0 balance credit cards

DETERMINATION_2

Hi all,

Was going through my credit cards and I have at least 6 credit cards with a zero balance; should I keep them or should I close the accounts and cut the cards up?

I know you're probably wondering why I have them; well, a couple of years ago I was a 'credit card tart' - I loved balance transfers when they were FREE but they've served their purpose and I have no balances on any of them!
:j

YorkshireBoy

Do you have any debt at all?

If not, and you hold empty (and particularly) MBNA or LTSB cards, then why not consider stoozing with some decent 'follow on' offers?

DETERMINATION_2

The only debt I have is my mortgage; I only have 24 years left on that (lol)!

4give my ignorance but what is 'stoozing?'

AceCobra1

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

You prob. need a VERY high limit though. Because personally, if I didn't have a £20k limit i wouldn't bother as a few hundred extra a year is just not worth the effort.

NickX

AceCobra1 wrote: »

You prob. need a VERY high limit though. Because personally, if I didn't have a £20k limit i wouldn't bother as a few hundred extra a year is just not worth the effort.

Not really.

If you have several stoozing cards on the go at once (I often have in excess of 6), you will easily pass that £20k barrier and the profits will run into thousands rather than hundreds :beer:

AceCobra1

Yeah, well, I'm quite new to higher credit card limits as you prob. know i just started work therefore got my first HIGH limit card £5k for 1 card. I don't think you would think that is high as ur a veteran nick but i'd thought it is high for me lol. My question is, how easy is it for an average person to get that much limit even from 6 cards? Because I have been reading the forums for a while and gather a lot of people here don't earn more than £35k each... i.e. non combined income

I might be wrong but if you am earning so much cash, it might not even be worth your time stoozing lol, but i suppose 1 free business class trip to hong kong return a year just by stoozing can't hurt!!!!!!!!

NickX

Its not really the income that matters, its an extensive and spotless credit history.

A salary of £35k should be ample for stoozing.

On application the card companies look for a history of managing your unsecured loans well because statistically that way they are much more likley to see a well managed account with a minimal amount of problems.

Yes I have been using cards for a long time - nearly 20yrs to be precise. My first card was when I was a student and my first credit limit was £250.

By carefully managing this account, I had the limit increased, and now after more cards than I care to remember my lowest limit is now £5k.

But keep a good credit history, and getting 6 cards with £5k limits is highly possible, this makes £30k which should earn a nice bit of extra income when stoozing.

The highest limit I ever had was £17k and that surprised even me, average these days is probably £10k.

But I would stress that a history of managing credit well is the single most important factor, even more so than the salary that you put on the application form.

NickX

AceCobra1 wrote: »

I might be wrong but if you am earning so much cash, it might not even be worth your time stoozing lol, but i suppose 1 free business class trip to hong kong return a year just by stoozing can't hurt!!!!!!!!

Hmmm, I don't think I ever disclosed my income on here, but you would be surprised.

See my post on living a life of luxury on a budget. If I was earning that much, I wouldn't be that concerned about getting deals on flights, cars and earning cashback and reward points etc.

Some might even call me "tight" (I prefer "money saving expert" myself) but really every penny helps, and yes the stoozing does make a difference.

Saucepot

I cannot tell you what to do, only what I would do. I close credit cards that I am not using as it frees up "availible credit" should I wish to apply for new offers. I also have a irrational/rational fear of fraud that makes me assume the fewer active cards the less chance of having to deal with fraud.

Though as an AMEX user, I notice an additional card is useful. VISA appears the most accepted card from my travels, globally, and I wouldn't rely on MASTERCARD for buying that essential bit of tat you must have and wish to haggle with a store owner over in the back of beyond.

Some people I know like to have a number of cards because it helps budgeting, putting different expenditures on different cards, but i've always thought that more a hindrance than a help.

Idiophreak

I too close all the cards I'm "done with" after a couple of months (or try to...CitiBank really don't seem to have taken the hint...as an aside (sorry to hijack the thread), I called them and told them I'd settle and close. They said it was done. The next month they sent me a bill for 49p...then the next month the same..etc for the last 12 months - will I be collecting defaults or anything stupid on this 49p? Just haven't been bothered to call and sort it yet...)

As for the rest of this thread, I got £5k limits in my job straight out of uni, now (a couple of years out) I probably have 20-30k on the go (ones I haven't bothered closing yet) - and tend to get larger limits all the time. And as for stoozing, it's not really that much effort when you think about it. Even if it only makes you £50, that's £50 for probably half hour's work over the course of a year / 15 months...And helps your credit file too... Which sounds more than fair to me.