Take out a huge loan
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It can get kind of old seeing stuff on social media that's just using every easy trick available to fish for engagement though, especially when now a lot of it is probably bots and various propaganda campaigns. Especially if it's being posted somewhere that people can otherwise have more thoughtful and interesting conversations.
(. )( .)
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I've heard of people getting their credit score up, taking out all their lines of credit, then dipping to Europe for 10 years to start a business. By the time they came back, their credit scores were fine again because it had been long enough to not affect it. Obviously planning to do this ahead of time is illegal, but if it just happens by circumstance and you're stuck in Europe and can't pay back the debt for 10 years then like…
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.
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I've heard of people getting their credit score up, taking out all their lines of credit, then dipping to Europe for 10 years to start a business. By the time they came back, their credit scores were fine again because it had been long enough to not affect it. Obviously planning to do this ahead of time is illegal, but if it just happens by circumstance and you're stuck in Europe and can't pay back the debt for 10 years then like…
I know a guy who skipped on nearly a million in debt. Moved overseas and we didn't see him for around ten years. Nice guy. I just wouldn't do business with him. His last check to me was good by the way. He called me and told me to cash it before a certain date and I did.
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If we all did this capitalism would collapse.
Sounds like we should all do this.
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Average gen Z retirement plan
Millennial, more like.
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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.
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.
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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.
nO yOu HaVeNt sorry for not including a link that took me three seconds to google, asshole
https://www.reddit.com/r/expat/comments/1bwy9qt
Europe doesn't use the same credit history system as the US; so yes, it quite literally is a different planet in that sense and you quite literally can start new. This is not financial advice.
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If we all did this capitalism would collapse.
Clearly not, because $country did all this shit, and capitalism did not collapse, somehow...this time.
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Default judgment wants a word with you
My understanding is you can absolutely end up with a lien and other such things, so it wouldn't be a good idea unless you're ready to burn every financial bridge with the US for the foreseeable future. But if you're not coming back, then that's that I guess.
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At that point why not just declare bankruptcy? If he was couch surfing then he had no assets to lose. Sure bankruptcy fucks your credit for a while but it's better than having nothing and still having your wage garnished. That's literally the situation that bankruptcy exists for. If you somehow get yourself in a truely irrecoverable amount of debt then it's your get out of jail relatively free card.
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.
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nO yOu HaVeNt sorry for not including a link that took me three seconds to google, asshole
https://www.reddit.com/r/expat/comments/1bwy9qt
Europe doesn't use the same credit history system as the US; so yes, it quite literally is a different planet in that sense and you quite literally can start new. This is not financial advice.
wrote last edited by [email protected]Oh so you googled it now? Back down from having heard of people doing it?
Spoiler alert, hasn’t happened! And you haven’t heard of anybody for whom it has! So I stand by my statement.
It’s theoretical nonsense, and credit scores are not the same as creditors, but keep talking nonsense about this “one weird trick” you heard on Facebook!
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This post did not contain any content.wrote last edited by [email protected]
> 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 criminal -
My brother in Christ, have you heard of filing bankruptcy?
I... Declare... BANKRUPTCY!!!
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(. )( .)
I approve this message
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Just put your ultra capitalist hat when the time comes to repay them. Tell them its a free market and they took a risk like all for profit ventures, but its not looking good for them and better luck next time. Also nice tits bro, very milk.
You can do this, but their response will be to tank your credit. Which makes it hard to get any new loans. Including home loans. Also makes it hard to rent a place, since almost all landlords do a credit check. Hard to get a normal auto loan if you need to buy a car. And iirc, your credit card interest rates will go up.
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This post did not contain any content.
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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
