If I had $500k in credit cards with $250k available for cash advance what would happen if I did the following?
gutter300 asked:
If I had 20 major credit cards with a total credit limit of $500,000 and a cash advance limit of $250,000. What if I wrote the cash advance checks for the $250,000 and put them in the bank and went on a spending spree with the rest of the $250,000 buying cars, furniture, clothes, etc. What would happen if I didn't pay the credit card company when they billed me? Would I goto jail?
emland 
No, they'll call to congratulate you.
lol, your house and anything else you bought would be repossesed, and all your other owed money taken, plus years of debt
dumb idea
You would never get that far , thanks to the computer age and constant credit monitoring they would be on top of it and shut down your available credit so fast you would never see it coming…
You would ruin your credit score and they would call constantly.
Not a good idea.
they would seize everything but you would not go to jail…
They sue you and the judgment would follow you for ever, until you paid it off.
You could get chraged with fraud. You could face other federal crimes. I think you'd be put in the joint for at least 5 years.
I would suggest you buy some soap on a rope.
This is a bad idea and part of the reason the US is in a recession.
Rob peter to pay Paul.
Is your name Paul?
Congress will pay your bills with the taxes extracted from Peter.
If you're considering this kind of move with a smaller credit line, like $5000 or even $500, don't do it. This isn't ten years ago when you could file bankruptcy, you'll be held accountable for every penny. That's a dangerous line of thinking that you're working on there, why would you even be considering something like this? The truth of the matter is, you should avoid credit use unless you really have to use it, and then pay it back as soon as you can. It's the quickest way to ***** yourself up financially; next thing you know you're paying interest on money that you didn't really need to spend in the first place, making minimum payments, headed down the wrong path. Don't do that to yourself. A big reason so many foreclosures are taking place isn't just because people bought too much house – it's because of the new bankruptcy laws that they passed a few years back. Look it up.
A lot of people tried that and failed. If you do not make any payments, you'd probably get a 1099 form for the cash advances and charges. If you try to file bankruptcy, you could also be charge for credit card fraud. There is also an old saying in the collection business, "If you're gonna be a thief, make sure you can retire from it".
It depends on how your case would be interpreted. What you are talking about here is fraud. Your conspiring to obtain something without the intention of not paying it back. That's criminal.
It can also be interpreted in two other ways, one being, you claim someone stole or you lost your wallet. Then you'd be held liable up to $50 I think in the states, but most credit companies have a zero-liability policy so you can get away with it. The other of course is you spend it all in a shot with the intent to pay but you cannot. Then you wouldn't go to jail but you'd have to either declare bankruptcy if you cannot afford to repay or have all your items repossed and if you can afford the difference with the extra cost, your off the hook.
2 out of 3 is criminal.
You would have to attempt to pay the minimum and last a couple months and then file for bankruptcy. Transfer the cash to someone you trust or hide it. Your credit is history for a couple years. But this is bankruptcy fraud and if you get caught you go to jail.