In 1998 at age 18, while a student at SUNY Farmingdale, NY my Son was solicited/offered a Credit Card with a $200.00 line of credit by MBNA and was told that it is good to get a Credit Card in order to establish credit for himself and provided that he has a co-signer.
My Son had no income other then that from the Marine Corps Reserves. I was approached by my Son to co-sign for him. I agreed provided that he is responsible and uses the Card in emergency situations only and makes his payments in a timely manner. Unbeknownst to me and without my permission my Son contacted MBNA and increased the Credit to $20,000.00.
MBNA approved the credit without my authority and never consulted me. Sometime in 2000 it became necessary for me to obtain a Second Mortgage, a credit report was done and tha is when I learded that my Son incurred about $10,000.00 in debt. I immediatly contacted MBNA and ordered that the account be closed, also complaining and expressing my displeasure that the CREDIT was increased without my knowledge or permission, to which they indicated that they had my permission.
MBNA never let go of the debt and continues to insist that it is paid back. My Credit Rating is now negatively effected. MBNA's loan practices are predatory, when 18 year old kids who have no idea about Finance, Credit, Credit Cards, etc. Are perimitted by the company to call and increase Credit to the MAXIMUM without the Parent approval. How can MBNA hold me responsible for encubrances incurred by my Son, when initially I co-signed and authorized only a $200.00 line of Credit.
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