My employer wants to issue me a company credit card with my name on the card. Can this affect my credit score?

Question

My employer wants to issue me a company credit card with my name on the card. Can this affect my credit score?

Answer 1

Yes.

Answer 2

It will affect your score because you would become an authorized user of the account.  As long as the actual account is not in YOUR name, but in the company name, then I wouldn't worry.

If the company has a good credit rating this will actually help your score, BUT, if they have bad credit, then that too will affect your score.

An authorized user is someone authorized by the original credit card holder to use the holder’s card. The card-holder is responsible for the charges of the authorized user, but the authorized user is not responsible for paying any charges, including his own. An authorized user is different from a co-applicant, who is responsible for paying all charges, including those made by the principal card-holder.

So DO NOT let them list you as co-applicant.

I have had numerous company credit cards and they all had my name on them.  This is to insure that when it is used, the proper person is making the charge.  It is also a much easier method then using the petty cash account method for reimbursement.

Hope this answers your question

LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

Answer 3

No, not if it is in your employers name and you are just a user. But if it is just in your name then,yes, or even in both your names it will. But if you are just a user,no!

Answer 4

The difficulty with credit card debt is that it can take so long to pay it off that you just get almost bored and spend again.  Most people find it hard to live within their means and not get further into debt or back into debt.

I can recommend starting to buy everything with cash - I'm telling you, when you see those bills going through your fingers you will really cut back on your spending!  It's far too easy to spend money you don't have with a credit card.

You have to get rid of your credit card debt.  Either get a consolidation loan or consolidate your cards to ones with zero or low rates of interest.  Once you have done this you MUST get rid of your old cards - cut them up and destroy them otherwise you will be tempted to spend on them again and get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline and self control and maybe even a five year plan, but once you are out of debt you will feel a new found sense of freedom!