Take out a huge loan
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> Open 2 bank accounts
> Get 2 credit cards
> Use 1 cc to pay the bill of the other cc
> repeat until credit score is big and cc limit is thru the roof
> go on spending spree
> 2 months of everything free
> flee to country that won't deport you as criminalMy grandparents did this for decades with 20+ cards. Yes it's illegal to do this.
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meanwhile I make poor choices and do fuck all and the bank keeps offering me loans and cc limit increases until I begged them to stop twice
My wife has had bad credit for a good chunk of the time we've known eachother, and its really incredible seeing what circumstances cause the offer letters to start or stop flowing. Basically the only thing that made the offer letters stop fully was when she got a head injury and couldn't remember to do any weekly or monthly tasks and defaulted on all 3 of her credit cards. That stopped the letters for a few months until the first couple of cards were paid off in full from collections and then the credit offer letters started flowing again.
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If we all did this capitalism would collapse.
Its all part of the risk calculation that's made by the loan companies that make these credit offers to those deemed to be high credit risk.
Who they really are trying to hook are people who live paycheck to paycheck and keep rotating a balance of old loan balances and newer loan balances because between origination fees, interest, late fees and any other BS fees they decide to tack on they can make absolute bank indefinitely off of folks who struggle with budgeting and are constantly one surprise away from taking on more debt. Alternatively its folks who think in terms of monthly payments and nothing else
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Fun fact: the Big Three US American credit unions have a time horizon of seven years. This is set by law. This fucks me, because all my credit accounts are older than that. But the seven year horizon is good for this guy and folks who have declared bankruptcy.
wrote last edited by [email protected]Because of that time horizon my wife briefly had no credit score at all. She trashed her score at 18 then never tried to touch credit again because "I already know my credit is trash" then it all fell off (and whatever went to collections had already been garnished from her tax returns and whatnot) and she effectively had a clean slate with no credit history
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The problem with getting that big loan is you need an income and some money first
I mean, most of the time they don't really check. At worst you might get a company which wants a paystub or two to verify income but those are just PDF files that can be edited. If you're already planning on breaking some laws and contracts, nothing to stop you from breaking a few more
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Neuron status: Activated
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Then like…what? You have massive debt and can never return? Or we’re pretending Europe is a different planet and you can just “start new”?
“You’ve heard of people”. No, you haven’t.
Surprisingly enough it's incredibly technically feasible.
The biggest challenge is actually maintaining good standing with the federal government because over the last 20 years or so they've been racking on more and more income taxes on foreign income, and if you live abroad as a US citizen you're still legally required to pay income tax. Then once expats started renouncing their citizenship because of the rapidly increasing cost of maintaining a citizenship they no longer needed the federal government started throwing more and more barriers up to make it harde and more time consuming to renounce your citizenship
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> Open 2 bank accounts
> Get 2 credit cards
> Use 1 cc to pay the bill of the other cc
> repeat until credit score is big and cc limit is thru the roof
> go on spending spree
> 2 months of everything free
> flee to country that won't deport you as criminalCredit cards caught on to this around 2010 or so. That’s why balance transfers always have a fee now. You could do this with either balance transfers or cash advances, both of which have fees now. So you’ll end up increasing the balance by 3% each month.
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> Open 2 bank accounts
> Get 2 credit cards
> Use 1 cc to pay the bill of the other cc
> repeat until credit score is big and cc limit is thru the roof
> go on spending spree
> 2 months of everything free
> flee to country that won't deport you as criminalAs someone who games banks as best I can this would absolutely not work.
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meanwhile I make poor choices and do fuck all and the bank keeps offering me loans and cc limit increases until I begged them to stop twice
Capitalist banks and oligarchs commit fraud like everyone. The difference is that they don't get held responsible, and force others to suffer instead.
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Then like…what? You have massive debt and can never return? Or we’re pretending Europe is a different planet and you can just “start new”?
“You’ve heard of people”. No, you haven’t.
Europe is a big place, are we talking flee to the UK or Albania?
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Don't do it OP, traveling and broadening your mind might make you enjoy life and then you'd not be so nonchalant about deleting yourself. You might end up on prison, where you'll suffer doubly due to your newfound love of life and freedom! Better semi-suffer in an empty existence for the rest of your life like most others.
Or like, just stay on a foreign beach with your embezzled money and a drink in your hand and never come back. Actually seems like the best option overall...
Not problems ending up ON prison, you just jump down the side.
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Surprisingly enough it's incredibly technically feasible.
The biggest challenge is actually maintaining good standing with the federal government because over the last 20 years or so they've been racking on more and more income taxes on foreign income, and if you live abroad as a US citizen you're still legally required to pay income tax. Then once expats started renouncing their citizenship because of the rapidly increasing cost of maintaining a citizenship they no longer needed the federal government started throwing more and more barriers up to make it harde and more time consuming to renounce your citizenship
Just claim you are secretly mexican or something, I heard that works quite well.
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Costs 2k 11 years ago.
Anyone got today's rates?
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This post did not contain any content.wrote last edited by [email protected]
> open an llc
> take out a business loan under llc
> travel the world on a business trip
> declare llc bankrupt
> personal finances unaffected
> repeat -
He did go down that path but he wasn’t fully out of depression by then, as part of it he needed to make some monthly payments to the lawyer as I recall, and because he was still on the fence of offing himself he didn’t keep up with it, and once it’s filed and not followed up with, it’s harder for it to get approved in the future, so he kind of fucked himself.
Also half of the loans were government Covid aid that he applied for even though he wasn’t eligible, he applied to everything and they sent him a lot of money because at that point in the pandemic the government was writing blank cheques that they would just follow up with and scrutinize later.
All of that government money is not eligible to be taken care of through bankruptcy, so he would still owe half of the debt regardless.
Also half of the loans were government Covid aid that he applied for even though he wasn’t eligible
Ahh, so he did a bunch of fraud. The reason the government was writing blank cheques was because people were dying in the millions and businesses were failing left and right. He's lucky he's not in prison.
I'm glad he's doing better now, but I can't help but think of the people who needed that money and might not have gotten it in time (or maybe at all) because of what he did. Does he ever think about that, do you know?
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Not problems ending up ON prison, you just jump down the side.
Hope you've got some of that broken leg serum
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As someone who games banks as best I can this would absolutely not work.
As best you legally can…
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As best you legally can…
Ah, yes, let's go with that.
