- Report: #70728
Complaint Review: MBNA - Wellmington Delaware
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Author Not Confirmed
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MBNA
P.O. BOX 15026 Wellmington, Delaware, U.S.A.
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MBNA Credit Cards ripoff,colledge students solicited $200.00 credit, later credit is increased by student without knowledge or consent of the co-signer parent. unable to pay debt Wellmington Delaware
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.
Valerian
East meadow, New York
U.S.A.
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.
Valerian
East meadow, New York
U.S.A.
1 Updates & Rebuttals
Sandra
Panama City,Florida,
U.S.A.
your son should be held responsible
#2Consumer Comment
Thu, November 06, 2003
As you stated that MBNA increased your credit as a co-borrower without your authorization. Unfortunately in your situation your son probably had your information and had a female call portraying to be you. They would not and could not have done this without the "CO'BORROWERS" permission. So your son should be held responsible for "fraud". Maybe next time you should think twice for co'signing for an irresponsible 18 year old.
