How is it fraud when it's your own credit cards and money?
I understand where you are coming from now, JaymesCheese. Now may I borrow $5,000 of my money from you?
@Anonymous wrote:Do you know anyone or has anyone ever used all their credit cards and purchased a house and never pay it back? Or even combined all their credit cards and purchased a business and never pay it back and live with the +7 years collection? I know some of these users here have up to +$100k credit card limits. I'm just wondering because in America, they don't put you in jail if you owed credit card debts. Maybe people can abused the system. What do you think?
It's "philosophies" ( and I use this term loosely) like this that depicts what's wrong with this country. People trying to get something for nothing without any regard for anybody but themselves! Even the title of this post is suggesting that credit cards and subsequently ones credit history is in a manner of speaking, like a "day in Las Vegas" where you can "cash out" your chips and run. Perhaps "thinking" ( again, I use this term loosely) such as this is the reason most if not all credit card companies have a different credit limit vs cash advance limit.
Sad, very sad.
@Kostya1992 wrote:My bro accumilated roughly 200K+ in credit limits from all sorts of stuff and maxed them and now he gets letters in the mail. That's about all.
Has the SOL passed. If not, those letters may turn into Summons
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:Do you know anyone or has anyone ever used all their credit cards and purchased a house and never pay it back? Or even combined all their credit cards and purchased a business and never pay it back and live with the +7 years collection? I know some of these users here have up to +$100k credit card limits. I'm just wondering because in America, they don't put you in jail if you owed credit card debts. Maybe people can abused the system. What do you think?
They do put you in jail for fraud.
How is it fraud when it's your own credit cards and money? Are you saying that we are limited in spending? Fraud is not the correct term to describe this topic. You cannot get put in jail if you get sent to collection. What's wrong if I swipe my $20k AMEX and my $20k Chase together to buy a corvette and never paid my credit cards back? Is this fraud?
Yes it is if you did it with the intent of never paying it back. That's criminal.
@longtimelurker wrote:
@Anonymous wrote:Sure it's an interesting theoretical question, but from the perspective of members here, who are generally working hard to rebuild their profiles (or even game the system), anyone who considers actually DOING it should be flogged, because it will cost honest people opportunities, and cost taxpayers money, etc., etc., etc. If you were just out to rip off lenders, there are other sites more conducive to those sentiments. This is a site about learning how to maximize rewards and benefits within the confines of the credit scoring system, and how behaviors influence scores.
There is no ethical difference between the scenario you described and workplace embezzlement. In both cases, you build up trust in order to steal. Whether or not you "get away with it" there will be unpredictable and unanticipated negative effects besides negative marks on scores. Likely judgements, that don't go away, possible employment effects (more and more employers are requiring a good credit report to be deemed trustworthy for emlpoyment), increased rates for auto loans, insurance and other products, or even denials, due to poor credit.
Right, but a large number of people here rebuilding their credit HAVE in fact declared BK, which, while legal, does have costs to society as a whole. So any abhorrence to the OP should be tempered with a small amount of whatever....
The difference is intent!
Many people (I understand not all) had every intention of paying back the debts they incurred, and life (in my case a nasty divorce that lasted 2 years) got in the way. There was no intent to no pay the debt prior to incurring.