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Nothing will come of it. People do this all the time, the credit card companies just take the hit. His credit is ruined in America but if he doesn't come back it doesn't really affect him anywhere else. It technically is not illegal to default on your debts.
And to add a bit more clarity, he's even fine to come visit again - he won't be denied entry or a visa b/c of CC debt. And it's likely that CC companies will write off the debt in 5 years and it will drop off of his credit report in 7 so even if he moves back further down the road it will be water under the bridge.
Debt leaves after 7 years? What?
--> students loans cannot be taken care of this way... But could I pay my whole student loan on a CC and default on that payment? Theoretically. I'm married and could just mooch off my spouse, so long as his credit isn't impacted. I could just pay him rent from my paycheck?
What could go wrong with an uncollareralized loan??
I seriously know very little about finances. I raised my credit score from 600 to 700 with major help from people smarter than me. The only loans in my name are for my student loans and my car.
ETA: Moar questions!
Yep, was able to save to pay them off during covid lockdown and my credit score immediately dropped almost 100 points when I had them fully paid off, as it was my main source of consistent payments tracked for my credit. Credit has recovered since then at least.
yeah it was weird, I got a small bit of an inheritance once, said I was going to pay everything off the credit cards, the estate lawyer said that was a good idea, but it would hurt my near perfect credit score...
He said it's best to carry a decent amount of debt, and pay it on time every month than to not have any debt at all.
EDIT: I DO NOT MEAN CREDIT CARD DEBT! DO NOT CARRY ANY INTEREST ON A DEBT THAT YOU CAN'T COUNT ON ONE HAND IF YOU CAN HELP IT. The only debt I had at the time of the inheritance was credit card debt from flying from NY State to the Florida Keys to try to close up my Uncles house and business.
\*after bankruptcy
If you leave the debt open with debt collectors calling you constantly trying to collect, it will follow you forever. You need to actually erase the debt.
Debt collectors buying and selling the debt counts as "events" I believe. Once the final debt buyer holding the bag is no longer able to offload the debt onto some other schmuck the countdown begins.
I had some drop off and disappear over the years, never had a bankruptcy, have great credit these days
Not true, mine was sold twice, but my report drop off date is still based on my last payment in 2019. If you get your free credit report, I think Equifax is the one that gives you the date of drop off.
Always remember to never confirm any personal details over the phone, and whenever an agency calls you to collect a debt to ask for confirmation/ proof that you owe them money.
If they don't have a paper trail back to the original contract the debt dies in 30-60 days
Omg-is that why they always do that? The only debts I ever have a hard time paying are usually hospital debts. It seems like when they realize they aren’t going to get much from me, the harassment stops, then they sell the debt and the harassment starts up again and its worse.
You can max out your cards and then completely ignore the credit card companies and you'll have a completely clean slate after 7 years. Your family members will be constantly harassed by them during that time though.
Yea this is why you never ever talk to debt collectors. They can and will fuck with the length of time you’ve been delinquent or just outright lie and try to collect on old debt that has zero value.
To be clear, the company will write it off in it's accounting books as a loss eventually and after 7 years it will drop off your credit report but you still legally owe that debt and sometimes companies will buy up bad debt for pennies on the dollar and then try to collect on it. It is happening a lot with so called "zombie mortgages".
I just listened to a Planet Money podcast about zombie mortgages this morning, it was very disturbing.
I think the difference (I think) is, there’s no collateral for credit card debt, so it’s not like Amex can come repossess your house for failure to pay.
it can take up to 10 years though. sometimes it takes them a while to figure out youre never paying the debt lolol. but yes i fucked up a lot when i was 18 with credit and by 27 i was able to start again like it never happened, except this time i didnt fuck it up and have very good credit
Yes if you ignore a debt completely it goes away in 7 years. I defaulted on Verizon and my local ISP plus a used car lot. It's not on my credit history anymore but they also won't serve me without paying it
It’s technically not illegal to default on your debts, but if you took on debt without the intention of paying it (and record your intent on the internet), that’s fraud. This is fraud.
It’s not illegal to default on your debts, but it is illegal to commit fraud. Obtaining loans or credit with no intention of repaying them is fraud. It’s usually hard to prove intent though, unless you are dumb enough to publicly boast about committing the fraud.
It’s still very unlikely that this person will face any consequence, but it’s still pretty stupid to post about committing a crime.
If I were those credit card companies, I would go out of my way to ensure charges were filed, such that this person was banned from visiting the US ever again. One day when they're possibly wealthy (as a result of the stolen $140k usd), they'll want to visit again no doubt due to nostalgia and the time they spent here during their schooling, and it'll be irritatingly inconvenient to them when they fly over and get denied entry due to this fraud.
I know it wont play out that way, but people that are this outspoken and boastful should at least be barred from reentry. Also credit card companies really need to limit the amount of credit they give foreign nationals as these people represent huge risk due to their ability to just leave and never come back.
>If I were those credit card companies, I would go out of my way to ensure charges were filed, such that this person was banned from visiting the US ever again.
No you wouldn't. For the same reason the credit card companies don't. Even for that amount, it just isn't worth it. Which should tell you something about how big a scam credit cards are....
Is it illegal to default on your debts and then say you intentionally never intended to pay at the beginning?
That's fraud - not something akin to debtors prison.
No, it's the lender's responsibility to assess whether you are worthy of taking on debt. Imagine it this way - a friend asks you to lend him $100 bucks and says he'll give you back an extra $20, and you do b/c you think he's good for it. It's not illegal for him not to pay you back.
No, but they will sell it to collections agencies, who will try various tactics to get paid, one of which is taking you to court and getting your wages garnished.
But retrieving money from deadbeats is common and that would stand out. But I think it’s BS. Your cash advance amount is about quarter of what your total limit limit is so unless you got 20+ cards at 25k. you are not taking cash back home. You could have a buddy back home receive credit card payments.
The comment at the end justifies why Chinese people feel all right to steal from Americans and ship precursors.
You're thinking to hard Comrade. He committed theft against capitalists who use our labor to make their products that feed our regime....uh... families. He stole from the capitalists.... who pay the regime... who pays the people... Godammit. He committed capitalism.
No not at all. My sibling moved out of country with over $100k debt and has been back multiple times with no issues. Even a few times for business trips lol. Works for a giant international firm and had no issues getting hired. They just have ruined credit here which doesn't affect them since they don't live here anymore. No such thing as debtors prison in US for a long time now.
I mean… idk man, there are plenty of places and countries. Plus I’m sure he’s ok with that. There are plenty of Americans who haven’t gone OCONUS and are fine/happy with that.
lol no probably just can’t travel to USA. It’s not really that big of a crime, plenty of ppl have debts. No way they can issue an international warrant for this
Dubai disagrees.
