Will all this stoozing affect my credit rating?

splatt30

Right I currently have

- First direct card recently opened near maxed with 0% BT until July 2011
- Tesco card which I normally use for all spends and clear in full each month
- Virgin card recently cleared at end of BT offer

Now virgin are offering 0% on purchases (made before June 30th) until Nov and Feb depending on value of spend. Started using this as small slow stooze.

Today offered by Virgin 0% on BT until March. Now I have a big sum on Tesco card which I was going to clear but now debating transferring. The stooze calculator suggests I'd make £106 from this.

My question is though will having all this "debt" affect my credit score. (I don't really think of it as debt as I could clear it all tomorrow if I wanted to.) I was planning on applying for Sainsburys card in July/August for slow stooze but not sure if adding to my already apparent debt would reduce likelihood of being accepted.

What do you think?

CannyJock

Yes it will - have a look at the article on the stoozing site on risks

http://www.stoozing.com/risks.htm

On the up side, the positive repayment history counts in your favour.
On the down side, your current commitements will count against you - remember that anyone doing a search on your credit report doesn't see your savings

splatt30

Thanks Cannyjock. As I thought.

Have been stoozing (though with lesser sums) for 6 years and thus far have had no problems getting any credit. I don't NEED any more credit at the moment. My stooze all offsets our mortgage. As I am due to go on maternity leave later in the year any interest saved will help reduce our monthly outgoings while I'm on reduced salary. Hence, the increased stooze at the moment. Think I will do the further BT.

So a further question. If I do then apply for the Sainsburys card and am rejected due to high level of apparent debt, how much of an affect does that have on my credit rating?

CannyJock

splatt30 wrote: »

So a further question. If I do then apply for the Sainsburys card and am rejected due to high level of apparent debt, how much of an affect does that have on my credit rating?

Temporary effect for 6 months - you can basically make 1 application every 3 months without the search having any real affect on your credit rating.