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Is stoozing and credit rating building mutually exclusive?

I'm building a good credit file. I was in an overdraft for 3 years straight; I've had no defaults for two years now and had credit cards for one year. Credit rating (although unauthoritive): 793.

That is my first priority. Money-making comes second.

I have two credit cards, total limit of £4,300. If I stooze at less than 50% of the credit limit, make minimum payment +£1, and do a little bit of spending/paying off so the balance fluctuates:

Can I stooze and continue increasing the number above simultaneously?

Replies

  • rb10rb10 Forumite
    6.3K Posts
    I've had no defaults for two years now

    Do you mean missed payments, or actually defaults?
    I have two credit cards, total limit of £4,300. If I stooze at less than 50% of the credit limit, make minimum payment +£1, and do a little bit of spending/paying off so the balance fluctuates:

    Can I stooze and continue increasing the number above simultaneously?

    Shouldn't do any damage, provided you make the minimum payment each month.

    Stoozing can actually improve your creditworthiness, as future lenders can see that you are able to keep within the conditions of the account.

    I don't believe there's any need to 'do a bit of spending/paying off so the balance fluctuates' - not sure what you think this will achieve?
  • grandplonkergrandplonker Forumite
    109 Posts
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    Forumite
    1. No missed payments or defaults. Overdraft has not been used whatsoever.
    2. Another poster said a human credit assessor (eg mortgage application) will detect stoozing; automatic credit searches usually cannot.

    A note on the Experian website also says 'use max 25% for credit limits'.
  • Experian_company_representativeExperian_company_representative Organisation Representatives - Private Messages may not be monitored
    2.1K Posts
    Part of the Furniture Combo Breaker
    Forumite
    The lower the better but <25% is rewarded through Experian scores.

    James
    Official Company Representative
    I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to [email protected] This does NOT imply any form of approval of my company or its products by MSE"

    Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen
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