This is kinda funny, but extremely fake. I'm a second generation immigrant. I can attest that obtaining a credit card without citizenship is basically impossible, and very difficult even with a green card.
Also, when people from Asia travel they usually have dual currency credit cards that work very well in their country and the west. All the major financial organizations have offices in China. Hell you can get a dual currency card from the bank of China in MasterCard or Visa.
First Gen immigrant here. Credit card obtainment is itself not that hard if you already have guardians or sponsors who are willing to cosign your paperworks. If you don't even have that then it would have been impossible for you to even legally get into this sh*t hole to begin with so I have no idea why you said it was hard.
The hard part is getting a credit line as high as 100k without a stable income and high credit score. Even many US citizens I known don't even have close to that numbers in all their accounts combined fresh out of college. The conman in the post either already have rich relatives who are paying it back or must have lost even more cash withdrawn from China to bankroll his "scam"
Lastly, regardless of how you spent that money, it's still entrapped inside the US economy and thus not enrich his own country at all. Unless they bought gold or cash back to China, of course
Credit card obtainment is itself not that hard if you already have guardians or sponsors who are willing to cosign your paperworks.
Pretty large "if" for a lot of immigrant communities.
I mean it would be cool if you could do this in a country and then leave and never go back, I think a lot of people would take that deal lol, I would take that deal lol
I wrecked my credit when I was younger.
I am now building it up again to do just this. Except I won’t be leaving the country they can just send me letters for 10 years before giving up again.
I mean all it does it make the borrowing requirements for those who come after you harder.
Assuming this is real, how would this shake out? If they leave the country, would those banks be able to get their money from this person?
If they truly never step foot in america again, they just may get away with it assuming China wont play nice with america.
This is definitely not real. There’s no way an international student got $140k in credit with no collateral. A tenth of that MAYBE but at that point there’s plenty of Americans doing the same thing anyways.
Really depends on the country you’d be going to.
If it has these same financial companies in them or any credit bureaus that factor in debt from here then you could run into issues.
If not then from what I remember reading this would actually work if you’re not planning on coming back since typically unpaid debt isn’t a crime and definitely not one a country would extradite over.
I had an American house mate here in Australia. He maxed out a bunch of credit and got into trouble. Eventually he just left Australia and went back to the States and defaulted on everything.
As far as I know nothing happened to him and the Australian banks couldn't do anything. I mean from their perspective he just dropped off the map with no contact details valid anymore.
This was around 2010.
Also if it starts happening regularly, they will stop giving CC to Chinese nationals
Outstanding move!
Wouldn't they just be able to come after him when he gets to China? Plus I don't think they have bankruptcy as a real option, so....
That would depend entirely on the Chinese judiciary's level of cooperation. Which probably will be very low unless China somehow stands to gain from it.
"Looks at guy suddenly with $140k."
Life, uh, finds a way?
Yeah, if it were a random European country it would not fly. China, who knows. They might just donate half to the state, willingly or not and its all good from their end.
Depends whether 140k would be pursued. Honestly, probably not. Would cost hell of a lot more for the banks, legal, government agencies to try and get them to pay.
Can all those people the UK is threatening to deport to Rwanda not do this? Or will they be extradited back to UK?
What a conundrum.
I steal a whole million dollars myself. Your country is bad.
The business of banks is to trap people on debt and make money on interest, so screwing up banks is a good thing in my book.
Strong blow....
From an unsecured loan, this is barely a rounding error for a big bank.
Jokes on him, he likely spent hundreds of thousands living and finishing University in the US. If anything he barely breaks even in the eyes of the government, and is bringing 140k of the banks money to china, which isn't a big deal.
