TheReanuKeeves@lemmy.world to No Stupid Questions@lemmy.world · edit-21 month agoWhat would happen if you maxed out your credit cards and line of credit then fled to some village in the phillipines?message-squaremessage-square66linkfedilinkarrow-up190arrow-down12file-text
arrow-up188arrow-down1message-squareWhat would happen if you maxed out your credit cards and line of credit then fled to some village in the phillipines?TheReanuKeeves@lemmy.world to No Stupid Questions@lemmy.world · edit-21 month agomessage-square66linkfedilinkfile-text
For the record, I have no intention of doing this, just wondering why I don’t hear about it more often.
minus-squarespeculate7383@lemmy.todaylinkfedilinkEnglisharrow-up37·1 month agoYeah, this has been a known thing in the credit world for years-- they call it bust out fraud. These days they have computer statistical models watching for stuff like this, and will likely shut you down before you get to your limit. https://www.transunion.com/blog/how-to-prevent-bust-out-fraud
minus-squareCrozekiel@lemmy.ziplinkfedilinkEnglisharrow-up5·1 month agoYea, imagine every transaction goes through except the plane ticket…
minus-squareRandom Dent@lemmy.mllinkfedilinkEnglisharrow-up5·1 month agoAs someone with citizenship in another country I have to admit I have daydreamed about this lol. Which probably means I’m in their model somewhere.
minus-squarefyzzlefry@retrolemmy.comlinkfedilinkEnglisharrow-up1·1 month agoSo you slow build to it, got it
Yeah, this has been a known thing in the credit world for years-- they call it bust out fraud. These days they have computer statistical models watching for stuff like this, and will likely shut you down before you get to your limit.
https://www.transunion.com/blog/how-to-prevent-bust-out-fraud
Yea, imagine every transaction goes through except the plane ticket…
As someone with citizenship in another country I have to admit I have daydreamed about this lol. Which probably means I’m in their model somewhere.
So you slow build to it, got it