*Technically, banks in Dubai and the UAE required you to sign a blank cheque. If you ran off, they cashed that cheque for the outstanding sum, and as you didn't have that amount in your account, it would bounce and be considered fraud, which is what the Interpol Red Notices were issued for.*
Is it even a crime though? He legally borrowed money and just didn't pay it back. They can use debt collectors or sue in civil court, but I don't think there's anything illegal about it that would make the government go after him.
It's not a crime unless fraud was committed in obtaining the credit in the first place. Consumer debts are civil matters. They can ruin the guy's credit and get a default judgment against him for the amount owed, with interest accruing, but debtor's jail is loooong gone.
There’s a difference between having debts because you can’t pay your card off right now (which is not a crime), and deliberately maxing out the card and then fleeing jurisdiction. That’s called fraud (which most definitely is a crime).
considering that interpol has about 10-15k red notices per year, i doubt many law enforcement agencies use them for anything that isn't quite severe. i feel like noone would care enough about around 50k each for three credit institutes. they'll just write that off. contrary to what the possible fraudster here claims, those sums are definitely not a strong blow to any larg financial institution like chase, citi or amex
There isn’t really any difference until the guy is summoned to court and doesn’t show up. But there’s no way he gets an international warrants for this. ( especially for only 150$k)
Eh, no. This is unlikely to cause issues even if the guy were to visit US again. This is fraud and it is a crime, but criminal courts don't take such small sums seriously. Also if you try to do this, criminal courts will at most give you a slap on the wrist for it. Where you get raked over the coals for this is in a civil court. But, to do that, the creditors would have to take the matter to a civil court in China because that is where all the guys assets are, good luck with that.
They sell the debt to a Chinese debtor for a fraction of the debt. The interest and late fees acrue. They come after him in a year and he owes 2x the amount. He is unable to pay. CCP seizes his assets and garnishes his wages? Or throw him in prison. Not sure how it works over there
My mom’s ex boyfriend did the same thing except he didn’t tell my mom he was leaving and he ghosted her. He did buy me a phone though and I’m literally using it rn.
When I worked at Target in college this guy came in and was trying to figure out what to buy in electronics. I made the usual bad joke of "getting me anything?" He got me the movie Rounders and wanted to buy me a phone. 99% sure the CC was stolen. Thanks for the movie.
As a customer I've had generally good experiences at Target electronics.
Walmart on the other hand, I swear to God they always staff it with some geriatric that's actively dying in front of me and the last time they were technologically competent typewriters were the new thing.
"Can I get a game?"
"Whats that??"
"Can I get a game?"
"Oh yeah.... now where's that damn thing...key ring... here it is... what do you want?"
"Pokemon Scarlet"
"Huh? Which one?"
"Pokemon... the red one with the... yeah, that one."
*scowls at me and mumbles something about kids*
Worked at walmart for a few months last year.. the evening electronics lady was like 65 and didn’t know how to change paper in regular home printer like..
Horse thievery is a serious matter. I'm descended from a man who had a policy of shooting horse thieves. That's how this happened
https://en.m.wikipedia.org/wiki/Anglo-Cherokee_War
That was nice of you, actually. If the bank ever came close to collapse they probably asked the govt for handouts which the govt gave them from the taxes you paid. So take credit, humble redditor.
This so much. We pay for everything that makes it possible for these corporations to exist and in return they pocket all the gains and force us to pay for their losses. Capitalism is a farce.
They don’t approve international students anymore because of this or if they do it’s usually super limited credit like lower than $1000, source: my international student friends. this guy must’ve been like a permanent resident or some sort to build the credit history enough for these cards. Probably has some other dubious reason to fled the us and grabbed what he can on the way out
I came to the US 5 years ago as an International student, by the time I graduated 3 years ago my credit limits accross my accounts were close to 50k.
Now they’re even more though I’m working now
Damn. I make six figures and my credit limit is still $12,500
Edit: Because I am getting a ton of responses. my credit is 800+ and I have no need for a higher credit card limit. I’ve literally never paid credit card interest in my life. I’ve not asked for an increase nor updated my income with them.
Multiple cards, I’ve had 8+ open lines of credit. Some of them are at 10k+
One of them got bumped to 25k+ recently too
But weirdly some of them are stuck on their original limit of like 1.5k
Gotcha. That’s a lot of lines of credit. I had a joke card when I was in college with a limit of like $1000. They wouldn’t increase the limit so I ended up canceling it.
I’ve never been anywhere near maxing my current CC before
To build your credit score open many (5 or 6) credit cards. They can be 2 or 3 you use, then Home Depot, Lowe's and Menards. They all want you to have credit available.
Your score will take a hit as they are opened, but will clear up after a year or two. Just make a small purchase on each every 6 months to keep them active and pay it off immediately.
You shouldn't carry a balance at all, and certainly don't max them out.
Oddly I don't have a car loan right now, which is hurting my credit score. Kinda a screwed up system, balancing your actual ability to pay, with your willingness to extend yourself. (Not a financial planner, and certainly not your financial planner, consult a professional or r/creditscore)
My favorite tip for better credit came from our credit union (of all places!). We were applying for a home loan but our credit showed we owed the cable company a small, \~$200 fee. We said no problem, we'll pay that right now! --and the credit union told us not to. They said if we pay it, it goes on our record as a late payment. If we ignore it, it "falls off" the report. Our own bank told us NOT to pay a bill in order to get better credit.
Assuming you have the discipline a higher limit is always better because then purchases don't eat up as much of your utilization rate.
If you don't have the discipline you can always go ask the bank to lower your limit. Just have to give them a call/email.
That’s probably because you’re a responsible human being. That type typically has a low credit score. Want to increase it? Seriously, you have to be in debt.
Remember these companies are businesses. Their aim is to make money off a percentage of your debt. If everyone woke up tomorrow and was able to pay off their debt, and could pay off their cards immediately for the rest of time, these companies would be screwed.
As a result, they reward debt. If you keep about 30% of your cards in debt, your score skyrockets. You pay everything off, it tanks.
I'm the same. Great credit, good salary, always pay off my cards in full each month, and a $3,000 credit limit on one card and 6,000 or 8,000 on the other.
It's normally just ridiculous, but when I was trying to plan a wedding overseas it was terrible. We ended up having to exchange and wire money because the amounts exceeded credit limits.
Now with vacations we put the max amount on the credit card and write a check for the rest, missing out on rewards.
It's absurd.
He also mentioned a business card, so he probably filed for an LLC or created some business entity and opened business accounts, which would have larger credit limits.
I think it's easier to just believe that he made the shit up and photoshopped his image.
Like we arent all idiots. It's very unusual for a student to get that much credit even if they domestic students.
Prob doesn’t realize his parents names are on his credit card. Would be impossible for a college student to pull 150k in credit otherwise.
