Would Stoozing damage my credit rating?

SteveSilva

I'm thinking about starting stoozing, my savings account is the Kaupthing Edge now ING (anyone know if that rate of 6% or so is fixed?), I have to get a new card which will allow 0% on purchases. I was thinking about paying my mortgage of £1000 by using my card and save that £1000, Of course I have to pay the minimum payments.
So my question is that would this ruin my credit rating, relying on my card to pay the mortgage.
Also next September my fixed rate deal expires and I wouldn't want to mess up my credit rating when I try to get a new deal.

Any thoughts???

Mutton_Geoff

Yes it can but perhaps not with one card. My credit rating was perfect before I stoozed, I don't have any other debts, house owned outright, good salary etc but have been declined new cards in the last few months (Amex cashback etc) but then again, I did get 10 cards in a short space of time.

Any

I don't think one card can damage your rating.
I even think that by proving that you can manage your payments of debts well, it can show the lenders that you know what you are doing.
Though I don't only pay the minimum payment, I alway pay slightly more.. Like the minimum is £9.50 so I will pay £15...
But the question is, can you actually pay your mortgage by card, or are you plannning to go for super balance transfer card?

noh

SteveSilva wrote: »

I'm thinking about starting stoozing, my savings account is the Kaupthing Edge now ING (anyone know if that rate of 6% or so is fixed?), I have to get a new card which will allow 0% on purchases. I was thinking about paying my mortgage of £1000 by using my card and save that £1000, Of course I have to pay the minimum payments.
So my question is that would this ruin my credit rating, relying on my card to pay the mortgage.
Also next September my fixed rate deal expires and I wouldn't want to mess up my credit rating when I try to get a new deal.

Any thoughts???

You will not be able to pay your mortgage with a credit card.
The KE account pays 4.55% AER.
http://www.kaupthingedge.co.uk/our-products/interest-rates.aspx
Suggest you don't start stoozing until you are clear about what you are trying to acheive and are certain that you will make a profit.

Nigel