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  • FIRST POST
    • swindiff
    • By swindiff 7th May 16, 9:40 PM
    • 271Posts
    • 98Thanks
    swindiff
    Applying for multiple cards
    • #1
    • 7th May 16, 9:40 PM
    Applying for multiple cards 7th May 16 at 9:40 PM
    Just though I would post my experience on creating a stooze pot. I have applied for 8 cards this weekend, outcome as follows.

    Clydesdale Bank 0% on purchases for 26 months. Application approved, limit unknown until I receive my card.

    MBNA 40 Months 0% balance transfer, transfer fee 2.55%. Application approved, credit limit £10,000

    Barclaycard 20 Months 0% balance transfer, no transfer fee. Application approved, credit limit £8,200

    Bank of Scotland 39 months 0% balance transfer, transfer fee 2.95%. Application approved, credit limit £8,000

    Halifax 39 months 0% balance transfer, transfer fee 2.48%. Application approved, credit limit £1,600

    Tesco 40 months 0% balance transfer, transfer fee 2.69%. Application approved, credit limit unknown until I receive my card.

    Virgin 40 months 0% balance transfer, transfer fee 2.49%. Awaiting to see if application is approved.

    AA 22 months 0% balance transfer, no transfer fee. Awaiting to see if application is approved.

    Existing cards that I already hold are:

    Halifax Clarity, Balance £0, credit limit was £8450, I asked for it to be increased to £12,000 and they incresed it to £10,450

    Virgin Card at 0% credit limit £7,000, balance £1,500

    Lloyds Card at 0% credit limit £10,800, balance £4,000
Page 3
    • Mysteek
    • By Mysteek 24th Aug 16, 3:47 PM
    • 221 Posts
    • 529 Thanks
    Mysteek
    Oh right thanks. Sorry if it sounded a daft question, I'm new to all this stoozing stuff.
    MFIT #73 - Pay all mortgage off in 3 years £46,400£34,295 PAID £12,105
    • swindiff
    • By swindiff 24th Aug 16, 3:50 PM
    • 271 Posts
    • 98 Thanks
    swindiff
    Me too lol
    • jamila40
    • By jamila40 28th Aug 16, 5:59 PM
    • 4 Posts
    • 1 Thanks
    jamila40
    I'm struggling with your strategy here?...
    • swindiff
    • By swindiff 28th Aug 16, 6:05 PM
    • 271 Posts
    • 98 Thanks
    swindiff
    That's ok. I'm not.
    • Rock_007
    • By Rock_007 10th Feb 17, 9:25 PM
    • 56 Posts
    • 14 Thanks
    Rock_007
    hi
    Hi,
    this is quite informative and cleared a lot of questions that were in my mind.
    still there are few queries i though maybe some one here might give us some useful reply....

    1) is anyone has got any idea about the CCJ(county court judgement), as my wife is looking to apply for loan near future and she has got a hearing in court next week, i understand if the CCJ comes against you and if you pay the amount with 30 days it won't affect the report, here i am a bit confused as if we pay within 30 days does the CCJ doesn't appear at all on the report or it will appear on the report and then we need to ask the court to remove it...( we are hoping to win the case but this is just in worst case scenario)
    also any idea how long after CCJ issued, it takes to appear on the credit report.
    2) is anyone have every applied for multiple application for loan ( does it work in a same way as for credit card)
    3) also i heard that doing multiple application within an hour will flag the credit agency as a fraud (i am not sure how truth is it)

    any help greatly appreciated ....
    Last edited by Rock_007; 11-02-2017 at 10:09 AM.
    • SuzieSue
    • By SuzieSue 4th May 17, 3:13 PM
    • 3,703 Posts
    • 3,985 Thanks
    SuzieSue
    to the folk here to have done the multiple applications on the same day, can i ask how bad a hit did your meaningless noddle score and clearscore went down by, was it just a blip or did it drop like a rock to the floor ?
    Originally posted by Pauluss
    My credit rating on Noddle sank to very poor at one stage but is now creeping up and is between poor and fair.

    It doesn't matter as I knew I wasn't going to apply for a mortgage or any other loans in the near future
    • swindiff
    • By swindiff 9th May 17, 10:29 AM
    • 271 Posts
    • 98 Thanks
    swindiff
    Jut thought I would do an update almost a year on from creating my stooze pot

    My total transfer fee for all the cards I applied for was £733.60. I have been siphoning off all of the interest to a single account since I started, that account now has £1600.14 in it.

    That is a profit of £866.54. I have a couple of Nationwide savers accounts due to mature in the next month or so which should add about another £300 to the pot.

    Most of the current accounts I hold have had their interest rate cut, but they are all still returning a worthwhile amount, and the good thing is that the 0% rate on 6 of the credit cards I have does not run out until 2019, so although there was a fair sized outlay for balance transfers in the 1st year, subsequent years are all profit

    Assuming interest rates don't drop further I estimate that I will have cleared around £4k once all the 0% balance transfer rates come to and end. Well worth the bit of time it initially took to set up all the standing orders and direct debits.
    • edinburgher
    • By edinburgher 9th May 17, 11:00 AM
    • 10,764 Posts
    • 56,369 Thanks
    edinburgher
    Were 0% BT cards less commonly available at the time, or were they just not offered to you?