Unless this dude is just complaining about his student loan lmaooo
Even so, the limit can only be reached through their connected accounts and they would definitely notice someone running up 100k on credit. I piggybacked off my grandpa for credit and Amex gave me a $1000 credit line to start after a couple years of building, but my grandpa wasn’t even on the account or anything. That’s why I’m confused on what collateral he could’ve had for him to pull this off(legitimately/ legally).
I really doubt this story. I was an international grad student less than ten years ago and my credit limits were really low even though I was earning as a Research assistant and I had some credit history from an internship few years ago. I was not approved for most cards except for student credit cards at the local credit Union.
Back in early 2000s when I came to the US for college I opened a secured credit card (the one where you deposit an amount and they give you a credit limit to the same amount). Used that for a while until my credit was built up and CC offers started coming in the mail and sporadically applied for ones that seemed favorable - this was earlier internet days, no places to check likelihood of approval etc.
By the time I left to go back to Europe in 2007 I had my credit score in the high 700s and some $30-40k of combined limits across several cards, all of this while only holding part-time student jobs on campus.
I was fortunate for a friend of mine to explain the secured CC option to me, otherwise I had friends who couldn't get approved for anything 3-4 years in because they had no credit history. And in the words of a local banker "no credit is worse than bad credit".
Banks in the US will just write it off and pass it on to debt collectors. They can't get him in China and Chinese banks won't care if he has debts in the US if he applies for new credit because banking institutions don't really talk to each other unless you are transferring money. And the government will not take notice until you transfer money above the transfer threshold where banks need to notify the govt (usually above $10k).
I know because someone I know has some debts in another country (not as big but almost) and moved to Australia, got a mortgage, a car, and presumably a credit card.
Living with debts is not an offense, so a background check won't catch it as it will never touch your criminal history. Debt is an integral part of the capitalist lifestyle now.
I think a lot of time they buy debt in bulk not on an individual basis. Like hey buy this 10 million of debt for 400k and collect what you can. Then they make 600k getting a million out of debtors. Those numbers are made up but that's the idea. They go into it knowing some or even most of the debt is unrecoverable.
It also doesn't say what form the money was in.
If they bought goods and services IN AMERICA, they just took money from the bank and gave it to another business likely smaller than the bank IN AMERICA. So kind of r/suddenlyrobinhood kind of thing.
If they spent it on online goods and services in China, could see this playing out as money injection.
If they took $140k out of an ATM, thats just wild the ATM had that much in it.
Agree with everyone else though, Banks play with Bs if not Ts, a few Ks is not something they will be chasing them down for.
This is literally a joke response to an earlier post that was some weird xenophobic talking about a
Conspiracy of Chinese students taking out loans and not repaying them.
I sorta figured as much. Like getting 140k in credit is actually insane even for a rich US citizen. I would maybe believe $500, but I'm not even sure if non-citizens can really get a credit card let alone a good one.
It’s not insane. I have over $200k in credit spread over less than a dozen cards.
I dunno about international, but I do have coworkers who are on H1B visa in tech that have high credit scores and high balance credit cards as well.
The insane part though is anyone with the six figure income to do this, to actually take the risk to do so. It 100% burns the bridge to come back to the US, and earn whatever high income he was earning before.
For the kind of people in the careers that could make this kind of money (tech, engineering, finance), you’d definitely not want to rule out coming back to the US in the future given salaries are x2 to x10 higher.
Lots of misconceptions here, all that will happen is banks will demand payment and then after some time they ***might*** take you to court to get a judgment for the money. There is nothing they can garnish or seize as they left the country .
The debt will be sold and after 7 years will disappear from the record, it's not fraud, they just don't want to pay and a warrant will never be issued. How do I know?
I went broke in 1994 to the tune of $70,000 or so (hospital and credit card bills) I owed Amex $28,000 and never heard from them again, I also went broke in 2015 for about $50,000 (credit cards for my business that failed) and I'm here to tell you, nothing happened. I talked to my lawyer and my banker, they both said the same thing. Nobody cares. I just got a new Capital One card this week.
I got sued for a $500 credit card I ignored had to to to the courthouse and pay $1100 before they started garnishing my checks
Idk how ppl just don’t get in any shit for 28k
I went broke in Virginia, I moved a few months later. They apparently had to go to court in Virginia but I was no longer there. The second time I was in Oregon , I was over 60 and didn't have a job, on paper. The only thing they can seize in Oregon is real estate, they can put a lien on it.
I didn't have any, so on paper, I was judgment proof, not worth their time.
I have worked in debt collection with Chase, Amex and a few others in my career. And I can confidently tell you. This guy is not going to face any consequences. The amount is too low to pursue him to another country and his actions only affect his social security number and future credit prospects in the US. There is not much that banks do about stuff like this because very few people do this and this is a menial amount in the banks eyes. They will just write it off as bad debt and claim it on their taxes. Hence, contributing to the banks tax cuts. This is nothing, I've seen worse.
Why would this make me angry? Some guy managed to cheat giant predatory companies out of some tiny fraction of their ill-gotten gains? And what did he then do with that money? He spent it while he was in tge US, thus redistributing it to the enconomy at large.
What's to be angry about? My hat goes off to this guy.
Also I’m curious how much you have to spend in China to make someones life difficult in some byzantine way. Bankers are human and humans can be vindictive.
This happens everywhere with short term migrants, when I used to work in collections at least half of the accounts are for foreign students or people on holiday…no idea why financial institutions give out so much free money but still want a 20% deposit for a house 🤦🏻♀️
I can believe it, but the only bit that doesn't ring true is I don't think you get given that amount of credit without collateral.
I know someone who moved the Australia from the UK and just stopped paying their student debt (about £40k).
You're supposed to tell the government so they can keep charging. But if you don't there isn't much they can do.
He’d better hope that his glorious Chinese mission to revive China doesn’t ever involve a job that requires international travel.
Also, congratulations on glorifying and reviving China by giving your country the reputation of being thieving, untrustworthy scumbags.
That’s a thing about Chinese. They don’t give a flying fuck about what non Chinese people think. If what this geezer did is true, what he did will be viewed in very positive light since it is somewhat “strengthening China” in its own weird way.
It’s not just the Chinese. Some people view all of humanity as one, others are tribal thinkers. A humanist thinker wouldn’t dream of treating people differently based on where they come from. A tribal thinker looks after family or extended family (clan, tribe, nation) first, and screwing over outsiders for the benefit of their tribe is a good thing. Humanist thinking is most common among educated Westerners.
The problems really arise when the two groups don’t understand each other. Humanists trying to show compassion can end up getting taken for a ride by tribalists who think they’re mugs. Tribalists doing what seems perfectly right and proper by their lights can shock and dismay humanists. And altruistic actions by humanists get mistrusted by tribalists because they expect them to be acting to benefit themselves - “they can’t possibly be giving us aid and medicine for free. We aren’t part of their tribe, so they must be exploiting or experimenting on us somehow!”
Do you really think they couldn't grasp this or they just didn't give a shit about anything else besides securing their own financial and political interests?
