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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.
They might've done it fraudulently using fake names?
Or they might be able to get that with no collateral if they had a good credit rating, a lot of Chinese international students have very wealthy parents so they could've got a good rating over the course of study...
Yeah the only way this is real is through identity theft, which would be fucked up no matter how much you hate America. More likely it's just a troll post.
Credit rating doesn’t translate across countries. Even the US and Canada don’t share credit rating info (source: I’m a US citizen living in Canada and my credit history in Canada started from nothing), so the US and China definitely won’t. And banks are absolutely not giving favorable rates to students yet alone international students.
In fact if anything because international students get the worst tuition rates and few to no scholarships, then if OP’s story was real they would have spent minimum $20k a year just in tuition over four years, not even counting room and board. So if they did try to abscond with a more realistic credit card debt of like $10k they’d still be way underwater.
The only way this would maybe work is if they had a full ride scholarship, but only top schools like Stanford/Harvard give substantial scholarships to international students and at that point the student would be throwing away 4 years of a top top education for a relatively trivial amount of money, keeping in mind that again they’re never getting six figures in credit.
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