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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
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Experience:  Providing Financial, Tax & Business advice since 1986
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I need to get a credit card for work. It will need to have

Resolved Question:

I need to get a credit card for work. It will need to have an available limit of $7,000. I had a bankruptcy and cannot qualify for any cards. The company I work for will reimburse every two weeks for charges. I do not have anyone I can borrow from. I do have a 401k but am about to leave my current company for the new one. My current company gave me a company issued card but the new company does not have that. What can I do?
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

NPVAdvisor :

Hi,

NPVAdvisor :

The first thing that comes to mind is mentioning that the company you worked for provided a card and see if they'll do the same. .... American Express has what's called a large market card that's intended to be used that way. Another thought?

NPVAdvisor :

Get a prepaid card and just fund it enough to get past that first reimbursement, then use the reimbursement to re-fund the card

NPVAdvisor :

Lokk at both 401(k) plans

NPVAdvisor :

With most 401(k) plans you don't have to move just because you're leaving ... and if one of them has a loan option you can use that to fund the card (401(k) loans are not taxable and done't have penalties, as long as get them paid back within 5 years

NPVAdvisor :

If your old one doesn't have loan provisions, then if the new company's plan has an option, roll your old plan into the new plan

NPVAdvisor :

Now, remember, that IRA's don't have loan provisions ... HOWEVER ... as a last resort you could roll your old plan into an IRA, then do a ROLLOVER (which is EFFECTIVELY giving yourself a loan) where you pull out some money and then that money back in within 60 days (just remember that you may have to come up with sny withholding that done on the distribution and get it back into the IRA plan within 60 days...- what comes out - all of it -- has to get back in within 60 days)

NPVAdvisor :

Depending on the relationship, you may even want to see if the company would pre-pay the 7000 expenses account and then just fund a pre-paid card with it.

NPVAdvisor :

AND I may be stating the obvious here, but almost ALL checking accounts offer a debit card VISA/MASTERCARD ... samem kind of think would apply

NPVAdvisor :

Here a few more: http://www.creditcards.com/prepaid.php

Customer:

Hi, I cannot use a Debit card because of Hotels and Rental Cars so that does not work.

Customer:

Prepaid does not work as I explained in my initial question as I do not have 7,000 to Prepay with

Customer:

I do not understand your explanation about the 401k and IRA as I am not very good at financial situations like this, thus the question here in the first place

NPVAdvisor :

ok

Customer:

As far as asking my new company about them supplying me a card when they do not do that for anyone else, is ludicrous. Not a good way to start at a new place.

NPVAdvisor :

first. most of the rental car companies, (I know budget and enterprise do) will take bank debit cards, you just have to verify identity

NPVAdvisor :

OK on the 401(k)s

Customer:

"Get a prepaid card and just fund it enough to get past that first reimbursement, then use the reimbursement to re-fund the card"-

NPVAdvisor :

first step would be to see if your existing 401(k) has a loan provision ... most do these days

Customer:

Prepaid cards are NOT credit cards... still like a debit card, which does not work at hotels or car rentals easily

NPVAdvisor :

I understand .... really meant debit card

Customer:

It needs to be a CREDIT CARD period. All of your answers are ones that I got from the internet already.

NPVAdvisor :

and I have may clients who use NOTHING but a debit card attached to their bank account

NPVAdvisor :

Do you want an explanation regarding the 4019k)s

NPVAdvisor :

If not I don't think I can help and I'll opt out ... if you don't have the credit to get a credit card you dont ... although I disagree that a bank debit card can't work ... especially on conjunction with using a 401(k) loan for that first 7000

Customer:

Listen, when you use a debit card or prepaid card they ding you DAILY for 200.00 in addition to the money the room or rental costs. They need to protect themselves. They also discuss this verbally with you when renting a car or room. I cannot be embarrassed in front of a co-worker or boss while traveling with me. I am trying to avoid telling anyone about my bankruptcy.

Customer:

Does opting out mean I lose my money?

NPVAdvisor :

OK I have one last thought ... and that's impaired credit credit cards ... let me do a littl research here ... other wise, I can explain... very thoroughly... how the 401(k) stuff works .... short of that there aren't options

Customer:

I can borrow from my 401k but wouldnt I have to repay it immediately when I go to the new company in two weeks?