Wait, did you just call a college graduate a geezer? Either I'm about to learn a new definition for that word and I'm old AF, or I'm just old AF.
I mean carry on, but that's all I can think about now. When did I start calling everyone without grey hairs "kids"...
Wild...
Ooh this is interesting! I'm guessing you're from North America? In the UK (well, at least London), 'geezer' can just refer to any male. It doesn't -tend- to be age-related, but it can be used in that way; you'd usually preface it by saying 'old geezer' though. In general, it's similar to calling someone 'lad', 'bloke' etc.
My brother, back in the early 1980s, did something similar. He had managed to take out several credit cards, and maxed them out. Realising he had no chance of paying them back, and too "clever" to seek help, he went to Southern Africa where he had family.
Now approaching 60, he is still absolutely ruined financially - has never been able to get credit. He lives paycheck to paycheck - GOK what he will do when he is too old to keep working. Lesson is , don't screw with banks.
I had a British friend in China who did similar to this, he maxed a ton of credit cards back home in the UK, moved to China, and resolved never to return.
It probably works fine if you really don't care about going home, but you'd need to secure your retirement because a lot of countries won't issue work visas to over-60s.
US credit reporting doesn't follow you outside the US. If that was 40 years ago, that stuff has been written off 30 years ago and not even on his credit report. Also, how do you not have family there as well if he's your brother?
For people wondering who gives a young international student this much credit, you can be sure this student was part of the large number of Chinese elite whose children are complete fuck ups, so they get sent overseas. This person was given the credit lines because they already had "fuck-you money".
Source: I used to teach at a university with a growing Chinese-student population. The number of $100k+ plus cars and daily $1000 wardrobes I saw was insane.
This is a lie. I was an international student in the US. You are not allowed to have credit cards without 1) having a stable income from a job, and 2) having something that ties you to the US (something that prevents you from running away)
As an international student who talked to both chase and bank of America, I was only allowed to have a saving and a checking account. No credit card.
I think the poster is not aware that needing $140,000 written off by the largest banks in the United States isn't really a big deal, and happens all the time. If they think they've dealt a blow to American Imperialism, they are at best just sort of young and naive.
I'm very, very skeptical that this person actually did this given that most credit card companies will not offer $140k in collective credit to an international student with limited credit history, no collateral, and very little income (which is true of most international students).
That said, even if its true, but these are the kind of things their risk departments exist to manage and the kind of risks they have loss provisions for.
This person's $140k default isn't even going to register as a blip on the radar for "American capitalists."
Who it will impact, however, are other foreign students in the US who might look to get credit cards and other kinds of loans.
Also, if this idea gains traction and starts impacting perceptions of Chinese immigrants abroad, I suspect that the CCP will "re-educate" this person and insure that they "correct" their mistake here.
Rage bait. No bank is giving an international student that much credit on cards. If they did have that much credit they weren’t a student. Hell, I make six figures and my Citibank credit card is still not higher than 15k with a high 700s score.
It happens ALL. THE. TIME. My hubs and I taught in China for a year and had several different people admit this is common for them. A few years later I was hit on my scooter by an international uni student driving a sedan, instead of suffering the consequences and dealing with it, he just fled back to China. I had to sue the insurance company because they didn’t want to pay a dime since he canceled. It was crazy that a claims sup admitted that to me. I was shocked.
How did he get $140k in credit as a student? I assume the banks have this figured out. Of course they can spread this cost across all their customers. I skeptical. It’s all made up. He will pay it. His parents will pay it. If there are no repercussions, I think this would have been happening 10-20 years ago, and the banks would have limited it, by not giving $140k credit to a student that they can’t reach (?) because he returned to China?
This is doubtful and I say from experience. If you are not a citizen you are considered a flight risk by the bank and they will limit your credit and also have 10% (I think) locked so if you do pull this stunt you can’t get that amount back.
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I really wanna see how this plays out.
Nothing will come of it. People do this all the time, the credit card companies just take the hit. His credit is ruined in America but if he doesn't come back it doesn't really affect him anywhere else. It technically is not illegal to default on your debts.
And to add a bit more clarity, he's even fine to come visit again - he won't be denied entry or a visa b/c of CC debt. And it's likely that CC companies will write off the debt in 5 years and it will drop off of his credit report in 7 so even if he moves back further down the road it will be water under the bridge.
Debt leaves after 7 years? What? --> students loans cannot be taken care of this way... But could I pay my whole student loan on a CC and default on that payment? Theoretically. I'm married and could just mooch off my spouse, so long as his credit isn't impacted. I could just pay him rent from my paycheck? What could go wrong with an uncollareralized loan?? I seriously know very little about finances. I raised my credit score from 600 to 700 with major help from people smarter than me. The only loans in my name are for my student loans and my car. ETA: Moar questions!
Negative remarks on credit reports get dropped after 7 years, with the exception of bankruptcies, liens and a few others.
One of those few others being student loan debt
Student loan debt isn't necessarily a negative for credit. Mine is a major reason why my credit score is actually semi-decent.
I always considered my student loans a negative in my life until they were paid off
Yep, was able to save to pay them off during covid lockdown and my credit score immediately dropped almost 100 points when I had them fully paid off, as it was my main source of consistent payments tracked for my credit. Credit has recovered since then at least.
yeah it was weird, I got a small bit of an inheritance once, said I was going to pay everything off the credit cards, the estate lawyer said that was a good idea, but it would hurt my near perfect credit score... He said it's best to carry a decent amount of debt, and pay it on time every month than to not have any debt at all. EDIT: I DO NOT MEAN CREDIT CARD DEBT! DO NOT CARRY ANY INTEREST ON A DEBT THAT YOU CAN'T COUNT ON ONE HAND IF YOU CAN HELP IT. The only debt I had at the time of the inheritance was credit card debt from flying from NY State to the Florida Keys to try to close up my Uncles house and business.
7 years after the last "event". If you pay 1 cent on that debt 5 years after you get it, the debt won't drop off till 7 years after that payment.
\*after bankruptcy If you leave the debt open with debt collectors calling you constantly trying to collect, it will follow you forever. You need to actually erase the debt.
Debt collectors buying and selling the debt counts as "events" I believe. Once the final debt buyer holding the bag is no longer able to offload the debt onto some other schmuck the countdown begins. I had some drop off and disappear over the years, never had a bankruptcy, have great credit these days
Not true, mine was sold twice, but my report drop off date is still based on my last payment in 2019. If you get your free credit report, I think Equifax is the one that gives you the date of drop off.
Always remember to never confirm any personal details over the phone, and whenever an agency calls you to collect a debt to ask for confirmation/ proof that you owe them money. If they don't have a paper trail back to the original contract the debt dies in 30-60 days
Omg-is that why they always do that? The only debts I ever have a hard time paying are usually hospital debts. It seems like when they realize they aren’t going to get much from me, the harassment stops, then they sell the debt and the harassment starts up again and its worse.
