• Tubics@lemmy.world
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    11 months ago

    Even if it loses 90% of its value it’s still a win if the money came from credit cards you never paid back. Although the couple of hundred bucks you get might not be worth the hassle

    • Wogi@lemmy.world
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      11 months ago

      You will also be unable to take out any debt upon release. It’s difficult to get credit as a released felon without a history of defaulting on debt.

      So, being generous and saying that he sees a 4% return on his investment, he’ll have slightly more than he went in owing, and will be completely unable to even get a car loan, a decent job, or place to live.

      He will have turned 0 dollars in to a lifetime of hardship.

      • Sotuanduso@lemm.ee
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        11 months ago

        Correction: He will have turned 0 dollars into a lifetime of hardship and a few hundred dollars.

      • Trainguyrom@reddthat.com
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        11 months ago

        If all of the defaults occurred >7 years ago and there’s been no credit activity since the individual would have no credit score because of no credit history. I know this because I’ve literally seen it happen. What you do then is apply for a secured credit card (basically you pony up some cash to secure an extremely low credit limit) then after you’ve established a payment history and a credit score you can move on from there. As far as I know financial institutions do not take into account one’s felon status when determining elgibility