its a saga so I will keep it short - 22 year old is about ready to throw it all away. flawless 800x3 credit. gone.
nfcu $4K, Chase $6K, WF $11K, Education loan $8K. rounding up but in 12 days he will be paying interest on $30K. he had a care credit account report when it was 6, so he has insane history.
I AU'ed him 3 cards when he was 13. stepchild of a dear friend I have known for 50 years. I thought I was doing everyone a favor, setting the kid up with his own credit so he would not be a burden to my friend. wrong. turned out that he grew into a completely entitled little pos or he was always this way and I did not notice.. student, no income. not that it matters he came out to me as trans this year. he had run up debt 3 times, maybe more, I forget but once was $12K.
I fabricated a digital footprint for the kid - computer consultant, EIN, filled bank accounts with over $100K - the works. please do not judge, its my story. tapped out the chase so I did a balance transfer for him. high limits, everything is $20K+ - nfcu is $33K - look at his lineup, anybody would dream to have this kids accounts. offers all over the place all the time, sapphires, inks, the pick of the litter. its coming to a head right now which is why I am writing so we can all see this happen together. the only account I still have access to is chase, so I can see his payments and he did not make the WF biz card last month. the last cut on chase was $4.5K and he cannot pay that so we are off to the races. yes, I have drained all my money out. no longer in communication with him/her whatever. I believe we are about to witness schadenfreude like we have never seen. WF is going to report that late, he will start to lose limits and get balanced chased. he will start using other cards and then he will be in CO hell on his way to a BK. more to follow, lets see if I am right. what a supreme waste of my time.
EDIT: no clue on the APRs, the chase that I transferred to nfcu was 25->15. he was well informed how credit works. my 3 rules, never buy something you can not pay off on the spot - do transnational - never pay card interest and never be late - he knew and did them well when he was not in failure - clearly he has some sort of spending addiction. I just did not drop this in his lap, he was to eventually work for me so all fabrications or fraud or however you want to frame it were to be short lived. never had any financial ties to him other than funding a few accounts. I will update if/when milestone(s) happen.
ok schadenfreude fans, we are off to the races. to recap, our 22 year old has $8K in student loans he paid cards off with. due in a few years but accruing %. wf business platinum $11K maxed out. nfcu, $4K, chase freedom $7.6K - last cut was $5.7K and he has $124 cash. chase just closed his biz checking after 3 months of service charges w no balance. a few months ago he has a slew of pre-approvals, now zip. he is going down, its just a matter or time...