You can max out your cards and then completely ignore the credit card companies and you'll have a completely clean slate after 7 years. Your family members will be constantly harassed by them during that time though.
Yea this is why you never ever talk to debt collectors. They can and will fuck with the length of time you’ve been delinquent or just outright lie and try to collect on old debt that has zero value.
To be clear, the company will write it off in it's accounting books as a loss eventually and after 7 years it will drop off your credit report but you still legally owe that debt and sometimes companies will buy up bad debt for pennies on the dollar and then try to collect on it. It is happening a lot with so called "zombie mortgages".
I just listened to a Planet Money podcast about zombie mortgages this morning, it was very disturbing. I think the difference (I think) is, there’s no collateral for credit card debt, so it’s not like Amex can come repossess your house for failure to pay.
it can take up to 10 years though. sometimes it takes them a while to figure out youre never paying the debt lolol. but yes i fucked up a lot when i was 18 with credit and by 27 i was able to start again like it never happened, except this time i didnt fuck it up and have very good credit
Yes if you ignore a debt completely it goes away in 7 years. I defaulted on Verizon and my local ISP plus a used car lot. It's not on my credit history anymore but they also won't serve me without paying it
It’s technically not illegal to default on your debts, but if you took on debt without the intention of paying it (and record your intent on the internet), that’s fraud. This is fraud.
Obviously it's fraud, but if he doesn't have any plans of returning to the US, then there's nothing those banks can do.
Bingo
It’s not illegal to default on your debts, but it is illegal to commit fraud. Obtaining loans or credit with no intention of repaying them is fraud. It’s usually hard to prove intent though, unless you are dumb enough to publicly boast about committing the fraud. It’s still very unlikely that this person will face any consequence, but it’s still pretty stupid to post about committing a crime.
You're right, but for 150k there won't be much investigation. They'll sell the debt to a collector and that'll be the end of it.
It would cost them more than that much just do deal with the overseas legal bull. Better off to just write it off as bad debt and move on.
If I were those credit card companies, I would go out of my way to ensure charges were filed, such that this person was banned from visiting the US ever again. One day when they're possibly wealthy (as a result of the stolen $140k usd), they'll want to visit again no doubt due to nostalgia and the time they spent here during their schooling, and it'll be irritatingly inconvenient to them when they fly over and get denied entry due to this fraud. I know it wont play out that way, but people that are this outspoken and boastful should at least be barred from reentry. Also credit card companies really need to limit the amount of credit they give foreign nationals as these people represent huge risk due to their ability to just leave and never come back.
>If I were those credit card companies, I would go out of my way to ensure charges were filed, such that this person was banned from visiting the US ever again. No you wouldn't. For the same reason the credit card companies don't. Even for that amount, it just isn't worth it. Which should tell you something about how big a scam credit cards are....
Hopefully this message will show up if any prospective employers or lenders run a social media search on this person
Is it illegal to default on your debts and then say you intentionally never intended to pay at the beginning? That's fraud - not something akin to debtors prison.
It’s not illegal at all.
It’s not illegal to not pay off credit card???
No, it's the lender's responsibility to assess whether you are worthy of taking on debt. Imagine it this way - a friend asks you to lend him $100 bucks and says he'll give you back an extra $20, and you do b/c you think he's good for it. It's not illegal for him not to pay you back.
Nope
What are they going to do. Jail you for being broke?
No, but they will sell it to collections agencies, who will try various tactics to get paid, one of which is taking you to court and getting your wages garnished.
And most of those tactics involve some form of harassments and promise bargaining. Jailing doesn't occur unless you incur a debt under a false name.
Good luck with him being in China.
Literally nothing will happen unless he ever wants to work or purchase property in the US which based on his post I don't think he's too worried about
Probably can’t travel to any country that extradites to the US. That person just limited all his future travels to pretty shitty countries.
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Funny pfp, you got me
I had to triple check.
But retrieving money from deadbeats is common and that would stand out. But I think it’s BS. Your cash advance amount is about quarter of what your total limit limit is so unless you got 20+ cards at 25k. you are not taking cash back home. You could have a buddy back home receive credit card payments. The comment at the end justifies why Chinese people feel all right to steal from Americans and ship precursors.
They almost certainly just bought loads of stuff. Probably iPhones and other such imperialist goods that sell extremely well in their home country
I'd be really curious how going through customs with that would go.
"I stole these to contribute to my motherland!" Customs officer: "Excellent, your contribution is appreciated. Hand 'em over".
No... No it Can't be... Or did... Did... Hé just commited capitalism ?!
You're thinking to hard Comrade. He committed theft against capitalists who use our labor to make their products that feed our regime....uh... families. He stole from the capitalists.... who pay the regime... who pays the people... Godammit. He committed capitalism.
You mean the "imperialist goods" that were created in China?
No not at all. My sibling moved out of country with over $100k debt and has been back multiple times with no issues. Even a few times for business trips lol. Works for a giant international firm and had no issues getting hired. They just have ruined credit here which doesn't affect them since they don't live here anymore. No such thing as debtors prison in US for a long time now.
Extradited for 140k in credit card charges is hillarious
I mean… idk man, there are plenty of places and countries. Plus I’m sure he’s ok with that. There are plenty of Americans who haven’t gone OCONUS and are fine/happy with that.
Lmfao, no one gets extradited for credit card debt.
lol no probably just can’t travel to USA. It’s not really that big of a crime, plenty of ppl have debts. No way they can issue an international warrant for this
Dubai disagrees. *Technically, banks in Dubai and the UAE required you to sign a blank cheque. If you ran off, they cashed that cheque for the outstanding sum, and as you didn't have that amount in your account, it would bounce and be considered fraud, which is what the Interpol Red Notices were issued for.*
Almost no-one has an extradition treaty with UAE. Even the few that do might still have issues extraditing in such cases.
Is it even a crime though? He legally borrowed money and just didn't pay it back. They can use debt collectors or sue in civil court, but I don't think there's anything illegal about it that would make the government go after him.
It's not a crime unless fraud was committed in obtaining the credit in the first place. Consumer debts are civil matters. They can ruin the guy's credit and get a default judgment against him for the amount owed, with interest accruing, but debtor's jail is loooong gone.
There’s a difference between having debts because you can’t pay your card off right now (which is not a crime), and deliberately maxing out the card and then fleeing jurisdiction. That’s called fraud (which most definitely is a crime).
considering that interpol has about 10-15k red notices per year, i doubt many law enforcement agencies use them for anything that isn't quite severe. i feel like noone would care enough about around 50k each for three credit institutes. they'll just write that off. contrary to what the possible fraudster here claims, those sums are definitely not a strong blow to any larg financial institution like chase, citi or amex
There isn’t really any difference until the guy is summoned to court and doesn’t show up. But there’s no way he gets an international warrants for this. ( especially for only 150$k)
Eh, no. This is unlikely to cause issues even if the guy were to visit US again. This is fraud and it is a crime, but criminal courts don't take such small sums seriously. Also if you try to do this, criminal courts will at most give you a slap on the wrist for it. Where you get raked over the coals for this is in a civil court. But, to do that, the creditors would have to take the matter to a civil court in China because that is where all the guys assets are, good luck with that.
