Rejected. Twice. Why?

enthusiasticsaver · 14 May 2017 at 3:48PM

Willywonga wrote: »

Why have I been rejected? When I was rejected my credit utilization rate was 78% - was this possibly the reason? If so, but I thought this was the point of stoozing?!

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It is not in the banks interest for anyone to be stoozing. Therein lies your problem. Your credit record probably reflects quite clearly what you are doing (constant opening and closing of accounts), the banks are not making money out of you and are quite within their rights to reject applications from people doing such as you are. 78% suggests you are using your credit limit almost to its full potential so you may not have met the affordability criteria either.

Ben8282 · 14 May 2017 at 7:40PM

edinburgher wrote: »

Ben8282 appears to have grasped the wrong end of the stick entirely enthusiastic saver

Really? Actually I think I have grasped the right end of the stick.
This newbie with a username which sounds like a payday loan company who has never returned to the thread after making his one and only post has opened and closed so many accounts and transferred this balance so many times over the 3 years that he has allegedly been stoozing that he cannot possibly have made any profit whatsoever on this so-called stooze. In fact with all the bt fees he must have paid he has clearly made a loss.
Reading the OP it would appear that he opens accounts gets a very short bt period, probably something like 6 months, pays the fee and at the end of the short bt period pays another fee to transfer the balance again. This looks much more like debt than stoozing to me.

TheShape · 14 May 2017 at 11:12PM

enthusiasticsaver wrote: »

Affecting my credit record is one of the reasons why I never got into stoozing plus savings rates are so low I am sceptical that significant money can be made once bt fees are taken into account. I would wait 6 months before applying for anything else.

I don't expect to be remortgaging or needing any new credit (other than a credit card for stoozing) so don't worry greatly about the impact of stoozing on my credit file.

As to whether it's worth it, it may depend on where you put the stoozed funds. I borrowed approx £19k in March which allowed me to make a lump sum S&S investment, fill another BOS account and invest in p2p. I have an amount greater than my stoozed borrowing in current accounts and regular savers so depending on how you look at it I've either stoozed to current accounts/regular savers and diverted 'my own money' to p2p/S&S for potentially higher returns or I've stoozed to a mix of p2p/S&S/current accounts/regular savers.

For me, stoozing has given me investment options earlier than if I'd had to earn the funds myself as it's allowed me to maintain a cash fund that allows me to feel comfortable enough to make other investments.

Ben8282 · 14 May 2017 at 11:49PM

TheShape wrote: »

I don't expect to be remortgaging or needing any new credit (other than a credit card for stoozing) so don't worry greatly about the impact of stoozing on my credit file.

As to whether it's worth it, it may depend on where you put the stoozed funds. I borrowed approx £19k in March which allowed me to make a lump sum S&S investment, fill another BOS account and invest in p2p. I have an amount greater than my stoozed borrowing in current accounts and regular savers so depending on how you look at it I've either stoozed to current accounts/regular savers and diverted 'my own money' to p2p/S&S for potentially higher returns or I've stoozed to a mix of p2p/S&S/current accounts/regular savers.

For me, stoozing has given me investment options earlier than if I'd had to earn the funds myself as it's allowed me to maintain a cash fund that allows me to feel comfortable enough to make other investments.

I don't disapprove of stoozing and agree that, for people such as yourself who appear to know what they are doing, money can be made.
But Mr Average probably has no idea what S&S and p2p investments even are (I know p2p but S&S has lost me for example) and has no idea about how to start. This type of investment also involves risk; risk with borrowed money. Fine for you perhaps but not ok for Mr Average.

enthusiasticsaver · 14 May 2017 at 11:50PM

The cash and/or the investments aren't yours though.

Supposing you cannot get another 0% deal when the offer expires and it also happens to be at a time when the stock market has dipped? If you take your investments out you solidify losses (a definite no no in investing) or you take all your cash out, forsaking your regular saver bonuses.

enthusiasticsaver · 14 May 2017 at 11:55PM

Ben8282 wrote: »

I don't disapprove of stoozing and agree that, for people such as yourself who appear to know what they are doing, money can be made.
But Mr Average probably has no idea what S&S and p2p investments even are (I know p2p but S&S has lost me for example) and has no idea about how to start. This type of investment also involves risk; risk with borrowed money. Fine for you perhaps but not ok for Mr Average.

S & S is stocks and shares. I invest in them too but with my own cash, not borrowed money.

Ben8282 · 15 May 2017 at 12:09AM

enthusiasticsaver wrote: »

S & S is stocks and shares. .

Thanks. I should have been able to guess that.

TheShape · 15 May 2017 at 12:34AM

enthusiasticsaver wrote: »

The cash and/or the investments aren't yours though.

Supposing you cannot get another 0% deal when the offer expires and it also happens to be at a time when the stock market has dipped? If you take your investments out you solidify losses (a definite no no in investing) or you take all your cash out, forsaking your regular saver bonuses.

Of course the cash/investments are mine. I can choose to do what I wish with the cash and don't have to share investment gains with the bank. It's my money.

Of course the debt is mine also and I was clear that I have over and above the stoozed amount available in cash and have planned to have enough instantly available cash to clear the balances as required should I be unable to transfer to further 0% offers.

I did make the point that already having a decent sized cash pot made it debatable whether it was 'my' money or the 'stoozed funds' invested.

redux · 15 May 2017 at 2:10AM

enthusiasticsaver wrote: »

The cash and/or the investments aren't yours though.

Supposing you cannot get another 0% deal when the offer expires and it also happens to be at a time when the stock market has dipped? If you take your investments out you solidify losses (a definite no no in investing) or you take all your cash out, forsaking your regular saver bonuses.

Maybe the end of the 0% offer coincides with a regular saver account maturing.

edinburgher · 15 May 2017 at 8:37AM

Ben8282 wrote: »

Really? Actually I think I have grasped the right end of the stick.
This newbie with a username which sounds like a payday loan company who has never returned to the thread after making his one and only post has opened and closed so many accounts and transferred this balance so many times over the 3 years that he has allegedly been stoozing that he cannot possibly have made any profit whatsoever on this so-called stooze. In fact with all the bt fees he must have paid he has clearly made a loss.
Reading the OP it would appear that he opens accounts gets a very short bt period, probably something like 6 months, pays the fee and at the end of the short bt period pays another fee to transfer the balance again. This looks much more like debt than stoozing to me.

Ok, so I'll admit that I was a little quick to assume that you were passing judgement on the OP without reading their comments fully, but there is only one mention of a 6 month BT. So I stand by the comment that you may have grasped the wrong end of the stick, you're coming up with hypothetical information for several points

Rejected. Twice. Why?

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