Stoozing

cjw

Hi,

I have been using credit cards for 3 years that gives 12 - 18 months free spending. So when I get a new card, I buy the expensive items that I need and put it on the card. Then use the card as normal every month and pay what I've spent off every month (well over the minimum amount), but leaving the balance from the expensive items on. A month before the interest free period is up. I pay the whole balance off.

Does what I do have any effect on my credit rating that could cause me problems? It's just I've been turned down for a mortgage and my credit score rating is 999 Excellent, as I downloaded it last night. Last month I paid the balance off my credit card, but the credit record is still showing it as a "debit" as it hasn't been updated yet by the credit card company.

Apart from my current mortgage, I don't have any other debt. Why it is 999, is because I've searching for insurance and for some reason the insurance companies search the credit file.

I'm mainly concern about credit card snoozing and if it effects my credit rating.

Thanks

Thrugelmir

Many reasons for being declined for a remortgage. Post on the mortgages board with some more information regarding your circumstances.

cjw

Thrugelmir wrote: »

Many reasons for being declined for a remortgage. Post on the mortgages board with some more information regarding your circumstances.

Thank, but I'm wondering if credit card snoozing affects credit rating tho?

p00hsticks

cjw wrote: »

Thank, but I'm wondering if credit card snoozing affects credit rating tho?

I think the word you are looking for is 'stoozing'

http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards

Eonel

cjw wrote: »

Thank, but I'm wondering if credit card snoozing affects credit rating tho?

Yes it does affect your credit rating. You credit record will show you are running significant credit card balances. What is not shown on the credit record is that you are only running these balances because it is cheaper/more profitable than paying it off.

It is unadvisable to stooze ( or snooze ) when applying for a mortgage.

cjw

Eonel wrote: »

Yes it does affect your credit rating. You credit record will show you are running significant credit card balances. What is not shown on the credit record is that you are only running these balances because it is cheaper/more profitable than paying it off.

It is unadvisable to stooze ( or snooze ) when applying for a mortgage.

Thank you very much for this information, I now know what I'm going to do. Just stop using credit cards for stoozing and even stop using credit cards, as I thought I was doing the right thing.