NPVAdvisor :

Nope I can ask for a refund for you

NPVAdvisor :

What do you want to do?

Customer:

I would prefer to allow you to help me..since you have tried

NPVAdvisor :

That's why I mentioned rolling it to the new company

Customer:

but I need a solution

NPVAdvisor :

OK lets slow it down a bit ... and let me see what I can find on impaired credit credit cards ... How long since the bankruptcy?

Customer:

but I need to borrow it BEFORE I leave the old one so I can qualify for the new card while still at old company. I have accepted offer and passed backgrown check at new company but need to get my card before I start August 1st

Customer:

I think its been one year. But I just got financed for a car, and I was able to get a $500.00 credit card that I just got this week.

Customer:

I make over 100K a year and was at my job almost 5 years.

NPVAdvisor :

So sorry buty MOST plans are written such that you have to pay it back when you terminate.... It will not hure to ask that questions of the 401(k) administrator though ... just ask about the loan... and as you'r asking about it as ... what happens if I were to leave or be downsized...

NPVAdvisor :

SOME plans will still let you pay it back within 5 years

NPVAdvisor :

The other option on that issue

NPVAdvisor :

Roll it to an IRA

NPVAdvisor :

back to the 401(k) piece ... they are supposed to make something called a summary plan description available to you under ERISA (by law)

NPVAdvisor :

the SPD will have the loan terms in it

NPVAdvisor :

Let me explain the IRA piece and then let me see what IU can fine re: a C Card

NPVAdvisor :

you can (even while still employed there, in most plans) roll some or all of your money to and IRA...

NPVAdvisor :

THen once it's in the IRA (if you do a trustee to trustee transfer and use an online firm like Fidelity, that can happen in about a week) ...

Customer:

Call me stupid, but I do not understand IRA and 401K stuff very well.

NPVAdvisor :

Thats where I can help

NPVAdvisor :

Again, go online (I can give you links here) and open up an IRA ... take no money and its there automatically

Customer:

I have to be careful when talking to my 401k administar as he is the VP of the company I currently work for. I cannot set off red flags as they do not know I am leaving yet.

Customer:

I do not understand

NPVAdvisor :

The (depending on your company) fill out the for, call the administrator or go to yur company protal online and do a transfer to the IRA

NPVAdvisor :

Ok ... maybe this would work best if you ask me the questions ... (and I'll be looking for a card in the meantime)

NPVAdvisor :

How large is the company you work for now... can you call an administrator on the 401(k) thats not AT the company ... or is there a web site where you can look at your accounts

Customer:

it is less than 50 employees

NPVAdvisor :

can you call an administrator on the 401(k) thats not AT the company ... or is there a web site where you can look at your accounts?

Customer:

we have ADP but I have to talk to the VP to get answers.

Customer:

I looked at ADP but I do not think we are with them

Customer:

I am confused and this would not be so difficult if I did not have to be so careful about alerting them to me leaving.

NPVAdvisor :

If you use ADP, I would bet that you can call them (there's usually a phone number on the statements) and they are NOT allowed to share your information with anyone

Customer:

I need to be able to get my last two weeks of pay before I start new company

NPVAdvisor :

I understand

NPVAdvisor :

I just don/t think that ANYONE whill be able to help you given the constraints your providing here

NPVAdvisor :

Have you ever seen this before:https://www.mykplan.com/participantsecure_net/login.aspx

NPVAdvisor :

this is the adp portal for ADP 401(K) plan participants

Customer:

no that is not what we use. We use totalsource but it is not for 401k. If you can give me a few minutes I am going to call a number on my retirement statement that I got yesterday.

Customer:

But really what I came on here for is to figure out a credit card solution. if you are looking at that right now, I will do the other...

NPVAdvisor :

I'll be here.... you want to ask them about a custodial transfer (sometimes called a trustee to trustee transfer) to an IRA

NPVAdvisor :

sounds good

Customer:

but I do not understand what that is? Will I lose my contribution and the way I have my stocks being done?

NPVAdvisor :

everything that you have contributed is yours .... whether or not the company match is your depends on a vesting schedule ....

