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I think I get this
millsmum
Posts: 216 Forumite
in Credit cards
Sorry to be painful, but need some advice.
I have just ordered my credit report on my 30 day free trial from experian. I have just clicked about stoozing! I have quiet a few credit cards all with nothing on them. I will have to cancel them all and start again?
what i was hoping to do was use the capital to offset against my mortgage. I have just been offered £10500 on an amex card!, which is not offering 0% but I was impressed with the limit.
will i gain enough to make this worth my while? I have a 91k mortgage at 5.25% I just can't do the math. will it depend on how much i can borrow?
I have just ordered my credit report on my 30 day free trial from experian. I have just clicked about stoozing! I have quiet a few credit cards all with nothing on them. I will have to cancel them all and start again?
what i was hoping to do was use the capital to offset against my mortgage. I have just been offered £10500 on an amex card!, which is not offering 0% but I was impressed with the limit.
will i gain enough to make this worth my while? I have a 91k mortgage at 5.25% I just can't do the math. will it depend on how much i can borrow?
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Comments
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Think you have come into stoozing a little late,transfer fees and mainly 6mths,it was good in the old days.All sorts of factors determine your credit limits-income---outstanding debt £10500 looks good ,but who knows,depends on the lender,Martins article will give you an indication .
No calculation possible because need to know who is going to lend you 0%
and how much,but it might be worth a try ,watch that you do not damage your credit score[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
I think I will probaly give it a miss. I am always a bit late on these things. I just want to pay my mortgage off early without having to work too hard.0
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Well you are in the very best place,easy just keep logging on,it will happen. Please do not let me discourage you.look at https://www.stoozing.commillsmum wrote:I think I will probaly give it a miss. I am always a bit late on these things. I just want to pay my mortgage off early without having to work too hard.
Take care[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
For your information, the Stoozing website has an Offsetting Guide.
The advantage with offsetting is that your 'equivalent' interest rate is much higher than you would otherwise get in a savings account stooz pot. For a basic rate tax-payer with a 5.25% offset mortgage, this equates to 6.56%. For a higher rate tax-payer, the figure is 8.75%.
I believe you need 30% of your mortgage in your offset savings account to make it work. Check out the Mortgage board on this site.0 -
how do you get to know so much.0
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There are some very wise people on these boards. I learn from them.millsmum wrote:how do you get to know so much.0
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