100 credit cards

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Theoretically is it possible to apply and get 100 credit cards withdraw £1000 from each in cash then declare yourself bankrupt. Ive never had or will have a credit card but ive allways wonderd if this was possible.:D
 
well apply to all the companys in the uk

Thats not really 100. It's about 10 once you consider that each company operates numerous different brands. Besides, once some of the companies see all those applications on your credit file they wont be offering you yet more cards.
 
Credit card companies will eventually start refusing to give you more cards. Mind you, you can still rack up a fair few. I had six at one point, with a combined credit limit of something like £50k. I have three now (I think) with a combined limit of about £24k - after the credit crunch they started shutting down unused cards.
 
[TW]Fox;20382838 said:
Thats not really 100. It's about 10 once you consider that each company operates numerous different brands. Besides, once some of the companies see all those applications on your credit file they wont be offering you yet more cards.

do it all on the same day and hope they dont realise :D
 
How will you launder the money? I didn't think the bankruptcy process lets you keep assets beyond what you need to live (housing etc.).
 
Some people must have done something similar, racked up loans and credit cards and then moved to Thailand or somewhere else cheap and never return to the uk. Live like kings for the rest of your live.
 
Definitely, do it tomorrow to beat the rush! Get away to Iran or North Korea for a bit, somewhere they won't dare chase you when they realise they've been outwitted, camp there for a Year or so and go 'Wild Swimming' a lot.

LolRadoX.
 
Theoretically is it possible to apply and get 100 credit cards withdraw £1000 from each in cash then declare yourself bankrupt. Ive never had or will have a credit card but ive allways wonderd if this was possible.:D

In theory, yeah.. or at least it is possible to get a large number - 100 cards is rather excessive, getting £100k in credit is feasible.

A lot depends on your credit rating, income etc...probably easier to do in the past than it is now. You'd not likely get 100 cards before you started getting declined - you'd be essentially applying for different brands from the same bank (lots of store cards etc.. are run by particular banks) and even with cards being sourced from different providers they'll still be running credit searches - multiple applications on these searches will be a bit of a red flag.

There certainly have been cases where people have run up very large debts and then gone bankrupt - I'm not sure you can really get away with running up large debts by withdrawing cash and hoarding it then declaring yourself bankrupt - you may well need to explain what happened to the large sums of cash... you could perhaps run off to Thailand as suggested earlier - please create a thread if you do do this.
 
Definitely, do it tomorrow to beat the rush! Get away to Iran or North Korea for a bit, somewhere they won't dare chase you when they realise they've been outwitted, camp there for a Year or so and go 'Wild Swimming' a lot.

LolRadoX.

Actually did some wild camping in se asia without a guide, i still have my legs ;)

also did you say wild swimming ? i I prefer wild above water acrobatics before my swimming

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Theoretically is it possible to apply and get 100 credit cards withdraw £1000 from each in cash then declare yourself bankrupt. Ive never had or will have a credit card but ive allways wonderd if this was possible.:D

If they prove intent on the bankruptcy you'd end up in prison anyway.
 
might be harder now, but going back 5 years i bet you could get a whole host of credit. not in cards, but loans. hide the cash away, go bankrupt and say u had a gambling problem .
 
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