there's zero consequences to bilking credit card companies

[looksmaxxed]

according to this guy on quora who worked for the company that comes after you if you don't pay.

https://www.quora.com/What-happens-if-I-max-out-my-credit-card-and-disappear

Good question..

Sounds to me like you are planning a little pump and dump.

If that is the case, then I can tell you from my almost 30 years of experience collecting bad bank debts that most people seem to max out all their credit cards and lines of credit at once. This is usually because they lost their job, gotten divorced, or experienced some other life changing events. It all tends to go to shit at once.

If you only have one card, and youre making your payments on time, then good for you- you have worked to maintain your good credit rating. Why not just stay in the game for a little while longer, apply for more cards and credit, and see where it goes? Then, if you get into trouble down the road and need the cash, you will have MANY more cards to draw from, instead of just the one you have now.

No need to “disappear”.. your credit will be ruined and you may get sued by the banks, but you will not go to jail.. Plus, you can always build your credit back up- takes about 10 years, and all that bad stuff disappears.

Credit is a game- instutional lenders are ruthless in their approach and the way they run their companies. The odds are tilted in their favor, like a casino.. Of course they expect to take some losses- I think the writeoff on bad credit card debt is around 5%.

The bottom line is that there is no morality in paying back bank loans. If you cant do it, you cant do it.

sam hyde and others have also done this, discussed this, and confirmed this is pretty much true.

basically, build up your credit, get a bunch of different cards, build them all up, then at once max them all out, buy a lot of assets and properties with it if possible, like gold, then run away. hide away those assets you have. and basically after awhile when they can't track you down and you aren't answering their calls, they'll send you a bill for 5% of what you owe. you pay that and it's straight between you and the company.

 

[6ft4]

Worth learning more on this

 

[Deleted member 23017]

Milk CC companies then go to Colombia to bust inside phatass latinas and get some STDs not HIV

 

[looksmaxxed]

sam hyde often embellishes his stories, but you can tell he has done this. he explains more of what happens when you accrue these debts and the consequences or lack thereof:

[youtube]

 

[alphamaxxxx]

felonymaxxx theory

 

[GetShrekt]

Based + HighT. Also declaring them at previous or fake address fuck these sharks

 

[MiroslavBulldosex]

Legit, pay for a bunch of stuff with Paypal using the 4x payment method and just pay for the first time. That's a 75% discount for you.

 

[AverageTevvezFan]

Legit, pay for a bunch of stuff with Paypal using the 4x payment method and just pay for the first time. That's a 75% discount for you.

And they don't even chase you? Genuinely?

 

[tallnegga]

Milk CC companies then go to Colombia to bust inside phatass latinas and get some STDs not HIV

How do you know not HIV

 

[MiroslavBulldosex]

And they don't even chase you? Genuinely?

What are they gonna do? Send the paypal police jfl?

 

[AverageTevvezFan]

What are they gonna do? Send the paypal police jfl?

Doubt it lol. If anything you'll probably just get your account banned/flagged so it's probably a one-time thing. Only worth doing on an expensive item if this is the case.

 

[Don Alejo Garza]

Been really tempted to do this but I only have access to one card with $2,000 dls limit. That would be like a 5 months of vacation but I'd rather invest it somewhere.

 

[Corleone]

they'll send you a bill for 5%

that's not what a write-off is. A write-off means that the credit card company writes-off 5% off all loans they issue on their balance sheet, expecting them to never be paid back. You still owe them the full amount but they don't expect you to pay.

Only way out of this is private insolvency, meaning you have to hide all your assets for 3 to 6 years while a debt collector has full control of your bank account.

 

[AscensionMan98]

according to this guy on quora who worked for the company that comes after you if you don't pay.

https://www.quora.com/What-happens-if-I-max-out-my-credit-card-and-disappear

sam hyde and others have also done this, discussed this, and confirmed this is pretty much true.

basically, build up your credit, get a bunch of different cards, build them all up, then at once max them all out, buy a lot of assets and properties with it if possible, like gold, then run away. hide away those assets you have. and basically after awhile when they can't track you down and you aren't answering their calls, they'll send you a bill for 5% of what you owe. you pay that and it's straight between you and the company.