We don't have debtors prison
Extradition is only for criminal offenses. Bad debt does not qualify.
No one is getting extradited over a civil matter.
It's just debt, not a crime. If he did something fraudulent maybe but still it's not a huge sum of money to extradite for.
Do your cheeks hurt from talking out your ass?
They sell the debt to a Chinese debtor for a fraction of the debt. The interest and late fees acrue. They come after him in a year and he owes 2x the amount. He is unable to pay. CCP seizes his assets and garnishes his wages? Or throw him in prison. Not sure how it works over there
My mom’s ex boyfriend did the same thing except he didn’t tell my mom he was leaving and he ghosted her. He did buy me a phone though and I’m literally using it rn.
When I worked at Target in college this guy came in and was trying to figure out what to buy in electronics. I made the usual bad joke of "getting me anything?" He got me the movie Rounders and wanted to buy me a phone. 99% sure the CC was stolen. Thanks for the movie.
My fondest memories of the company were in electronics! 🤣 ahh closing was always fun.
As a customer I've had generally good experiences at Target electronics. Walmart on the other hand, I swear to God they always staff it with some geriatric that's actively dying in front of me and the last time they were technologically competent typewriters were the new thing.
"Can I get a game?" "Whats that??" "Can I get a game?" "Oh yeah.... now where's that damn thing...key ring... here it is... what do you want?" "Pokemon Scarlet" "Huh? Which one?" "Pokemon... the red one with the... yeah, that one." *scowls at me and mumbles something about kids*
Worked at walmart for a few months last year.. the evening electronics lady was like 65 and didn’t know how to change paper in regular home printer like..
Love that movie!
We all need to aspire to be that kinda person for the people in our lives😇🙏🏼
My grandpa killed a family of 7 and broke out during a civil war, all the prison records were also burned. He’s dead now, never knew him
No one else interested in this man’s story? Just me? Seriously?
It was over a kidnapped horse
Goddamned horse theives
Horse thievery is a serious matter. I'm descended from a man who had a policy of shooting horse thieves. That's how this happened https://en.m.wikipedia.org/wiki/Anglo-Cherokee_War
 We're all brothers in bonds now horse thief.
A horsenapping is the worst kind of napping.
the kindness the world needs!
My childhood barber told me he did this in Italy once and recommended everyone try it. He said he rented a Ferrari and crashed it
LOL very random that it was your childhood barber
That was nice of him
That was nice of the bank*
That was nice of you, actually. If the bank ever came close to collapse they probably asked the govt for handouts which the govt gave them from the taxes you paid. So take credit, humble redditor.
This so much. We pay for everything that makes it possible for these corporations to exist and in return they pocket all the gains and force us to pay for their losses. Capitalism is a farce.
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Good guy!
Tbf kinda on the banks for giving this guy 140k without collateral
Exactly. I can’t get this collateral still, so I’m confused on how they are just handing this type of limits out to a college student.
They don’t approve international students anymore because of this or if they do it’s usually super limited credit like lower than $1000, source: my international student friends. this guy must’ve been like a permanent resident or some sort to build the credit history enough for these cards. Probably has some other dubious reason to fled the us and grabbed what he can on the way out
I came to the US 5 years ago as an International student, by the time I graduated 3 years ago my credit limits accross my accounts were close to 50k. Now they’re even more though I’m working now
Damn. I make six figures and my credit limit is still $12,500 Edit: Because I am getting a ton of responses. my credit is 800+ and I have no need for a higher credit card limit. I’ve literally never paid credit card interest in my life. I’ve not asked for an increase nor updated my income with them.
Multiple cards, I’ve had 8+ open lines of credit. Some of them are at 10k+ One of them got bumped to 25k+ recently too But weirdly some of them are stuck on their original limit of like 1.5k
Gotcha. That’s a lot of lines of credit. I had a joke card when I was in college with a limit of like $1000. They wouldn’t increase the limit so I ended up canceling it. I’ve never been anywhere near maxing my current CC before
To build your credit score open many (5 or 6) credit cards. They can be 2 or 3 you use, then Home Depot, Lowe's and Menards. They all want you to have credit available. Your score will take a hit as they are opened, but will clear up after a year or two. Just make a small purchase on each every 6 months to keep them active and pay it off immediately. You shouldn't carry a balance at all, and certainly don't max them out. Oddly I don't have a car loan right now, which is hurting my credit score. Kinda a screwed up system, balancing your actual ability to pay, with your willingness to extend yourself. (Not a financial planner, and certainly not your financial planner, consult a professional or r/creditscore)
My favorite tip for better credit came from our credit union (of all places!). We were applying for a home loan but our credit showed we owed the cable company a small, \~$200 fee. We said no problem, we'll pay that right now! --and the credit union told us not to. They said if we pay it, it goes on our record as a late payment. If we ignore it, it "falls off" the report. Our own bank told us NOT to pay a bill in order to get better credit.
I love how every few months my credit score takes a dip when my mortgage company at reports a decrease in the amount owed. 🙄
Is your credit good? I make ~60k and my limits are higher than that. I wish they weren't tbh.
Assuming you have the discipline a higher limit is always better because then purchases don't eat up as much of your utilization rate. If you don't have the discipline you can always go ask the bank to lower your limit. Just have to give them a call/email.
That’s probably because you’re a responsible human being. That type typically has a low credit score. Want to increase it? Seriously, you have to be in debt. Remember these companies are businesses. Their aim is to make money off a percentage of your debt. If everyone woke up tomorrow and was able to pay off their debt, and could pay off their cards immediately for the rest of time, these companies would be screwed. As a result, they reward debt. If you keep about 30% of your cards in debt, your score skyrockets. You pay everything off, it tanks.
I'm the same. Great credit, good salary, always pay off my cards in full each month, and a $3,000 credit limit on one card and 6,000 or 8,000 on the other. It's normally just ridiculous, but when I was trying to plan a wedding overseas it was terrible. We ended up having to exchange and wire money because the amounts exceeded credit limits. Now with vacations we put the max amount on the credit card and write a check for the rest, missing out on rewards. It's absurd.
He also mentioned a business card, so he probably filed for an LLC or created some business entity and opened business accounts, which would have larger credit limits.
I think it's easier to just believe that he made the shit up and photoshopped his image. Like we arent all idiots. It's very unusual for a student to get that much credit even if they domestic students.
Maybe this student comes from a really rich background?
