Feedback on my approach so far

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

Mortgage free - 01/05/2019, mortgage high £200k 2011

Comments

  • Mogley
    Mogley Posts: 250 Forumite
    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.
    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
    Superscrooge Posts: 1,171
    First Anniversary Name Dropper First Post
    Forumite
    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.
  • Mogley wrote: »
    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.
    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.

    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

    Mortgage free - 01/05/2019, mortgage high £200k 2011
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