Good approach except if your in the financial sector they run credit checks as part of their gay background check.

Meaning if you try to turbo debt max as outlined your credit will be ruined and then you get blacklisted from a lot of finance jobs as their are hundreds of applicants. Why choose you if smoother person has good credit. The logic is if the person can't take care of their own finances why should others trust that person with managing money. This is more for roles that are gearing up in banking or financial advisor or financial representative type path.

And the other part is its more a one time thing. Realistically speaking how many personal loans can you take. Maybe like 50k and that is several years of building good credit. Your credit limit would start a lot lower . Its also based on income so it could be higher .

Generally the companies would not want you to pay more then 20% of your after tax income per month. So if you make like 50k , you would get like 3k after tax , so your limit is like 600$ a month , and assuming a 5 year personal loan with a APR of 14% which is average , you would get like 25000 max. Maybe you can convince some other companies with a higher APR. So you get like another 30000 loan with 18% APR insecure, its about 750$ a month.

So all in all you get a year worth salary. You can have your fun. But then afterwards you won't be able to get shit like a car or home without ridiculous APR like 25% which would kill you. You would pretty much have to buy expensive things saving up with cash for nuking your credit.

Sure you can declare bankruptcy and wait 7 years.

The more logical approach is to get something of high value and then sell it off. You could get approved for a car with a lower rate as the lender can take back the care if you stop paying ( re posses ) basically. The trick is you would then export the car to the European markets and sell it their. Find a buyer . Try to avoid paying more then 15-20% down , and then liquidate the car within a few months max.

You could probably get like 100K in cars taken and shipped abroad. Move your other personal vehicles abroad. Sell your home , and then declare bankruptcy .

 

[Deleted member 20064]

I owe like $3,000 atm

 

[Crusile]

Good approach except if your in the financial sector they run credit checks as part of their gay background check.

Meaning if you try to turbo debt max as outlined your credit will be ruined and then you get blacklisted from a lot of finance jobs as their are hundreds of applicants. Why choose you if smoother person has good credit. The logic is if the person can't take care of their own finances why should others trust that person with managing money. This is more for roles that are gearing up in banking or financial advisor or financial representative type path.

And the other part is its more a one time thing. Realistically speaking how many personal loans can you take. Maybe like 50k and that is several years of building good credit. Your credit limit would start a lot lower . Its also based on income so it could be higher .

Generally the companies would not want you to pay more then 20% of your after tax income per month. So if you make like 50k , you would get like 3k after tax , so your limit is like 600$ a month , and assuming a 5 year personal loan with a APR of 14% which is average , you would get like 25000 max. Maybe you can convince some other companies with a higher APR. So you get like another 30000 loan with 18% APR insecure, its about 750$ a month.

So all in all you get a year worth salary. You can have your fun. But then afterwards you won't be able to get shit like a car or home without ridiculous APR like 25% which would kill you. You would pretty much have to buy expensive things saving up with cash for nuking your credit.

Sure you can declare bankruptcy and wait 7 years.

The more logical approach is to get something of high value and then sell it off. You could get approved for a car with a lower rate as the lender can take back the care if you stop paying ( re posses ) basically. The trick is you would then export the car to the European markets and sell it their. Find a buyer . Try to avoid paying more then 15-20% down , and then liquidate the car within a few months max.

You could probably get like 100K in cars taken and shipped abroad. Move your other personal vehicles abroad. Sell your home , and then declare bankruptcy .

even min wage jobs do credit checks

 

[AscensionMan98]

I owe like $3,000 atm

That's a lot better then having some jew college loan. I got lucky as my parents paid for my college completely. I would be totally fucked if they didn't do that.

So many college grads got fucked with the " just get a degree " meme it's crazy.

 

[tallnegga]

Charge offs stay on your record for 7 years