Do you think this is possible?
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Posted by Lebed
(213.243.96.66) on June 30, 2004 at 19:41:20:
Hello, all. I have 2 jobs, one paying 1500 a month net and the other one is paying 1200 a month net. I also have income from an apartment my mother rents out of 1000 (but I can't prove that it's actually my income). There is no property in my name, only a checking account joint with my mother with me as primary.
I do have Providian Platinum card with a little over 10K credit limit on it and a BankOne Platinum with a little over 7K. I haven't used them in year though. But I've never been late on a payment, and always paid the amounts in full (there are no balances on them).
In 2000 I finished paying off an autoloan from Toyota. It was in excellent standing the entire time. I can't really tell what my FICO score is because I don't have the reports in front of me. Now the thing which I am considering but don't even know if it will be possible:
1. apply for several (10 or more) credit cards with high credit limits.
2. get several unsecured personal loans of roughly 20K each. I want to get married but don't have the cash. It will be happening abroad and I would like to buy a house there where my fiance will live while she finishes school. I have no credit history in that country and there is no way in hell they'll give me a mortgage. So I am thinking with my good (right?)credit getting several unsecured personal loans in the combined amount of about 200K and buy a house with that money, paying them off in US.
While the credit cards will be used to finance the wedding, the honeymoon and what have you. I estimate the wedding to be roughly 70K.
My boss told me he will make me team leader in fall and give a raise because I closed a good contract. My income will be even better so I am not worried I can handle the payments. In fact, the coming promotion is what motivated me to even consider this plan. I am confident I can handle the financial stress this will put me in. I mean I would avoid it if I could, but who's going to give me credit in a foreign country where I've been for 2 weeks??? Is this possible to do what I am describing?
Are they going to refuse me credit cards or loans because I am applying for several of them at once?
Is there a better way to get unsecured 270K on a good credit? Please, advise.
Thank you for your attention.
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