    What was the percentage return on the funds stoozed? £800+ doesn't seem very impressive considering the credit card limits that you were bandying about in the OP.
    • SuzieSue
    • By SuzieSue 9th May 17, 11:05 AM
    • 3,703 Posts
    • 3,985 Thanks
    SuzieSue
    Were 0% BT cards less commonly available at the time, or were they just not offered to you?
    Originally posted by edinburgher
    They were but they had shorter periods. I took out 6 cards at around the same time as the OP all with zero BT fees. The longest was Barclaycard which gave me 23 months. The others ranged from 12 months to 22 months with most around 18 months.
    • redux
    • By redux 9th May 17, 11:06 AM
    • 17,650 Posts
    • 22,684 Thanks
    redux
    First time Ive seen this thread.

    I'm a bit surprised you went for quite so much at the start, as the margins between cost and what could be achieved on savings rates would tend to narrow as you end up using the slightly less competitive ones.

    It might be interesting to come back to this in a couple of years time, when these offers have run their course, and see whether it is worth recycling it all for a bit longer, and indeed how possible.
    • edinburgher
    • By edinburgher 9th May 17, 11:07 AM
    • 10,764 Posts
    • 56,369 Thanks
    edinburgher
    I've started a similar experiment, might be worth starting my own thread as I am planning a slightly different approach to OP
    • swindiff
    • By swindiff 9th May 17, 11:12 AM
    • 271 Posts
    • 98 Thanks
    swindiff
    There were not as many 0% cards about a year ago, and those that were available were for a fairly short duration. I favoured the longer 0% balance transfers for a fee, meaning I would not have to do it all again so soon.

    % return varied, but all were at either 3, 4 or 5%, many reduced at some point during the 1st year. i.e. Santander went from 3% to 1.5%, TSB from 5% to 3%, Club Lloyds from 5% to 2% etc

    1st years return will be about £1900 once the 5% savers mature next month, that averages out to about 3% return, minus the balance transfer fee.
    • edinburgher
    • By edinburgher 9th May 17, 11:13 AM
    • 10,764 Posts
    • 56,369 Thanks
    edinburgher
    Does that include tax on the £1,900, or is your figure after tax?
    • swindiff
    • By swindiff 9th May 17, 11:15 AM
    • 271 Posts
    • 98 Thanks
    swindiff
    It is saved as a couple, so no tax as we both have an allowance of £1000.
    • SuzieSue
    • By SuzieSue 9th May 17, 11:52 AM
    • 3,703 Posts
    • 3,985 Thanks
    SuzieSue
    There were not as many 0% cards about a year ago, and those that were available were for a fairly short duration. I favoured the longer 0% balance transfers for a fee, meaning I would not have to do it all again so soon.

    .
    Originally posted by swindiff
    Yes, I decided to do the opposite and so am having to do it all again now. If I was on my own then I don't think that I would have been able to get any more BT cards as my credit rating is so poor now and so would be stuck. However, my husband has just applied for 6 BT cards with no BT fee and managed to get another £30k in credit. They are all for 24 months and so we will be ok until they end.
    • edinburgher
    • By edinburgher 9th May 17, 12:01 PM
    • 10,764 Posts
    • 56,369 Thanks
    edinburgher
    My plan is to do similar to what you have ended up doing SuzieSue - run a stooze pot for a couple of years and then shut it down before remortgaging.
    • SuzieSue
    • By SuzieSue 9th May 17, 12:09 PM
    • 3,703 Posts
    • 3,985 Thanks
    SuzieSue
    My plan is to do similar to what you have ended up doing SuzieSue - run a stooze pot for a couple of years and then shut it down before remortgaging.
    Originally posted by edinburgher
    Yes, but might need to wait for a while for your credit rating to recover before you can remortgage, but I suppose it depends on the lender as some probably won't mind if you tell them why you did it.
    • edinburgher
    • By edinburgher 9th May 17, 1:52 PM
    • 10,764 Posts
    • 56,369 Thanks
    edinburgher
    Will do, 6 month gap planned, doubt it will be an issue past this point.
    • SuzieSue
    • By SuzieSue 9th May 17, 2:05 PM
    • 3,703 Posts
    • 3,985 Thanks
    SuzieSue
    Will do, 6 month gap planned, doubt it will be an issue past this point.
    Originally posted by edinburgher
    Yes, 6 months should be fine. I will see how long it takes for my credit rating to improve once I've transferred all my balances to my husband and let you know. If I forget, reply to this thread in 6 months' time and I will let you know.
    • edinburgher
    • By edinburgher 11th May 17, 8:43 AM
    • 10,764 Posts
    • 56,369 Thanks
    edinburgher
    Can I drop another query in please? It's related to applying for multiple cards.

    When a MT/BT card has a max balance of, say, 95%, is this inclusive of any fees? So would a 95% max balance card with a 0.5% fee be 94.5%?
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