Where next? 0% ending, pay off the card with the Stooze then...

CumbrianWolf

0% ending, do I clear the Stooze to help me get another card?

[FONT=&quot]Hi All,

I’m looking for some advice on how to move forward from my situation.

Unfortunately last year I ‘bought a car’ by private sale and it turned out to be stolen and the documents all very good forges (fooled the police at first) and I lost the car. I’ve had to stick with mine rather than being able to sell it. Up shot is it put my several thousand in the red.[/FONT]
[FONT=&quot]Rather than tie myself to a loan I managed to in effect transfer the debt to some 0% interest ‘All rounder cards’ and I’ve not had to penny more as of yet.[/FONT]

[FONT=&quot]In an attempt to recoup a small amount of my losses I have been stoozing about 6,000 off these cards, this is shown below. However in two months my M&S Card 0% is up.[/FONT]

[FONT=&quot]there is a table at[/FONT][FONT=&quot]
[/FONT]
[FONT=&quot]Obviously I need to pay off the card as the interest will outweigh the gain from the stooze. However I would then like to get another to allow me to continue the Stooze/other card perks and allow me to play the credit card shuffle when the Halifax or RBS 0% is up (i.e. pay off with stoozed money rather than be force transfer a balance and the associated fee)[/FONT]

[FONT=&quot]I’m unsure what choices I have leave me in the best position to apply for another card. Do I clear the M&S card and keep it open or clear and close it and the virgin card., this would dramatically change my utilization but also available credit.[/FONT]

[FONT=&quot]I hear card companies are nervous of giving an individual too much more than half their annual salary – mine is just over 30k[/FONT], likewise not liking people who are usin a lot of their utilisation.

[FONT=&quot]Below is how two options would look[/FONT]

see another table at

[FONT=&quot] Greatly appreciate any financial advice anyone can give or personal opinion/thought.

Alternatively would it likely I could get a long balance transfer card which would take approx 8k and I forget about stoozing/trying to avoid balance transfer fees all together
[/FONT]

vns

No offence, but looking at your debt and salary, I'd be scared to give you any more credit taking into account your current debt.

It's slightly unclear from your description, are you a home owner with a mortgage? What is your rough age? Stability of your job? These things are likely to effect the level of credit you can get.

Also, did you buy the stolen car on a credit card? If so, you might want to look into "Section 75".

CumbrianWolf

vns wrote: »

No offence, but looking at your debt and salary, I'd be scared to give you any more credit taking into account your current debt.

It's slightly unclear from your description, are you a home owner with a mortgage? What is your rough age? Stability of your job? These things are likely to effect the level of credit you can get.

Also, did you buy the stolen car on a credit card? If so, you might want to look into "Section 75".

Apologies late reply. I am now not such a newbie so I have been able to post the images/tables above (your not alowed to when new on here!)

I am a homeowner with a mortgage, aged 30, stable job been doing since school.

Regards being 'scared to give me extra credit' remember I cant pay 6,000 of the current liabilities with the stoozed money leaving me approx 7,400 on two cards. My example jsut shows paying of the M&S card and leaving a bit in the stooze kitty unless I'm best using it to reduce the utilisation on the other cards


Regards the car, unfortunately it was a private sale with cash - there is not comeback. The true owner regained possession of the vehicle.

CumbrianWolf

I would greatly appreciate anyone else continued thoughts advice or other options. I feel i need to plan this as it will take a while to make the decision show on my credit file.

CumbrianWolf

anyone? please