For the record, I have no intention of doing this, just wondering why I don’t hear about it more often.
My friend did this twenty years ago. Sold everything, put a bunch of camping and photography gear on the credit cards then “disappeared” to become a nature photographer.
Isn’t that how Kevin Smith made clerks? Just maxed out his credit to make a movie
basically. He also mentioned that he allegedly might have lied about how much money he made to get enough credit limit to afford it. If it didn’t make any money, he was going to work at that video store forever. lol
I kinda did that in the early 00’s. Left the US and told creditors* to kick rocks. They basically just wrote it all off. I came back 10ish years later and it was like it never happened. I went to get a loan for a motorcycle when I got back and they told me that since I didn’t have any credit history (wtf?) that it would be a slightly higher interest rate. Now some 15 years after that, I’m a model citizen, credit wise. I’ll save the next time for retirement.
- I do apologize to Gateway for not paying for that PC and causing them to go under.
Wait what? Did you find out why you had no credit history rather than a bad one? Did you expect some legal issues when you moved back to the US?
Everything drops off after 7 years.
I think it resets after 7 years, but I could be wrong and don’t know the specifics of how that works
Yeah, this has been a known thing in the credit world for years-- they call it bust out fraud. These days they have computer statistical models watching for stuff like this, and will likely shut you down before you get to your limit.
https://www.transunion.com/blog/how-to-prevent-bust-out-fraud
As someone with citizenship in another country I have to admit I have daydreamed about this lol. Which probably means I’m in their model somewhere.
Yea, imagine every transaction goes through except the plane ticket…
With a net worth below 1 billion, it’s called a crime.
With a net worth above 1 billion, it’s called a bailout.