When I graduated from college I had multiple credit cards, one of which had a limit of 24k. Total was probably close to 40k.
At the time, my annual income was about 12k. Not sure if it was the fact that I was a college student or that I used my credit
card to pay my school bills but it definitely wasn't from verified income.
Second example: I had a close friend who bought a 180k house with less than 15k of documented income (I know because I
wrote his paycheck). In his case, he was actually able to afford it because he was getting undocumented income from
overseas but the loan officer didn't know that. The only thing on paper was the 15k.
They've tightened down on both credit card limits and house loans since the last credit bust so these extremes and
things like "liars loans" might not exist anymore but I know of alot more crazy example like this before the bust.
Since the bust though they have even started reducing limits on already issued cards so it may not be possible anymore
but if I had to guess, the practice of lining the college streets with free tshirts if you signup for a credit card probably
still happens as they know that the college kids will likely eventually graduate and get a job and also have a parent that
will likely bail them out.