how do you go about getting a bunch of high limit credit cards ?
I'll look for the thread. Somebody in there broke this down too. They even broke down how you can get some of those unpaid debts removed from your credit history.
lifehacks link:
reddit.com: over 18?
I CAN HELP HERE! :D
Whether your credit score sucks or not, lets get this party started. So you got a credit card with some fairly low limits: sucks.
Now get an American Express card, a legit one direct from American Express. It can't be one simply branded as AMEX.
In 61 days after your card opening date, you can attempt to get a 300% credit limit increase (CLI). This is a cool gamble because
a) Usually the wait periods for asking are 6 months
b) AMEX CLI's do not show up on your credit report, as it is a soft pull. Hard pulls do show up and each one slightly lowers your credit score temporarily.
c) When you get the 300% higher limit, other credit companies will be more inclined to at least match that limit, so that you use their cards more often.
After a month or two (give the CLI time to appear on your credit report), request a credit limit increase from your other cards.
Rinse and repeat. The AMEX card will also be on 6 month minimum asking intervals too.
Once you get past 4 figures, you will be at or over $50k in no time. Enjoy your 20s!
Click to expand...
7 years or however long it takes you to write letters to the credit bureaus and refute the bankruptcy over and over till they remove it
:source: Had house foreclosed on, all three credit reporting agencies show it as paid in full on my credit :-) thanks to simply writing letters
Click to expand...
I've done this too. You can dispute bad marks on your credit. By law the credit companies have to file a reply with proof within a set amount of time or they have to remove it from your credit history. I hired a service to do this for me.
Here's a template for making credit disputes from the FTC. Sample Letter for Disputing Errors on Your Credit Report | Consumer Information
Click to expand...
The funny thing about this thread is it got so popular, the next day a bankruptcy lawyer did an ama [smart on him as I'm sure this generated a bunch of leads for his company] in /r/iama and people were asking him about these methods. Obviously he couldn't really outright tell people to do this because it's technically fraud but he did sort of give them a few tips on how to avoid getting caught.
The question they asked:
I read something on reddit a while ago about getting some credit cards, increasing their limits over time, use them to pay of students loans, pay on them for 6-8 months, then file for bankruptcy.
Is this even feasible or legal for that matter?
Click to expand...
His response:
There we go . . . right to the heart of the issue! That is a great question. The fact is that if one were to do that without the faintest notion that you were converting debt from non-dischargeable to dischargeable . . .it would work! Now, if that is all part of a diabolical plan to discharge what is generally a non-dischargeable debt . . . it could be seen as fraud and non-dischargeable. I would suggest to anyone considering that course of conduct that things like how long have you had the card, is the amount being charged different than past usage and is there other, non-student loan debt, would help determine if such an action could survive a bankruptcy challenge.
Click to expand...
Full AMA link:
I AmA Bankruptcy Lawyer and Student Loans are Killing Millennials and the Middle Class. AMA! • /r/IAmA
EDIT: I tried to put everything in separate quote tags but for some reason thecoli's formatting removed them.
to your Old Man breh