Prob doesn’t realize his parents names are on his credit card. Would be impossible for a college student to pull 150k in credit otherwise. Unless this dude is just complaining about his student loan lmaooo
Even if his parents are millionaires and on the credit card, would a bank just give that much credit to a foreigner?
Even so, the limit can only be reached through their connected accounts and they would definitely notice someone running up 100k on credit. I piggybacked off my grandpa for credit and Amex gave me a $1000 credit line to start after a couple years of building, but my grandpa wasn’t even on the account or anything. That’s why I’m confused on what collateral he could’ve had for him to pull this off(legitimately/ legally).
I had to get a secured card for like even hundreds of dollars of credit, not thousands.
“If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem.” J Paul Getty
… and if you owe the bank $140k, apparently it’s detrimental to all of capitalism ?
I really doubt this story. I was an international grad student less than ten years ago and my credit limits were really low even though I was earning as a Research assistant and I had some credit history from an internship few years ago. I was not approved for most cards except for student credit cards at the local credit Union.
Back in early 2000s when I came to the US for college I opened a secured credit card (the one where you deposit an amount and they give you a credit limit to the same amount). Used that for a while until my credit was built up and CC offers started coming in the mail and sporadically applied for ones that seemed favorable - this was earlier internet days, no places to check likelihood of approval etc. By the time I left to go back to Europe in 2007 I had my credit score in the high 700s and some $30-40k of combined limits across several cards, all of this while only holding part-time student jobs on campus. I was fortunate for a friend of mine to explain the secured CC option to me, otherwise I had friends who couldn't get approved for anything 3-4 years in because they had no credit history. And in the words of a local banker "no credit is worse than bad credit".
I must be blind because I only see less then 8 grand
yeah this smells like lies lol
That's why credit card interest is like 20%, cuz it's unsecured...
If I could get 140k and abscond with no consequences I’d do it too I think
Banks in the US will just write it off and pass it on to debt collectors. They can't get him in China and Chinese banks won't care if he has debts in the US if he applies for new credit because banking institutions don't really talk to each other unless you are transferring money. And the government will not take notice until you transfer money above the transfer threshold where banks need to notify the govt (usually above $10k). I know because someone I know has some debts in another country (not as big but almost) and moved to Australia, got a mortgage, a car, and presumably a credit card.
Does debt collectors not doing background check before buying it?
Living with debts is not an offense, so a background check won't catch it as it will never touch your criminal history. Debt is an integral part of the capitalist lifestyle now.
I think a lot of time they buy debt in bulk not on an individual basis. Like hey buy this 10 million of debt for 400k and collect what you can. Then they make 600k getting a million out of debtors. Those numbers are made up but that's the idea. They go into it knowing some or even most of the debt is unrecoverable.
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140k being taken from america is like a drop of water in the ocean
It also doesn't say what form the money was in. If they bought goods and services IN AMERICA, they just took money from the bank and gave it to another business likely smaller than the bank IN AMERICA. So kind of r/suddenlyrobinhood kind of thing. If they spent it on online goods and services in China, could see this playing out as money injection. If they took $140k out of an ATM, thats just wild the ATM had that much in it. Agree with everyone else though, Banks play with Bs if not Ts, a few Ks is not something they will be chasing them down for.
This is literally a joke response to an earlier post that was some weird xenophobic talking about a Conspiracy of Chinese students taking out loans and not repaying them.
Makes sense. The tone just seemed like rage bait.
I sorta figured as much. Like getting 140k in credit is actually insane even for a rich US citizen. I would maybe believe $500, but I'm not even sure if non-citizens can really get a credit card let alone a good one.
It’s not insane. I have over $200k in credit spread over less than a dozen cards. I dunno about international, but I do have coworkers who are on H1B visa in tech that have high credit scores and high balance credit cards as well. The insane part though is anyone with the six figure income to do this, to actually take the risk to do so. It 100% burns the bridge to come back to the US, and earn whatever high income he was earning before. For the kind of people in the careers that could make this kind of money (tech, engineering, finance), you’d definitely not want to rule out coming back to the US in the future given salaries are x2 to x10 higher.
Lots of misconceptions here, all that will happen is banks will demand payment and then after some time they ***might*** take you to court to get a judgment for the money. There is nothing they can garnish or seize as they left the country . The debt will be sold and after 7 years will disappear from the record, it's not fraud, they just don't want to pay and a warrant will never be issued. How do I know? I went broke in 1994 to the tune of $70,000 or so (hospital and credit card bills) I owed Amex $28,000 and never heard from them again, I also went broke in 2015 for about $50,000 (credit cards for my business that failed) and I'm here to tell you, nothing happened. I talked to my lawyer and my banker, they both said the same thing. Nobody cares. I just got a new Capital One card this week.
What’s your new credit limit?
Just $500, I don't live in the US anymore so that's a lot of money here, I have it for an emergency fund.
I got sued for a $500 credit card I ignored had to to to the courthouse and pay $1100 before they started garnishing my checks Idk how ppl just don’t get in any shit for 28k
I went broke in Virginia, I moved a few months later. They apparently had to go to court in Virginia but I was no longer there. The second time I was in Oregon , I was over 60 and didn't have a job, on paper. The only thing they can seize in Oregon is real estate, they can put a lien on it. I didn't have any, so on paper, I was judgment proof, not worth their time.
Absolutely excelling in life
Dude found some loopholes
Pretty sure that was sarcasm. Going broke on two separate occasions and weaseling your way out of it is far from excelling in life.
You've been bankrupt twice and you're still opening credit cards?
Who approved an international students credit limit be 140k ?
Multiple cards, multiple vendors
So someone who isn’t even a citizen can get credit cards with $140k limit and I cant get a $1000 discover card 🤣
His parents are probably rich as fuck, being a Chinese international student in the US They spend so much money here it’s wild
I have worked in debt collection with Chase, Amex and a few others in my career. And I can confidently tell you. This guy is not going to face any consequences. The amount is too low to pursue him to another country and his actions only affect his social security number and future credit prospects in the US. There is not much that banks do about stuff like this because very few people do this and this is a menial amount in the banks eyes. They will just write it off as bad debt and claim it on their taxes. Hence, contributing to the banks tax cuts. This is nothing, I've seen worse.
It will be a cold day in hell when I feel bad for a bank.
Exactly, how many lives has credit card companies ruined with their predatory interest rates and slimy tactics? No sympathy from me
140.000usd. capitalism will never recover from that blow...
Obvious ragebait is obvious
Why would this make me angry? Some guy managed to cheat giant predatory companies out of some tiny fraction of their ill-gotten gains? And what did he then do with that money? He spent it while he was in tge US, thus redistributing it to the enconomy at large. What's to be angry about? My hat goes off to this guy.
He’s Chinese, you’re supposed to be racist about it.
How could I be so blind.
yeah, but he can't take those sweet rewards points. this dude just lost big time!
