Optimum Number of cards

petemoran53

Hey there,

So i recently started stoozing having got a 17 K limit with Virgin. However I also have the following cards

Barclaycard Platinum (12 months interest free on credit=- only got 940 credit so have been slow stoozing with this and almost at max.

Sainsburys credit card - 0% on purchases with Sainsburys for 12 months, which is great for me seeing as I always shop there and get nectar points.

Amex platinum - using this for cashback having spent most of my wedding costs on it a few months back.

Egg card - had this for eons usually use it for general purchases when people dont take amex and not enough credit on my barclaycard.

So given i have all these, should i look at changing these cards ? as it seems only my virgin is working for any real cash stoozing ? is it worth getting rid of the 2 slow stooging cards to free up credit ?


Appreciate feedback

djm76

petemoran53 wrote: »

Hey there,

So i recently started stoozing having got a 17 K limit with Virgin. However I also have the following cards

Barclaycard Platinum (12 months interest free on credit=- only got 940 credit so have been slow stoozing with this and almost at max.

Sainsburys credit card - 0% on purchases with Sainsburys for 12 months, which is great for me seeing as I always shop there and get nectar points.

Amex platinum - using this for cashback having spent most of my wedding costs on it a few months back.

Egg card - had this for eons usually use it for general purchases when people dont take amex and not enough credit on my barclaycard.

So given i have all these, should i look at changing these cards ? as it seems only my virgin is working for any real cash stoozing ? is it worth getting rid of the 2 slow stooging cards to free up credit ?


Appreciate feedback

I have a similar query... Although not exactly a full time stoozer, a while ago I too put the whopping cost of a wedding on a 0% card, also use an Amex for cash back and also have an Egg for back-up. I have a couple of other cards for different moneysaving purposes and have now seen what might be a better Visa to replace my Egg as a back up. All in all, my wallet is getting full and not necessarily in a good way.

My question is... does it affect my credit score to hold on to cards that I am no longer using, should I cancel them, does it also harm your credit score to keep applying for cards with benefits and how many cards is too many cards???

Apologies for hi-jacking your thread Pete!

CannyJock

djm76 wrote: »

My question is... does it affect my credit score to hold on to cards that I am no longer using

Yes, is seen as available credit.

djm76 wrote: »

should I cancel them

Yes, will reduce your available credit. Always check if you can get a repeat deal on them first before cancelling - article on www.stoozing.com on extending offers.

djm76 wrote: »

does it also harm your credit score to keep applying for cards with benefits

Yes whether they have benefits or not makes no difference.

djm76 wrote: »

how many cards is too many cards???

Dunno, I've got 8 on the go at the moment with varying credit limits and benefits, all but one being stoozed. Isn't just the number of cards, is the available credit on them. You'll know when you've got too many when you start getting refused on new applications.

djm76

Thanks CJ. I won't bother holding onto the cards that I'm not actually using in that case. Nice quotes btw!

djm76

petemoran53 wrote: »

is it worth getting rid of the 2 slow stooging cards to free up credit ?

Pete, you might find the website quoted by Mr Jock useful in answering your question... particularly the guide to credit scoring:

http://www.stoozing.com/g_score.htm

Fidelity_One

I had no idea there was a whole segment of the population focused on Stoozing. I have done a form of stoozing in the past to finance the growth of my company but until I found this form, I never realized the extent of possibilites. I look forward to being a part of this forum.