Would stoozing affect my mortgage application?

seatbeltnoob · 19 February 2018 at 12:26PM

I am thinking of stoozing as a way to accelerate my savings. I find that I tend to aggressively pay off credit card debts as I am averse to oweing money.

My startegy is to stooze and leave the savings untouched. Then pay off the credit cards with my salaried earnings.

Actually, the goal is the get my downpayment together using this method.

I would be looking to buy a house 2-3 years down the line. I am just curious, how soon should I clear all the stoozing balances before applying for a mortgage. I am guessing it will take up to 4 months for all credit reports to be updated with the cleared/settled balances. Is that enough? Or will I need to give more time?

seatbeltnoob · 19 February 2018 at 12:36PM

FYI, I'm not intending to stooze my downpayment together. I will keep every penny of the stooze firmly in the savings account until the credit cards are repaid. I am fully aware that 0% credit cards can be withdrawn at any time and could land me in hot water if the offer expires and I can't get another 0% to transfer over to

shortcrust · 19 February 2018 at 12:40PM

I had around 10k on 0% cards for years before I bought my first house. I cleared and closed all the cards about four or five months before I thought I'd be applying for a mortgage. I got the mortgage so it can't have been a bad plan!

Would stoozing affect my mortgage application?

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