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    • JuliusCaesar
    • By JuliusCaesar 6th Jan 18, 12:29 PM
    • 37Posts
    • 42Thanks
    Effect on credit score
    • #1
    • 6th Jan 18, 12:29 PM
    Effect on credit score 6th Jan 18 at 12:29 PM
    I have been slow stoozing for a while now, building up a debt on an interest-free credit card, and saving the money instead. A few months ago I realised that old-style Stoozing was now worthwhile again, when I discovered a no-fee money transfer offer in my (little-used) MBNA account. I applied for several 0% balance transfer credit cards and used the MBNA card to transfer money to my bank account. I now have a total 'stooze pot' of £33k, with the money invested in various current and savings accounts paying at least 2%.

    However, in the process my Experian score has plummeted from 999 to 663. This is not a source of worry, as I am retired and own my home outright, but I would like to apply for further 0% credit cards in due course and build up my stooze pot still further.

    My question is whether my Experian score is likely to improve in the near future, as I have not made any further credit applications recently, or will it continue to stay at a relatively low level because I have such a large debt (despite having savings to pay it off in full)?

    Any information from experienced stoozers would be welcome.
Page 1
    • zx81
    • By zx81 6th Jan 18, 12:43 PM
    • 16,084 Posts
    • 17,045 Thanks
    • #2
    • 6th Jan 18, 12:43 PM
    • #2
    • 6th Jan 18, 12:43 PM
    You credit score is fictitious. Ignore it. It's not seen or used by anyone.

    What is seen and used is the data on your file. Lenders will take account of your debts, your income and your history of managing credit is reaching a decision.

    They will see whether your debt is on a promotion or not.
    • YorkshireBoy
    • By YorkshireBoy 6th Jan 18, 12:53 PM
    • 30,025 Posts
    • 17,888 Thanks
    • #3
    • 6th Jan 18, 12:53 PM
    • #3
    • 6th Jan 18, 12:53 PM
    Available credit: £130K (cards and O/D facilities)
    Used credit: £46K
    No of cards: 11 (was 12 until recently, and will be 9 next month)
    Experian score: 921

    Can I get accepted anywhere? No!
    Do I need credit: No!
    Do I care? No!
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