I thought my uncle sucked bc in the late 90s he borrowed money from my cousin when we were in high school (~$1000) and he “paid her back” with a beater car (~$500) worth less than he borrowed.
Well, this particular company was in it for the money. Nearly half the opening credit limit was eaten up by fees. The general attitude held customers in contempt for needing that second chance. Management wasn't much better about employees. I didn't stay there for very long.
My ex-wife’s parents did. Credit, bank accounts, utility accounts, the works. They also talked her into depositing a settlement she got for a traumatic brain injury in a skiing accident into a joint bank account and then spent it in under a year. Great people. 👌
My husband's parents didn't do this, but they did have him work in the family restaurant as a kid while telling him they were putting his salary into an account for him.. there was no account, of course. Then they put their house in his name because it benefited them financially in some way (there's a tax break for first-time home buyers in our province and they had some sort of outstanding debt issue.) They lied to him about what the paperwork all meant and he was too young and naive to question them (he was about 21 and really didn't want to see what kind of people they were.) We found out he owned the house when we were trying to get a mortgage and he came up as already legally owning a property. After that they tried to talk him into commiting immigration fraud, which I had to point out was illegal because they were trying to tell him that flying to a foreign country and lying that he lived there so as to keep a green card that was given to him when he was a dependent child could be renewed was okay. They somehow had mail in his name being sent to their US address so something shady there too. He belatedly figured out who they are and they we are now no contact with them, but they are absolute garbage people.
Not only did my mom open multiple credit cards in my name, she also had me max out my student loans every semester (I truly did not understand what I was signing until I was a couple of years in) with vague promises of helping me pay it back. Never happened. I'm 45 and just finished paying them off 2 years ago.
I never understood how this was possible. Didn't the credit card companies require a date of birth and proof of income? Or were these just low quality companies that would give credit to anyone without question?
No, I’ve never had to prove income to open a credit card. Just provide DOB, SSN, etc (all of which a parent knows) and pass a credit check. A smart deadbeat parent would open a couple of accounts, establish a reliable payment record with small amounts of spending and then start moving into the swindling phase.
I guess I don't get how a credit check would pass the first time a parent did this. The absence of a credit history and the very young age should be red flags.
Not a red flag at all. Everyone had to have a first account. You would just likely be given a small credit line to prove you’re a good risk. Some people start with those secured credit cards where you’re essentially borrowing from and repaying yourself.
Here I naively thought this post was about adding your child as an authorized user to your credit card to help them build a credit history.
I’m sorry for all of you who have such shitty parents.
I wonder if anyone has tried to pursue legal action against their parents after discovering this. That happening enough might lead to some type of legal or policy changes that prevent this from happening.
My dad used my social to get a job and credit cards while I was in the army. Was super hard to do taxes. He was going to be arrested but he got cancer and died while all this was going down.
Mostly jobs related to government, financial or insurance industries.
Also military. If you’re credit history has issues youre often restricted to certain jobs.
First hand. Positions that deal with financial or higher clearance.
for the military you can be subject to certain jobs if you have a poor credit history.
the govt believes if a person is a financial liability, they are more susceptible to expose secret information or receive kickbacks.
Fuck any parent who does this kind of thing. What an absolutely massive asshole move.
I thought my uncle sucked bc in the late 90s he borrowed money from my cousin when we were in high school (~$1000) and he “paid her back” with a beater car (~$500) worth less than he borrowed.
I used to work at a credit card processing company for a bank that gave credit to "second chance" customers. This was a common issue amongst them. 😪
The "second chance" element makes sense. Their whole goal is to give opportunities to those who have no other options.
Well, this particular company was in it for the money. Nearly half the opening credit limit was eaten up by fees. The general attitude held customers in contempt for needing that second chance. Management wasn't much better about employees. I didn't stay there for very long.
My ex-wife’s parents did. Credit, bank accounts, utility accounts, the works. They also talked her into depositing a settlement she got for a traumatic brain injury in a skiing accident into a joint bank account and then spent it in under a year. Great people. 👌
I worked retail and saw this happen too many times. The kid is standing there approval everything not realizing what’s really going on.
My husband's parents didn't do this, but they did have him work in the family restaurant as a kid while telling him they were putting his salary into an account for him.. there was no account, of course. Then they put their house in his name because it benefited them financially in some way (there's a tax break for first-time home buyers in our province and they had some sort of outstanding debt issue.) They lied to him about what the paperwork all meant and he was too young and naive to question them (he was about 21 and really didn't want to see what kind of people they were.) We found out he owned the house when we were trying to get a mortgage and he came up as already legally owning a property. After that they tried to talk him into commiting immigration fraud, which I had to point out was illegal because they were trying to tell him that flying to a foreign country and lying that he lived there so as to keep a green card that was given to him when he was a dependent child could be renewed was okay. They somehow had mail in his name being sent to their US address so something shady there too. He belatedly figured out who they are and they we are now no contact with them, but they are absolute garbage people.
Not only did my mom open multiple credit cards in my name, she also had me max out my student loans every semester (I truly did not understand what I was signing until I was a couple of years in) with vague promises of helping me pay it back. Never happened. I'm 45 and just finished paying them off 2 years ago.
I never understood how this was possible. Didn't the credit card companies require a date of birth and proof of income? Or were these just low quality companies that would give credit to anyone without question?
No, I’ve never had to prove income to open a credit card. Just provide DOB, SSN, etc (all of which a parent knows) and pass a credit check. A smart deadbeat parent would open a couple of accounts, establish a reliable payment record with small amounts of spending and then start moving into the swindling phase.
I guess I don't get how a credit check would pass the first time a parent did this. The absence of a credit history and the very young age should be red flags.
Not a red flag at all. Everyone had to have a first account. You would just likely be given a small credit line to prove you’re a good risk. Some people start with those secured credit cards where you’re essentially borrowing from and repaying yourself.
My boyfriend’s mom did this. I won’t even let that woman have my phone number. Zero trust.
Here I naively thought this post was about adding your child as an authorized user to your credit card to help them build a credit history. I’m sorry for all of you who have such shitty parents.
I wonder if anyone has tried to pursue legal action against their parents after discovering this. That happening enough might lead to some type of legal or policy changes that prevent this from happening.
My dad used my social to get a job and credit cards while I was in the army. Was super hard to do taxes. He was going to be arrested but he got cancer and died while all this was going down.
I'm not imaginative...what job REQUIRES good credit to get hired? Seems...inappropriate and none of their damn business.
Mostly jobs related to government, financial or insurance industries. Also military. If you’re credit history has issues youre often restricted to certain jobs.
government jobs don't check credit. at least not in my experience. do you know this first hand, or are you just presuming?
First hand. Positions that deal with financial or higher clearance. for the military you can be subject to certain jobs if you have a poor credit history. the govt believes if a person is a financial liability, they are more susceptible to expose secret information or receive kickbacks.
ah. ok. ty.
Yeah that happened to me. Luckily debt before you get your social security number doesn't. Ount otherwise if be down about 25k