Not sure if this is the right sub to post this question or not. I didn’t know where to ask this, so I posted it here.
So I have been working at a small bunisness for about 7 months now. I am the project manager, so I pretty much run things for the owner and am working on scaling the business up for him. A few weeks ago my boss (the owner) said that was going to get me a company credit card so I can handle purchases to keep the business running when he is out of the office or traveling. Basically so I could go to office max and buy paper or printer inc and what not.
So the card was opened and I have used the card once and charged $95.
This morning I got an email from credit karma saying a new credit card was opened in my name. I opened the app and notice my score dropped 70+ points from the 730s. It said that I had a balance of $20,000ish dollars and that I was over 67% utilization. Because the utilization was so high, my score dropped.
I was expecting at worst on a hard credit enquiry in order to get the card in my name, but not expecting this. It looks like my boss simply added me to his account and I am showing the balance that he had previously accumulated before my card was activated.
I called American Express and they confirmed that this large balance was for the company card and not another fraudulent card that someone else opened in my name. They gave me the number to the fraud department at their company, but it is not opened today because it is Sunday.
So now I have to wait until tomorrow morning to figure out what is going on, so I am freaking out. My credit score wasn’t awesome by any means, but for a 25 year old that has been aggressively paying off student loan debt and avoiding carrying a credit card balance, it has been improving and is a decent score for where I am right now in my career.
I guess my question is shouldn’t I be able to have a corporate card without showing the balance that other people have accumulated on their card? I know this is a small business, but shouldn’t the balance for each card be independent?
If for some reason I am forced to show this balance on my credit report, can I just quit my job and have the fraud department eliminate the card? I would prefer not to do this. until this incident, this new job has been great and I have done it well. I actually have fun and look forward to coming to work everyday.
I would like to think that something is just not being recorded correctly and that it is an easy fix, but this is my first experience with having a corporate credit card and I am not sure what I should do or expect. I want to know what you guys know or think and what my options are before I approach my boss tomorrow.
My credit score is very important to me because I was planning on buying a house within the next two years. Having this happen to my credit score would either kill my chances of owning a house without a consigned or give me a terrible interest rate that would cost me thousands more in interest over the life of the loan.
Submitted March 04, 2018 at 10:07AM by Larktheshark81 http://ift.tt/2H3hOV5
