Joint Account Problems w/ Son

[Zipf]

Help!

6 years ago my son needed my help to establish his credit. We went to the local bank in OR and we signed up for a $1000 CC - on a joint account. Now my son has raised the limit and his spending isn't under control. I really want out of the card - and I am willing to pay off the balance. (I am worried if he falls behind in payments on this or his other cards that my credit will be ruined.) But the bank says that only the primary holder can close the account.

Is this true? Am I stuck paying for my son's bad decisions? Is there any way to get my name and SS off the account??? Can I freeze the account so he cannot spend or raise the limit any more?

HELP!!

[Jeanie]

You may need to read the terms and such for that card if you haven't when you got it. I would think that with any card if you are the "main person in charge" of the card that you can do what you want, like drop his name or close the card.

Maybe suggesting to your son that it is time he gets his own card now that his credit is established.

Good Luck..

~Jeanie

[Zipf]

The bank said that he was primary and therefore I was powerless to remove my name as a cosigner. Even if I pay off the balance.

I will may a request of the terms and conditions on the account.

[Jeanie]

Good luck Zipf! Maybe your son will just close this account and start one on his own now that he has credit established..he owes ya!

~Jeanie