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  • FIRST POST
    • lincoln-potter
    • By lincoln-potter 11th Oct 17, 12:15 PM
    • 878Posts
    • 4,253Thanks
    lincoln-potter
    Feedback on my approach so far
    • #1
    • 11th Oct 17, 12:15 PM
    Feedback on my approach so far 11th Oct 17 at 12:15 PM
    I started stoozing this year in February and I am looking for some feedback from more experienced stoozers on my approach.

    Background
    I have a relatively small mortgage (currently 70k) which I will pay off in full when my fixed term ends (it will be 40k in 2 years time).

    My credit rating is 969 as of today, only negatives seem to be the number of credit applications I have made this year (I have been bank account switching and I now have 3 credit cards). I am not bothered about my long term credit rating either as I have no other debt other than my mortgage

    I earn a very good wage and have relatively low outgoing costs, but being a northerner I like to feel value for money and I like a project, hence why I am stoozing.

    Approach
    Rather than balance transferring like I have seen many of you do (Afraid I don't quite understand it enough yet so I went for a low risk approach).

    I first setup a 30month 12k card with sainsburys, then a 30month £5k card with the AA and finally a £8.8k 30month card with Santander only just this month.

    I have been using these cards for my normal spend (except for items which charge a % for using a CC.

    I currently then put all the money into various bank accounts. My list is:
    Santander - 1.5%
    Santander monthly saver - 5%
    First direct monthly saver 5%
    Tesco - 3%
    Tesco - 3%

    I also have other mule bank accounts for switching rewards but thats not relevant here.

    I currently have maybe £800 left on the Sainsburys credit card and £1.5k on the AA and the full £8.8k on the Santander.

    Question
    The balance transfer cards I see you talk about is that only with MBNA? The cash that you store do you put it into long term savers (I can only seem ones with small 1-2% returns).

    So am i missing a trick, or is the slow burn approach ok do you think? I also plan on doing the balance transfer at the end of the term rather than paying off the card.

    What sort of stooze pot sizes does everybody else have?

    Thanks
    LP
    MFiT-T #82 £85k -> £38k
    MFW #32 £8,500/£8,500
    Make £2017 in 2017 challenge - £821.76 #10
Page 1
    • Mogley
    • By Mogley 13th Oct 17, 10:28 AM
    • 223 Posts
    • 185 Thanks
    Mogley
    • #2
    • 13th Oct 17, 10:28 AM
    • #2
    • 13th Oct 17, 10:28 AM
    The slow burn approach fits with having enough high interest regular savers to stooze your monthly credit card spend. These normally have promotional rates for a year. After the year is up, use high interest current accounts to store the larger amounts of cash at high interest and look for the next lot of promoted regular savers to stooze your monthly credit card spend. Balance transfer the purchase credit cards after the promotional period, apply for new promotional 0% purchase cards, rinse and repeat until the computer says no.
    No.25 for 2017 £1070/£4000 saved.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • Superscrooge
    • By Superscrooge 15th Oct 17, 3:09 AM
    • 906 Posts
    • 627 Thanks
    Superscrooge
    • #3
    • 15th Oct 17, 3:09 AM
    • #3
    • 15th Oct 17, 3:09 AM
    Your 'slow burn' approach looks fine. It's what I have been doing for the past three years. A faster stooze is possible using 'money transfer' cards but these usually have higher fees than BT cards and with the reduction in current/saving account interest rates last year reduces any stoozing benefit.

    You ask about stooze pot sizes? - My only income is my £22K pension and I found initially I was accepted for all the 0% No Fee credit cards.. Once my stooze pot reached £15K I found my chances of being accepted for further credit started to reduce and pretty much dried up completely when the stooze pot reached £32K.

    I only apply for the 'no fee' BT cards. So the last six months as 0% BT deals have expired I've gradually been paying off the balances

    With a higher income or by incurring high BT fees, I'm sure it is possible to stooze more than £32K But that appeared to be the limit on my income.
    • lincoln-potter
    • By lincoln-potter 16th Oct 17, 9:40 AM
    • 878 Posts
    • 4,253 Thanks
    lincoln-potter
    • #4
    • 16th Oct 17, 9:40 AM
    • #4
    • 16th Oct 17, 9:40 AM
    The slow burn approach fits with having enough high interest regular savers to stooze your monthly credit card spend. These normally have promotional rates for a year. After the year is up, use high interest current accounts to store the larger amounts of cash at high interest and look for the next lot of promoted regular savers to stooze your monthly credit card spend. Balance transfer the purchase credit cards after the promotional period, apply for new promotional 0% purchase cards, rinse and repeat until the computer says no.
    Originally posted by Mogley
    Your 'slow burn' approach looks fine. It's what I have been doing for the past three years. A faster stooze is possible using 'money transfer' cards but these usually have higher fees than BT cards and with the reduction in current/saving account interest rates last year reduces any stoozing benefit.

    You ask about stooze pot sizes? - My only income is my £22K pension and I found initially I was accepted for all the 0% No Fee credit cards.. Once my stooze pot reached £15K I found my chances of being accepted for further credit started to reduce and pretty much dried up completely when the stooze pot reached £32K.

    I only apply for the 'no fee' BT cards. So the last six months as 0% BT deals have expired I've gradually been paying off the balances

    With a higher income or by incurring high BT fees, I'm sure it is possible to stooze more than £32K But that appeared to be the limit on my income.
    Originally posted by Superscrooge
    Thanks for the reply you two, I just wanted to double check I wasn't making an error or overlooking something.

    I think the slow burn is the safest for me
    MFiT-T #82 £85k -> £38k
    MFW #32 £8,500/£8,500
    Make £2017 in 2017 challenge - £821.76 #10
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