NPVAdvisor :

your contributions will keep happening

NPVAdvisor :

and you can only liquidate the amount you want to roll (which of course WOULD change that portion to a cash investment)

Customer:

Uggg this is so frustrating! I have hardly any bills and I was drug into the bankruptcy because of my x husband! I cannot believe it can be this hard with the income I have!

Customer:

My statement says this

Customer:

Employee 401k Balance- 46,441.22 Vested Percent- 100% Vested Balance- 46,441.22 ( 1st line)

NPVAdvisor :

ok that mneans it's all yours

Customer:

Employer Profit Sharing- 6,848.07 Vested percent 80% Vested Balance 5,478.46 ( 2nd line)

NPVAdvisor :

K .. good... that means you own 80% of that

Customer:

Safe Harbor Non Elective - 11,769.67 vested percent 100% Vested balance- 11,769.67 ( 3rd line)

NPVAdvisor :

SO, you have money to work with .... next issue can you call (go online and do a rollover to an IRA)

Customer:

Total- 65,058.96 balance vested balance- 63,689.35

Customer:

so what is mine right now if I left?

NPVAdvisor :

if they have that facility.... in dealing with YOUR money thay will not (better not) tell anyone, thats a confidentiality issue

NPVAdvisor :

YES

NPVAdvisor :

100% of what's 100% vested and 80% of the n80% one

Customer:

botXXXXX XXXXXne, what is mine? And what does " Yes" mean? I am sorry did I miss something?

NPVAdvisor :

yes, means yes its yours

Customer:

so what is the actual amount that is mine that I can borrow from.

NPVAdvisor :

the ones that say 100% verted are 100% yours

NPVAdvisor :

ok ow lets slow down

Customer:

so 63,689.35 is mine right now?

NPVAdvisor :

right

NPVAdvisor :

BUT

NPVAdvisor :

two things

Customer:

Ugh, I know there HAD to be a "But!"

NPVAdvisor :

(1) you need to find out if you can borrow and then leave without it being considered a distribution .... taxes and tax penalties

NPVAdvisor :

(2) the better oprion might be to roll it or some portion of it to your own IRA.... away from the company

NPVAdvisor :

to get to it quickl;y those are th best options .... you will probably need to roll it when you leave anyway

NPVAdvisor :

but that wont get it to you a quickly as it sounds like you need it

Customer:

I know but when or if I roll it, how do I get money without penalty? Now I am really confused

NPVAdvisor :

ok hange with me here .....

Customer:

If I just borrow it from 401k, I will get it quickly I think. but I will have to pay it all back in 60 days or have a penalty.

Customer:

I only want to take out 10,000 or less. What would my penalty be?

NPVAdvisor :

you can go to any online line broker (schwab, fidelity, scottrade) OR one of the larger banks and open up an IRA .... right now it you wanted to

NPVAdvisor :

geez

NPVAdvisor :

slow down

NPVAdvisor :

nothing ... IF you do it the right way

Customer:

LOL.. Sorry...

NPVAdvisor :

if you simply distribute it take it out ... its taxable ingom next year (plus a 10% tax penalty) because you'e under 50 and 1/2 .... at tax time next year

NPVAdvisor :

sorry you're making me type so fast (taxable income)

NPVAdvisor :

IRA and 401(k) distributins ... which would definitely be the quickets way to get it simply add to your taxable income

NPVAdvisor :

but becuase you're under 59 and 1/2 there's also a 10% penalty

Customer:

Am I typing to fast?

Customer:

Sorry

NPVAdvisor :

Thay can withhold it so that it will be there for you at tax time if you like ..... just like w-2 withholding

NPVAdvisor :

no, I'm typing too slow:)

Customer:

I will give you a couple a minutes

NPVAdvisor :

Your just asking new questions befor I cn get the full answer to you .... this stiff's not THAT difficult but there are some details to it

NPVAdvisor :

ok great

NPVAdvisor :

(1) .... if you wimply withdraw from your 401(k) by calling them then you will add that amount to your taxable income next year at tax time PLUS another 10%... but it's all tax, not penalties from the 401(K) ITSELF

NPVAdvisor :

(2) You can also roll it to your own IRS .... use some of the money and then if you get it back in within 60 days, it will qualify as a rollovr and not be penalized or taxed at all

NPVAdvisor :

soeey ... your own IRA

NPVAdvisor :

(3) least likely option BORROW it from the 401(k).... but I'm fairly certain that if you do that and leave without paying bak it's treated as a distribution anyway BUT that only means its treated the same as if you withdrew it ... so the trick there is not t borrow too much

NPVAdvisor :

And on the card?

