Thanks for confirming my suspicion, since if this were possible then most everyone would be doing it.
Yeah I’ve also thought about including something like what voguevixen said in the story… But it’s not that long of a story and theres too much plausability research involved… Anyway I thought the CC companies werent allowed to repo you house and certain things like that. I guess thats diffrent if you die, though. And what is wrong with what Jomo Mojo suggested. (Again just curoius.) Already turned in my story.
So, you said you were a sophomore, eh? Well, all you have to do is apply for a credit card, and then max it out and whatever you want. When you hit 18, kiss those bills goodbye (and trust me, the cc company WILL issue you a card, even if you’re under age.)
I’ve heard this works, but I could be wrong. (Hell, a woman trying to get me to apply for a credit card actually told me to do this when I was 17.)
I understand that the credit card companies informally refer to such users (like me) as “freeloaders”. 
It’s why many cards (but not the ones I use) have a yearly fee.
Hmmm… Anybody know anything about what “bouv
Member” said? Never heard of that before. So many “possible” ways to scam the credit card company and yet so few who have done it. I don’t know…
[credit card fraud analyst hat on]
Small problem with this scenario. To get cash without a f2f transaction, you would have to use an atm. To use the atm, you need to have a pin. We DO keep records of what phone you called in on to select the pin. Also, atm’s have cameras. If we want to be real assholes about it, we can pull the footage and prove you used the card, thus negating the claim of fraud.
Don’t try it. It’s not worth it.
[credit card fraud analyst hat off]
I guess it would be pretty dumb to give yourself away by talking about it, if you DID scam the credit card company.
The key on that one is to wait for promotional balance transfers. Back a few years ago when the economy was soaring and companies seemed to be dying to carry your debt, I managed to lower my interest rates from 21.9% to 6.9% all by using promotional, fee-free balance transfers between three different cards. (You REALLY don’t want to keep applying for new cards to do this, it will bollocks up your credit rating like you wouldn’t believe.)
Just a way of saying there are ways to play the system, though of course they’re just paying me, as some bank is getting 6.9% on money I haven’t seen in years… sigh
take half of the money, bribe some Third World country into giving you diplomatic immunity keep the rest
Actually hardygrrl, there have been people who have done this, and got away with it, and it is not that uncommon. The credit card companies don’t really pursue it as aggressively as I think they should as a matter of cost. (I’m still dead set against it.) I guess the young poster is writing a short story where someone gets away with it. It certainly is not likely if it is a first time crime to get away with it, particularly on big cash advances. If they do take a personal and aggressive interest in the perpetrator, they are likely to succeed in their prosecution.
And it would have been a perfect plan too, if it hadn’t been for your meddeling kids!
Once again, I’m shocked, shocked that such a detailed discussion of a blatantly illegal activity can be carried on for so long in GQ, whereas if a poster even mentions the concept of file sharing . . . (Sound of jack boots thudding in the hall outside the door) Whoops, gotta run . . .
Jargent said:
Hardygrrl, is this true? Although I’m not in the US I can believe that our CC system is close enough (UK). I’ve practically never been late with a payment, and for the past 10 years have only carried a small amount on my cards, but I’ve changed cards a few times, always to take advantage of low-interest transfers or a lower interest rate altogether. Am I ‘bollocksing up’ my credit rating?
(That said, they keep increasing my max credit every six months, like clockwork. I could buy a car on my card these days, a very scary thought).
While I’m hijacking the thread, one more wrinkle; my wife’s been turned down for a credit card on two occasions. She’s 31, never had a credit card, never had store cards (at least until very recently, and even then she uses these once on a sale day, pays off in full that month and cuts the card up after the one transaction). Is it that she doesn’t have a credit history which is freaking these people out?
Xerxes
Appyling for a lot of credit in a short time frame DOES look fishy, IMO.
Even if you are denied credit, the inquiry the bank makes shows on your credit report.
Example : I look at Joe Blow’s credit report. I see that in a three month span, he has opened four new accounts and applied for four more. I will wonder if someone has accessed Joe’s personal information and is trying to get as much credit as possible.
DPWhite
It’s true. My bank, which shall go unnamed, does not actively pursue fraud perps (Grrrrr). We do, however, cooperate fully with the authorities when they prosecute. I always reccommend victims file a police report. If an arrest is made, we WILL turn over any and all evidence.
I guess I’m talking about moving credit card companies about every 18 months (sometimes shorter, some longer), but that’s over the last 10-12 years or so. Thanks for the input…
Also looks fishy to creditors, particularly places like mortgage companies who are lending a lot of money. I’ve seen people denied mortgages based on too many inquiries. It affects your credit rating to apply for too much credit over a short time. The record I’ve seen was 36 inquires in 3 and 1/2 weeks!
First of all, I work for a major credit reporting agency (TransUnion), and I’ve seen it ALL.
Nothing here is startling or new. What is being proposed is Nothing on the scale of scams.
First, cash advances are much lower than the amount of credit line. 10 grand in credit line might mean 2500 in advances. High advance line are lines of credit equity back by your house other collatoral (natural deterrent).
Second, you could blow 50 grand (unlikely) of scammed advances on yourself and then declare bankruptcy. However, if you are able to work, you just might find yourself forced to declare Chapter 13 bankruptcy, where-in a judge reorganizes your debtover a 7-10 period and you still pay it back to a middle man who distributes it to your creditors.
Third, you have a credit report nightmare on hand. Ruining your credit will bring you to tears if the courts don’t. A man could get kicked in the nuts by a rhino and not cry like he will when his credit is ruined.
Fourth, large debt GETS NOTICED REAL FAST. YOU"LL BE SUED BY VISA et all faster than you can get your act together. They sue…not for 1500 bucks, but over 5gs they sue.
Fifth, you have acted fraudently, and face criminal charges. They won’t have a hard time showing this. Let me repeat: They won’t have a hard time showing this.
Sixth, you wouldn’t believe the sophistication of the Nigerian crime rings and other credit fraud rings…and they’ve all been caught. They come back with something new, but they all do time, and they sometimes get deported.
If you have ANYTHING to lose, as do most legit citizens, you won’t usually pull any scams, and that is more deterent than you can possible imagine.
~Phil
Got a credit question, let me know.
Don’t remind me about Nigeria. Just busted a ring today with 76 applications.
Phlister brings up a good point. There’s nothing truly new when it comes to fraud.
Put it this way, I have at my fingertips the ability to verify your social security number, home phone, current address, all previous addresses, work phone, place of employment, date of birth, credit history and depending on what state you live in, I can even verify the members of your household and what kind of car you drive.
YOU WILL GET CAUGHT.