errors disputed, while some may require more in-depth credit repair services. How you pay for these services vary from company to company, as each has its own payment structure. Some companies may require you to pay a one-time flat fee, pay per derogatory mark or charge a monthly payment.\r\n\r\nCredit repair companies cannot charge you until the work outlined in your contract is complete. The contract should also outline your right to cancel without penalty should you wish to do so.\r\n\r\n<\/div>\r\n<div>\r\n<p class=\"after-tip\">We offer a variety of service levels to support every budget and need. Our credit repair service levels range from $95.95 to $139.95 and each option offers unique coverage to fix errors on your credit report.<\/p>\r\n\r\n<\/div>","cat_name":"Credit","category_nicename":"credit","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts\/8522"}],"collection":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/comments?post=8522"}],"version-history":[{"count":3,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts\/8522\/revisions"}],"predecessor-version":[{"id":25482,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts\/8522\/revisions\/25482"}],"wp:attachment":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/media?parent=8522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/categories?post=8522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/tags?post=8522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}