NPVAdvisor :

What I'm seeing here is that you are asking for something that can't be done (not at a $7,000 limit, after already getting one card, and after just getting a new car loan)... I really hate telling you this, but hopefully havin all the facts will help you "see around some corners." What I can walk you through is how to acces the 401(k)/IRA money without hurthing youself and then maybe you can parlay that into a bank account with a visa debit card ...... All hotels take the, - and the worst they'll ever do is add a small couple of hundred deposit until you check out ... and with rental cars? they all take them WIHOUGH putting any kind of extra deposit, you just usually have to show that you live where you get that bank statement (and can do that ahead of time ...( I know budget and Enterprise BOTH have a business program where once you show them that stuff, you just show your membership card at rental time)

NPVAdvisor :

I thngk give where you're at now ... the very best option to do what you need ..... the 7000 on a card... is to use some of the 401(k) money (however you access it) and fund a bank account with a visa card

NPVAdvisor :

you CAN use thos at hotels see it all the time ...and again, I DO NO buy into the idea that they put any more of a deposit on the card than what you were going to spend anyway

NPVAdvisor :

I'm afraid you have the extent of my wisdom .... Questions?

Customer:

Im back.. let me read what you wrote.

NPVAdvisor :

sure thing

NPVAdvisor :

One last thought ... the very best way to build credit is to have a debit card with a bank account and use it responsibly ... If you pull, say, 20,000 put it in the bank account (your cost is really the 10% penalty) the additional taxable income from the distribution was going to happen when you pull it out anyway

Customer:

Sigh... you are not believing me about the deposit they hold on the debit card. I am in the wine and champagne industry. We only stay in very high end properties, not like the Marriott Courtyard etc... my friend had to use a debit card to rent a car and to stay in a hotel and it was a mess and embarrassing, and they held her bank account money as a deposit ( 200.00 a day )

Customer:

I fly or rent a car or stay in a hotel sometimes 3 different places a week. I cannot have all of those deposits held at each place.

Customer:

I have had a debit card for 10 years with no issues, but that is NOT a credit card! I WAS responsible, my husband had millions and millions of dollars tied up in commercial real estate in AZ, when the market hit rock bottom he had to file bankruptcy, me as his spouse had to do the same with him.

Customer:

So botXXXXX XXXXXne question- If I have 63,689.35 on this statement under Vested Balance and I take out 10,000.00. What will I be penalized for if I cannot pay it back in 60 days?

Customer:

Or what will charge be?

NPVAdvisor :

if you made 150,000 and pull out 10,000 you will be taxes next year on 160,000 ... then there will be an additional 10% (1,000) added to the tax bill

NPVAdvisor :

all mnot due until tax time

NPVAdvisor :

sorry for the typos

Customer:

God maybe I should just do that and consider it a high interest loan!! I just need to get this done in time to have a card.

NPVAdvisor :

BU i can tell you that I have one particular client (who is worth about 27 million right now) and he ABHORS credit .. he uses hi debt bank card in every country at ritz carlton the JW Marriots, flies with delta and rents private jets

NPVAdvisor :

he says he has NO problem..... (AS LONG AS THERE'S ENOUGH THERE TO COVER THE BILL)

Customer:

Even though I did not really fix what I came on here for, I appreciate all the effort and insight you gave to me. I will not ask for a refund and will leave you positive feedback.

Customer:

Wait!

Customer:

I want to comment on that last response you sent

NPVAdvisor :

With a bankruptcy that recent already having a car loan I'm just really hesitant to tell yu you'll find a credit card with 7000 available

Customer:

THAT IS BECAUSE HE CAN AFFORD TO HAVE DEPOSITS ON HIS DEBIT CARD BECAUSE HE HAS 27 Million dollars in the bank!

