Stoozing website back up and running

Clariman

I am delighted to say that https://www.stoozing.com is back up and running with the full text and lots of new information. I wrote the original text as the Stoozing FAQ on The Motley Fool and then teamed up with Stooz to create Stoozing.com. Stooz has done the hard work on the website. Hope you find it a useful resource.

Of course, closer to home on MSE, there is also Martin's excellent Revenge article which outline Stoozing too.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,

Happy Stoozing. Please feel free to submit feedback, ideas, issues etc via the feedback option on stoozing.com

Clariman

waterbaby

Thank you Clariman.

I'm thinking about how to get into this - most cards either only pay another credit card, or want to know what you will do with the money.

I currently have only one card, which I have had for over three years, and paid off in full, in time, every month.

Couldn't I get around this by transferring the balance on it to an 0% card, and then the money that I have put aside to pay off the balance would be my stoozed money, in effect.

Then could i keep paying off my main card with my 0% card every month, up to my limit? This wouldn't need credit searches presumably, once my account was open? I would put the money aside of course, not spend it.

Anon

Thank you for the interesting site - I wondered though as this does not appear to be in the guide - is it better to close a few cards at the end of their 0% before applying for more (keeping Egg for transfering money to the current account), or better to put the current cards on your application form to indicate that you want to transfer these balances (therefore trying to get a better limit)?

I included my current cards on an application for CitiBank platinum - I was sent a normal Citi card with a low (< £5k) limit, and with the same information, was turned down for a Halifax card as they said I had too much debt compared to my salary, therefore would option 1 have yielded better results? Or indeed, would paying off the card but keeping them open, then applying for new cards a month or so later (when the balance is shoiwing on the credit file at £0) make any difference?

Many thanks

Anon

Anon

Waterbaby - you could apply for a 0% purchase card (such as Sainsburys - 0% for 12 months) and pay the minimum each month while paying the remainder into a highinterest account so that you earn interest each month and then pay back at the end.

The other alternative is to get an Egg card (or others - check discussions) as you can transfer this straight into a bank account - I understand that the maximum they will give is a £15k limit but this can then go straight into a high interest account for the duration (6 months). The other benefit of Egg is that once you have this, it has other offers (another 5 months from the anniversary) and can be used as the 'mule' to get money from other 0% cards into your current then savings account.

I only started in October but have succesfully obtained 6 cards, plus my wife 2 - I am now needing to hold off for a while as I have probably overdone it and have had a rejection and a low limit in the past month (was trying to get cards to roll the earlier 'debt' over but looks like I will now have to pay off 2 of the cards at the end of this month.

Anon

waterbaby

Sainsbury's card looks good at 12 months 0% for purchases. I think I will do that, seeing as I don't have any sizeable balance to transfer. There is a choice between the standard and the platinum, the only real difference I can see is that the platinum guarantees you a 3500 limit. I don't know which to go for...

I got my current card when I earned 14k and lived with my parents. Now I earn 20k and am the joint owner of a house. I have never paid anything late or incomplete in my life, and the mortgage lender said we both had excellent credit.

My current card has a limit of 2250, but I can't remember ever spending over £500 on it in a month. I think I would like a limit on my new card of 5k. Would bringing the limit on my current card down help to maximise my new limit (assuming i was accepted of course)?

The other major decision is do I go for raspberries, blackcurrants or oranges on the card.

Bargain_Rzl

Waterbaby,

It's worth going for the platinum one. As you say, I think the only difference is the credit limit. If they don't want to give you the platinum card they are likely to give you the ordinary one anyway.

waterbaby

Hi guys,

I rang up Sainsbury's, using the freephone number on saynoto0870 and not the 0870 from the website :T , and found that I will be considered for standard if I don't measure up for platinum.

The online application form asks for my bank account details, but they are not compulsory.

Will it improve my application if i give my bank details?

Anon

Yes - in these circumstances I cannot see how you not giving bank details would help get the card! I have kept a bank account open purely so that if asked how long have you been with your current bank I can answer honestly 17 years . I haven't used it as my main account for about 5 years but that wasn't the question (I don't know if they are checking loyalty or stupidity with the question ie to see if you have been daft enough to stay with the same bank rather than getting a better deal).

Anon

t_i_g_e_rr

Some people think that having one or two cards with a clear balance is good. This is because your credit file then says that you have not used your entire available credit limit, hence looking desperate for credit. However, you may also be turned down if your overall available credit limit is too high, so cancelling is a good strategy. If you keep a cashback card for spending, and an egg card (once you've used it's 0%, since it is so great for stoozing) clear, this might do the trick. Look at this for more advice: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1098274211,85485,

Galstonian

Anon wrote:

this does not appear to be in the guide - is it better to close a few cards at the end of their 0% before applying for more

RTFM springs instantly to mind...

(xiv). Once you have paid off your original cards, ask the card issuers to close the accounts and ask them to inform the credit reference agencies of the closure.

Anon

RTFM - thanks Galstonian but that wasn't my question - what I meant was is it better to pay off the credit card completely, close then apply for a new one, or apply for a new one looking to balance transfer then close? (NB - Assuming that I have an Egg card or MBNA to transfer into my current then savings account ).

Anon