How much credit can you have?

Mr._H_2

PasturesNew wrote: »

I have no credit that I'm aware of. I've never tried to get any.

Not even an overdraft facility? Doesn't that set you up for unauthorised overdraft fees if something unexpected happens?

PasturesNew wrote: »

I don't know how it all works and don't expect to either.

Tis easy! Why say no to free money? (As in, if you don't use credit at the moment that clearly implies that you live within your means - a good thing. So get a 0% card and stooze - hey presto, free money! You still only spend money you have, but the trick is that you put the money in a savings account to earn interest before paying it back to the CC company).

As I have a low income and am a student, the size of the stooze pot available to me is limited but for a couple of years I easily made £800 a year out of free money from banks and CCs. Of course it's harder now with savings rates being so low.

Swans1912

Mr._H wrote: »

Not even an overdraft facility? Doesn't that set you up for unauthorised overdraft fees if something unexpected happens?
.

I agree, We had AMEX take out £3K of our account by mistake, without our small OD facility the OH would have been unable to withdraw money which she needed unexpectedly!

getmula4

johnllew wrote: »

On credit cards? My wife and I have over £180k in credit limits on cards but have had as much as £400k+.

Wow john, we are in the same boat. My wife and I also have about £170 in credit limits on cc cards but have almost £370+ LOL:beer:

kingkano

Mr._H wrote: »

So you had several times your annual income available as unsecured credit? :eek: Somehow I don't think the banks would let that happen at the moment. Well, not for a few years, at least Give it a decade or two and they'll probably be back to their insane ways. With decent savings interest rates and a stooze pot of 200k I wouldn't need a job!

Think again. I have twice my income 'available unsecured credit' currently. I was also just approved for a new barclaycard which has given me a limit of almost half my stated income on top.

Credit crunch doesn't seem to apply if you are a good credit risk and in a solid position financially, IMHO.

NickX

kingkano wrote: »

Credit crunch doesn't seem to apply if you are a good credit risk and in a solid position financially, IMHO.

Yeah, but even the most savvy stoozer is going to be struggling now with the drops in interest rates that we are suffering :mad:

kingkano

NickX wrote: »

Yeah, but even the most savvy stoozer is going to be struggling now with the drops in interest rates that we are suffering :mad:

That depends entirely on their situation. I have a fixed rate mortgage @ 6%. I wanted fixed for stability. Its fully flexible so I can pay my stooze money in and get 6%+ (for some reason it works out about 6.5%) savings :beer:

True I am paying over what alot of others are paying but that was my choice to take a fixed rate. Stoozing helps me still pay a reasonable payment anyways, and I know its not changing for 9 more years :T

looby-loo_2

Mr._H wrote: »

So you had several times your annual income available as unsecured credit? :eek: Somehow I don't think the banks would let that happen at the moment. Well, not for a few years, at least Give it a decade or two and they'll probably be back to their insane ways. With decent savings interest rates and a stooze pot of 200k I wouldn't need a job!

Yes indeed we did, it was quite ridiculous!

Numpty_Monkey

spam reported