topic Credit card debt in Credit cards

Credit card debt

Bonnerjoe85 — Mon, 18 Feb 2019 03:49:13 GMT

My employer made me an authorized user on there company credit card, now there nine thousand dollar debt shows up on my credit report . Is this helping or hurting me , it does show years of perfect payment history although it has a high utilization rate ( almost at max) .

Re: Credit card debt

Devildiva — Mon, 18 Feb 2019 07:55:27 GMT

It helps and hurts as you noted. Perfect payment history is a definite plus. High Utilization rates are a bad thing. I suspect that your boss pays his/hers bills once a month. It is a bit easier for business owners to do it that way instead of twice a month or more.

Re: Credit card debt

NCperson — Mon, 18 Feb 2019 11:50:14 GMT

I would suggest going back and see what your signed

What happens if your company falls into financial difficulty ? You don’t want that reported on your credit report

Your credit report should only contain what you are LEGALLY liable for

You asked if this is a good or bad thing. It is a VERY bad thing only / esp if it turns out you are legally liable for the debt

Re: Credit card debt

Bonnerjoe85 — Wed, 20 Feb 2019 11:08:03 GMT

So should I have my employer remove me from autorized user , she told me it would still show on my credit score for next 3 years regardless. Im annoyed with all of this being i wasnt given an option nor knew anything about it until i recently checked my credit score. Seems not right for a company to be able to do such.

Re: Credit card debt

NCperson — Wed, 20 Feb 2019 12:44:18 GMT

1) call the Card issuer (normally a bank)

2) ask if you are legally obligated to the money outstanding on the card

3) if yes, ask your employer to remove you from the card

4) if no, ask the card issuer why it's being reported to the credit bureaus and require them to STOP doing that.

5) ask your employer and the bank if that is a 'business' credit card or a 'personal' credit card. "business" credit cards are not supposed to be reported to personal credit reporting agencies in any event.