Getting Started

AllyBallyBean

I'd be very grateful for a bit of advice on getting started. I thought I'd understood it all; applied for a cc LTSB with 6000 limit. Did a test transfer of £500 to my FD Visa Card, but!

Problem 1. I now have a credit balance on that card and when I try to move it to my lovely new e-ISA the computer says 'no'. At least it warns me that there's a 2% charge for cash transactions. The nice lady at FD explained that this was to discourage people moving money in and out of their cc - a lot of it going on apparenlty!

Problem 2. I also previously requested another 5,000 to transfer from LTSB to FD Visa - which is greater than the credit limit on that card (so obviously not a kosha credit transfer from their point of view). I think they picked that up because the transfer was refused and the nice man at LTSB said he wasn't sure why but there was a letter in the post to me :eek:.

Is there a set of idiot proof instructions somewhere.
Is there a list of cards where I can transfer in with no penalty?
Am I now on a black-list of stoozers?
Is it worth requesting a different bt from LTSB or will they be 'on to me'?
Does this type of activity affect credit ratings?

What it suggests is that cc companies are happy to lend at 0% only if they can catch people with too much debt to pay it all back.

Some beginners advice would be very welcome.

Very interesting site, though. I'm determined to get it right. Thank-ye.

YorkshireBoy

AllyBallyBean wrote:

Some beginners advice would be very welcome.

It's best to get this before you start.

You need an SBT card to get money from credit cards into a current account, and on to the stooze pot - but more importantly you need it quickly before the 6 week BT window runs out on your LTSB card.

However, I'd suggest lots of reading up first is the best way forward for you, so...

Click the following links in the blue box above your first post...

'Stoozing'
'Balance Transfers'
'Super BTs'


More information at...

https://www.stoozing.com/full.htm
https://www.stoozing.com/0fees.htm
https://www.stoozing.com/cards.htm


I'm sure there will be many stoozers on here who'd be interested in the content of your letter from Lloyds.

AllyBallyBean

Whew! Thanks very much for the advice. What a plonker to jump in without checking first. I've just applied over the phone for the Egg Money card which was accepted - so the plastic will follow. Presumably that will be my SBT card and I'll use it as a 'mule' for other cards. Hopefully I won't have screwed up too much with LTSB if I do another BT request.

They (Egg) also offered a 0% visa card which I didn't bother with - do you know if that's an SBT too?

Many thanks for the advice -- I'm reading through the 'how to do it' links more carefully now.

A.