NPVAdvisor :

you CERTAINLY want to apply before changing jobs

NPVAdvisor :

again.... I know this ,,, they DO not (arenot allowed to by law) put more of a depoait that the total amount of the bill

Customer:

My friend owns the car dealership and went out of the way to get me the loan. It is high interest but It will help me build my credit

NPVAdvisor :

so if you have the money there and aren;t trying to spend more that you have you'll be find ... just keep a few thousand extre for cushion

Customer:

I am aware! But they will hold 200.00 a day while you are there. My rooms are usually 300.00 a night. so it adds up all out of my cash flow. I do not have that kind of cash flow always

NPVAdvisor :

I rent with both Budget and Enterprise.... call them up they will not CAN no put more of a deposit on it that your total bill will be

NPVAdvisor :

ahh haaa

NPVAdvisor :

That's what ALL this turns on

NPVAdvisor :

keep a few thousand extra in there

NPVAdvisor :

(doesn't have to be millions)

Customer:

Never mind, you are not understanding. It is different when it is tying up your funds than when it is credit! That is why I need a cushion limit since the company is reimbursing

Customer:

every two weeks

NPVAdvisor :

That's exectly shy I said access your retirement funds.... I'm just trying to give you a solution that really will work

Customer:

Read my initital question... I do not have 7,000 to keep in an account! I needed a line of credit so the company could keep reimbursing it

NPVAdvisor :

you're not going to get a credit with 7000 available right no mark my word.... but you can pull 20K fromyour plan and never touch the second 10,000 (and if its in a bank account it'll be earning interest)

Customer:

now you lost me

Customer:

why would I pull 20K?

NPVAdvisor :

pull 20,ooo from your 401(K) ... Put it in a bank account with a debit visa.... never use more than 10,000 of it at a time just reimburse as you are reimbursed by your emplopyer

NPVAdvisor :

to have that extra chshion so thatyou can use it just like a credit card

NPVAdvisor :

Who cares if there's an extra deposit

Customer:

Sigh....... I do NOT want to use a Debit card!!! I want to rebuild credit and find a secured card at the very least....

Customer:

You must work for a debit company!

NPVAdvisor :

NO I am a CFP have extensive training in finance and am trying to give you solutions

NPVAdvisor :

you will not get a credit card tight now at that limit with a recent bankruptcy and a new card loan

Customer:

And now you say take out 20K from retirement? I would lose how much money plus no investment in stocks with that money

Customer:

My head hurts

Customer:

I can get one for 3,000

NPVAdvisor :

that's the point now isn;t it

Customer:

to make my head hurt?

Customer:

I can get that for free. :)

NPVAdvisor :

you have put the hard constraint here of needng 7000 on a card and Im giving you the only real-world way that can be done

NPVAdvisor :

I DO NOT (nor does anyone else you'll talk to ) have a magic wand ... Your situation is what it is right now

NPVAdvisor :

can you eventually build back to it? SURE

Customer:

I am lost, and now I think I will go and drink my samples. I will call my ascensus people that are listed on my statement and see what they say. I wish you had a picture on your profile, so I could see who gave me my advice. LOL

Customer:

This is my first time using the site, and it is pretty cool. I thank you for your valiant efforts.

NPVAdvisor :

you have put the hard constraint here of needng 7000 on a card and Im giving you the only real-world way that can be done



3:47 PM


I DO NOT (nor does anyone else you'll talk to ) have a magic wand ... Your situation is what it is right now




3:47 PM


can you eventually build back to it? SURE




but you've said you need it by August...... wouldn't be doing my job if i simply told you what you wanted to hear

Customer:

I do need it by August 1st if not sooner.

NPVAdvisor :

given what you have to work with in the 401(k).... you're doing fine AND you'll be OK with the kind of earning power you have

NPVAdvisor :

but 7k on a true credit card by Aug 1.... it aint gonna happen

Customer:

I will take the one with 3,000 then and maybe find another one for 3,000 and have two.

NPVAdvisor :

Excellent IDea.... I would apply as close together as possible the second one will that 3000 out there and may now want to do it

Customer:

I do know, I could never do finance! Whats really sad is my boyfriend is an investment banker and I was too embarrassed to ask him all of this.

