what happens if I'm approved for a credit card, abuse it, and never pay?

Question

What are the legal consequences of this? the credit limit is $1,500.00.

Answer 1

you end up paying twice the amount and your credit is shot... take it from someone who knows and jsut paid thiers off.

Answer 2

Hey now, you think the credit company will just give you that money? They're in business to make a profit off of loosers who do that sort of thing.

First, the company will start charging you interest. This is monthly compounded interest, usually somewhere between 15-30%. That means that the first month, they charge you 1,500.00 (or however much you've abused) plus some percent of that value. The next month, they add the percent you didn't pay before to the amount, and charge you some percent for the new amount.

As the ammount due increases, your credit score will begin to decrease.

Eventually, the company will prevent you from using your credit card, and will hire a collection agency to get the money you owe them back.

The collection agency will definitely start making obnoxious phone calls, writing letters, and sending Emails in reference to claim number xxxxxxxxxx, and stating that "You KNOW what this is about."

Within minutes of sending these messages, the collection agency will attemot to freeze any and all liquid assets you possess, meaning that your bank account, and any stocks, bonds, etc. in your name will be untouhchable. You will not be able to withdraw money from any source, unless you got the hookup with a swiss bank account or something.

The collection agency will forward your case to agents on the opposite coast from you (or to their hawaii office if you're on the east coast) and demand that you call them back during their working hours.

After that... Well, the collection agency can file suit against you, they may attempt to garnish your wages, put a lien on your property, claim your school transcripts, or hire another "Collection Agency" to come in and collect your furniture, your car, your wife, break your legs, kill your pets...

You can avoid some of these nasty problems by paying your credit cards on time. Some collection agencies allow you to work out a payment program without breaking your legs. In some places you can get out of some of the mess by consolidating your debts, declaring bankruptcy, etc.

At some point, when you are old and decrepit, and have spent several million dollars to pay off the compounded interest from that $1,500 dollar card, they will declare your debt to be paid, and you will die, because you have no money for the life support you need to treat your debilitating condition caused by chronic stress.

Answer 3

That is like stealing. Would you steal? If yes, then do it. You face the same consequences and they are not good.

They will impact you a very, very long time in all aspects of your life. - No more credit, not able to buy a car, lease a car without paying huge interest rates, if at all, insurance rates will be much higher, you will have a mark on your credit rating.
The list is very, very long.

Bad idea.

Answer 4

You won't be getting anymore cards, that's for sure. Your credit rating will be shot. You run the risk of not being able to get jobs, insurance (of any kind including auto, home, and health or paying extremely high rates), apartments/houses, sometimes even bank accounts. The information will sit on your account for 7 years from the date of the first delinquency, and even if you pay it off, it will still be there for 7 years. You also run the risk of being taken to court and having the money taken from your wages each month or having property siezed to pay the debt. It's really not worth it. If you can't pay it, don't get it. It'll only end up hurting you to not pay it off.

Answer 5

A few things. Firstly they will come to your house and take whatever is worth $1500. Then they will put a mark against your name which will stop you from the ability of buying or even just renting a house, getting a moblie phone, getting any loan, they will cancel your passport, you will not be allowed to own a car worth over a certain amount (usually a pathetic amount) If you are really thinking of doing this, then make it worth it, like at least $50000.

Answer 6

It gets reported to the Credit Bureau and collection efforts will be put into play. Some collection agencies may go as far as filing suit in some cases.

Bottom line, don't be a smart asss..u charge it, you pay it.

Answer 7

It is all how you look at life.It is like asking what after marriage?Enjoy and divorce? You are bound legally.If you chose to face the consequences.It is your problem.If you use the credit card judiciously you will get more rewards.

Answer 8

If fraud can be proven they can come after you criminally as well as ruin your credit.If you are going to stiff a cc company for $1500 you shouldn't even be online and probably won't be for long as you will STIFF your cable co. for the online bill.People like you do NOT deserve any compassion .Sounds like you are nothing more than a SMALL TIME LOSER!!

Answer 9

Eventually they'd probably sue you, win a judgement, and garnish your wages. Plus you'll screw up your credit rating for the future.

Answer 10

You'll end up with a black mark on your credit report that can screw you up for 10 years, and if the company can prove you did it deliberately, you can be charged with fraud. Knock yourself out.

Answer 11

NONE you jus get more and more debit that will effect yo future ... you will never be able to get a house car inusrance (?) and anything like that... if you like life on the street with no hope abuse away....