I want to know this too, suppose I didnt care about having to go bankrupt/having bad credit.....could I just open up a bunch of account under my name then somehow LEGALLY take out a bunch of money then just not pay it back
It is called a bust out and with the way credit is being taken back it is harder and harder to do.
If you do it your own name than you run the risk of being arrested as at some point you would have to file a bankruptcy. The way you do this is devise a new SS number and make a whole new credit profile get credit, burn all of it and than move on.
To go back to my previous point to suggest you are gonna do this in your own name suggests this is your first foray into crime and you are doing what many do when they start, which is thinking "no one will care and i will be ok". A bit like the guy who does the drop to his house and than wonders why he is in cuffs.
You need to think about this and the first rule is never in your own name. Why ruin your credit if you have any when it could come back to bite you, when with some thought you start a fresh profile and make some serious money.
A example of that is and i have first hand experience of this and done right you can make any amount you want. It takes a little time and some bill paying to develop this method. The credit crunch has also made this harder.
First you need a New SS number very easy to do as the numbers are allocated in a way you can figure out a future number.
Second you decide the name you are gonna use, you get a cell phone a pre paid you also decide what you work at, pick a DR or some thing.
Third you get a ID in that name made you also need a address NOT A PO BOX they are flagged in the system.You apply for credit online or by mail as you ahve no credit profile this is how one develops. It the the information you enter that is on the file so make sure the Job and pay you enter match. You need to get the SS matched up to that name on all Three Bureaus you do that by filing applications. As you have no credit no one will give you credit, store cards are the best bet.
Fourth you apply for a Cap one card like a 500 a bucks a month to open a bank account is not as onerous though you do need a ID and some banks a SS number, so also open a bank account and DO not apply for any credit overdrafts as you will be declined.
You use that card and pay it off on time in full every month.
The credit system works on a score system based on credit lines open and closed, debt to income ratio, available credit ect.
Onne you have the one or two cards use and pay them. DO NOT apply for multiple cards for a at least 6-9 months or maybe a year as to many applications is a negative.
There is multiple other options that get your Score up to a 700 with in 6 months , once you get to 700 plus you can make some serious money. The down side is with the software in place they can see the Bust outs or a over utilisation of credit and will take steps to try and stop you with all kinds of methods they have. IF you do this right and take your time and so not bust out with say 10 k of credit you can take in upwards of 200 k plus easy. How do i know, well lets say i have more than read the book so to speak.
You are all wellcome