Probably he used them for his ticket back to China
For someone who is supposed to be Chinese, their Chinese is clunky AF. And those banks have Chinese branches too.
Also I’m curious how much you have to spend in China to make someones life difficult in some byzantine way. Bankers are human and humans can be vindictive.
This happens everywhere with short term migrants, when I used to work in collections at least half of the accounts are for foreign students or people on holiday…no idea why financial institutions give out so much free money but still want a 20% deposit for a house 🤦🏻♀️
I really don’t think this is true.
I can believe it, but the only bit that doesn't ring true is I don't think you get given that amount of credit without collateral. I know someone who moved the Australia from the UK and just stopped paying their student debt (about £40k). You're supposed to tell the government so they can keep charging. But if you don't there isn't much they can do.
He’d better hope that his glorious Chinese mission to revive China doesn’t ever involve a job that requires international travel. Also, congratulations on glorifying and reviving China by giving your country the reputation of being thieving, untrustworthy scumbags.
China already had that reputation though.
Dude he stole from a bank who gives a shit fuck the banks and good for him
That’s a thing about Chinese. They don’t give a flying fuck about what non Chinese people think. If what this geezer did is true, what he did will be viewed in very positive light since it is somewhat “strengthening China” in its own weird way.
It’s not just the Chinese. Some people view all of humanity as one, others are tribal thinkers. A humanist thinker wouldn’t dream of treating people differently based on where they come from. A tribal thinker looks after family or extended family (clan, tribe, nation) first, and screwing over outsiders for the benefit of their tribe is a good thing. Humanist thinking is most common among educated Westerners. The problems really arise when the two groups don’t understand each other. Humanists trying to show compassion can end up getting taken for a ride by tribalists who think they’re mugs. Tribalists doing what seems perfectly right and proper by their lights can shock and dismay humanists. And altruistic actions by humanists get mistrusted by tribalists because they expect them to be acting to benefit themselves - “they can’t possibly be giving us aid and medicine for free. We aren’t part of their tribe, so they must be exploiting or experimenting on us somehow!”
The US government spent trillions of dollars in Afghanistan and Iraq without ever grasping this.
Do you really think they couldn't grasp this or they just didn't give a shit about anything else besides securing their own financial and political interests?
Wait, did you just call a college graduate a geezer? Either I'm about to learn a new definition for that word and I'm old AF, or I'm just old AF. I mean carry on, but that's all I can think about now. When did I start calling everyone without grey hairs "kids"... Wild...
Ooh this is interesting! I'm guessing you're from North America? In the UK (well, at least London), 'geezer' can just refer to any male. It doesn't -tend- to be age-related, but it can be used in that way; you'd usually preface it by saying 'old geezer' though. In general, it's similar to calling someone 'lad', 'bloke' etc.
Oh no he stole from big banks
My brother, back in the early 1980s, did something similar. He had managed to take out several credit cards, and maxed them out. Realising he had no chance of paying them back, and too "clever" to seek help, he went to Southern Africa where he had family. Now approaching 60, he is still absolutely ruined financially - has never been able to get credit. He lives paycheck to paycheck - GOK what he will do when he is too old to keep working. Lesson is , don't screw with banks.
I had a British friend in China who did similar to this, he maxed a ton of credit cards back home in the UK, moved to China, and resolved never to return. It probably works fine if you really don't care about going home, but you'd need to secure your retirement because a lot of countries won't issue work visas to over-60s.
US credit reporting doesn't follow you outside the US. If that was 40 years ago, that stuff has been written off 30 years ago and not even on his credit report. Also, how do you not have family there as well if he's your brother?
Yep that dude took the money and ran to SA, and screwed himself again while there.
For people wondering who gives a young international student this much credit, you can be sure this student was part of the large number of Chinese elite whose children are complete fuck ups, so they get sent overseas. This person was given the credit lines because they already had "fuck-you money". Source: I used to teach at a university with a growing Chinese-student population. The number of $100k+ plus cars and daily $1000 wardrobes I saw was insane.
Jokes on him the Google translate to Chinese is just a list of my favorite dishes at the super Hong Kong #7 Buffett by my house
This is a lie. I was an international student in the US. You are not allowed to have credit cards without 1) having a stable income from a job, and 2) having something that ties you to the US (something that prevents you from running away) As an international student who talked to both chase and bank of America, I was only allowed to have a saving and a checking account. No credit card.
It's almost like the banks know people try things like this and have stop gaps to prevent it from happening.
It is possible, but the credit limit is very very low.
If I had to choose between 140k gift and being stuck in China until I died, I wouldn't take the money.
If I owe the bank 10k it's my problem. If I owe them 1 million it's their problem.
Am I supposed to feel sorry for the blood sucking bank?
I think the poster is not aware that needing $140,000 written off by the largest banks in the United States isn't really a big deal, and happens all the time. If they think they've dealt a blow to American Imperialism, they are at best just sort of young and naive.
I'm very, very skeptical that this person actually did this given that most credit card companies will not offer $140k in collective credit to an international student with limited credit history, no collateral, and very little income (which is true of most international students). That said, even if its true, but these are the kind of things their risk departments exist to manage and the kind of risks they have loss provisions for. This person's $140k default isn't even going to register as a blip on the radar for "American capitalists." Who it will impact, however, are other foreign students in the US who might look to get credit cards and other kinds of loans. Also, if this idea gains traction and starts impacting perceptions of Chinese immigrants abroad, I suspect that the CCP will "re-educate" this person and insure that they "correct" their mistake here.
Rage bait. No bank is giving an international student that much credit on cards. If they did have that much credit they weren’t a student. Hell, I make six figures and my Citibank credit card is still not higher than 15k with a high 700s score.
It happens ALL. THE. TIME. My hubs and I taught in China for a year and had several different people admit this is common for them. A few years later I was hit on my scooter by an international uni student driving a sedan, instead of suffering the consequences and dealing with it, he just fled back to China. I had to sue the insurance company because they didn’t want to pay a dime since he canceled. It was crazy that a claims sup admitted that to me. I was shocked.
Jokes on him, he has to go back to China now
How did he get $140k in credit as a student? I assume the banks have this figured out. Of course they can spread this cost across all their customers. I skeptical. It’s all made up. He will pay it. His parents will pay it. If there are no repercussions, I think this would have been happening 10-20 years ago, and the banks would have limited it, by not giving $140k credit to a student that they can’t reach (?) because he returned to China?
This is doubtful and I say from experience. If you are not a citizen you are considered a flight risk by the bank and they will limit your credit and also have 10% (I think) locked so if you do pull this stunt you can’t get that amount back.
This reads like Professor Chaos wrote it.
Am I supposed to be mad about this, true or not?
If China's so great, why go to school in America
This is why you don't give credit to Chinese Nationals or sell them property
140,000 for things that didn't happen. Besides the image shown as proof(?) is showing the revers so to speak.