I have a credit score of 720 I have a budy who seems to be living pretty good but he has no job or gets financial aid but I notice he is always getting new electronics and stuff on his house...he does not mess with drug because I have known him for a while now.
He has close to 20 credit cards and he has a dept of 95000 dollars or so he says....what is he doing to live so well and does not have to pay anything?
What happends if i owe a large ammount of money on credit cards? I'll be taken to collection please explain the process thanks should he not be in jail? he says he will owe 3 times as much by next year but will move back to our country Brazil when he is done?
2007-07-17 11:45:01 · 4 answers · asked by MNNNN 1 in Business & Finance ➔ Credit
He is in fact committing fraud. He should be in jail, but will probably get away with it. By the time the credit issuers realize he is a criminal, he will be in Brazil. They will probably not extradite him, but will likely put a warrant out so if he does cross into the United States he will be seized at the border.
He is using cash advances to pay the other credit cards.
2007-07-17 11:49:57 · answer #1 · answered by OPM 7 · 1⤊ 0⤋
He is probably doing something that was popular during the 70's as I remember it. People would apply for multiple credit cards. Then when one was maxed out, they would use another one to pay it off. When the next months payment was due, then they would use another one to pay it off and so on and so on. The thing about your friend by stating about the amount he will owe next year, is that he will more than likely plan on maxing everything out and then jumping from they're reach. What a crook. Of course by his own statements, he wouldn't care about this, but this is why us regular card holders are being hit with the jumps in interest. This helps to cover the amounts that the worthless people are leaving behind.
2007-07-17 12:19:37 · answer #2 · answered by pappysgotitgoinon 5 · 0⤊ 0⤋
The Funny thing is that it is not a crime. If the lender is willing to given him the unsecured credit then he can do what he wants. I am sure he has to pay something on the cards or he would not be allowed to charge anything else. Also, if he owns a home he could be getting a line of credit through the equity.
2007-07-17 11:51:27 · answer #3 · answered by Cali Girl 3 · 0⤊ 1⤋
I'm sure if he doesn't leave the country soon, he will be in a lot of trouble....
Send you're buddy to this site.....
he can get another 100+ credit cards if he needs...
http://www.thecreditcardtorebuildcredit.com
2007-07-17 11:51:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