NPVAdvisor :

Just trying to help you be realistic.... from a purely financial perspective

NPVAdvisor :

Don't want just t give you pie in the sjy

Customer:

Thank you. I guess I should go and try and figure this out now.

Customer:

Thank You

NPVAdvisor :

YOU really should think about rolling some from the 401(k) to the IRA and giving yourself that effective loan by getting it back in within 60 days

NPVAdvisor :

You're welcome

NPVAdvisor :

another idea

NPVAdvisor :

talk tpo a local smaller bank or credit union about a revolving line of credit with a card attached

NPVAdvisor :

probably a stretch ....BUT if you do it where you ae now don't let on that your going to leave,,,, tnhey might do it as a one time chance .... based on your income

Customer:

Now that is a thought I did not think of

NPVAdvisor :

:)

Customer:

The IRA makes no sense to me because either way I have to pay the 401k loan back in 60 days because I am leaving.

NPVAdvisor :

NO

NPVAdvisor :

youir missing the point

Customer:

shocker!

NPVAdvisor :

If you call and roll some of the 401(k) money to an IRA..... that stays sheltered.... that's a non taxable event you're just rolling it from one place to another

NPVAdvisor :

thn theres ANOTHER rule that says you can pull money from the IRA without taxes or penalties IF you get it back in within 60 days

Customer:

can I take out just my profit sharing?

NPVAdvisor :

I was just trying to find a way to get you something quickly... that would be coming back to you as your employer reimburses

NPVAdvisor :

ANYTHING that's vested

NPVAdvisor :

all of thos qualified retirement plans can be rolled to an IRA

Customer:

is there penalties for that?

Customer:

Profit sharing is not 401k right?

NPVAdvisor :

and you dn't No I just said that ... it's a rollover ... a non taxable event

NPVAdvisor :

it only becomes taxable whe you actually pull nit out of the 401(k) ... IRS... profitsharing... shell

NPVAdvisor :

and on the ira side theres a rule that lets you get it back in within 60 days and then there's NO penalty of taxes

NPVAdvisor :

rolling between any of those things is a non taxable event

NPVAdvisor :

but when you actually withdraw (as opposed to just rolling it amont those plans) THEN there's the taxes

NPVAdvisor :

BUT

NPVAdvisor :

on the IRA yu can pull it and get it bak in

Customer:

OMG... lost me again.

NPVAdvisor :

again was only trying to find a way to get you something for a short amount of time that could be reimbursed by the employer (then you get it back in

NPVAdvisor :

gwwz.... whew!

NPVAdvisor :

ok one more time ... give e ONE minute

Customer:

So Can I just take the profit sharing with no penalty? I do not want to have to pay it back in 60 days! I have to keep that amount in an account and constantly use it for travel etc and then company reimburses it

Customer:

I spend it.. company reimburses it.... on and on and on....

Customer:

money has to always be there!

NPVAdvisor :

NO ... any money that you pull form ANY retirement plan (whether its a workplace plan or a personal plan like an IRA) will be added to you income and there'll be a 10% penalty

NPVAdvisor :

once again my dear. you can get water from a rock..... you're asking to have your cake and eat it TOO!

NPVAdvisor :

either take some out and pay the penalty 10% not a bad price .... you were going to pay regular tax on it any time you distribute anyway

NPVAdvisor :

or do the rollit out and get back so as not to pay any tax or panalties

NPVAdvisor :

just trying to give a maneuver that WILL work... I

NPVAdvisor :

Listen, mI am late for a 4:00 meeting ... must go now

NPVAdvisor :


f this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Customer:

I will give you a great rating! LOL If you think of something that you think I need to know, My email is wine girl ie 95 at gee mail dot com my name is Tracy Thanks! I will give you and excellent service rating :)

NPVAdvisor :

Not trying to blow you off, but must now go to meet with a client...

NPVAdvisor :

Thanks mucvh.... and I'll do that!

NPVAdvisor :

Sorry you can rate now gotta go! Well talk later!

Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 4006
Experience: Providing Financial, Tax & Business advice since 1986
Lane and 2 other Finance Specialists are ready to help you

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  • Rakhi Vasavada

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