How much does the average stoozer make?

kemo_2002

Hi eveyone, how much on average do you make per yr from stoozing?

Im just looking into it for first time, i am married and have combined income of around 2.5k per month (hubby embloed & im self employed)

look forward to the results :j

vacheron

I'm benefiting to the tune of just over £700 each year by stoozing about 21k over 2 cards and holding the cash against my offset mortgage @ 3.49%

kemo_2002

vacheron wrote: »

I'm benefiting to the tune of just over £700 each year by stoozing about 21k over 2 cards and holding the cash against my offset mortgage @ 3.49%

oh excellent, im looking to start, just dont know where! i guess we spend around 600-700 a month

MallyGirl

very similar story here - I got out of the habit for a while when Egg stopped letting me transfer to my current account for no fee but I am back in the game again.

kemo_2002

MallyGirl wrote: »

very similar story here - I got out of the habit for a while when Egg stopped letting me transfer to my current account for no fee but I am back in the game again.

Could you give a newbie a bit fo advice where to start?:j

ricky_v

kemo_2002 wrote: »

Could you give a newbie a bit fo advice where to start?:j

Simply apply for a 0% on purchases credit card, use it for all your purchases, pay off the min +£1 every month, put the amount you've spent on the card that month in a savings account. Repeat until you're near the limit, then just service the card by paying the min +£1 every month. When it gets close to the end of the 0% period either;

a) Balance transfer to a new 0% card, and carry on with min +£1 payments on that.
b) Use the "savings" to pay the balance off in full before interest is charged. Close the card, wait until it shows up on settled on your credit file, then start all over again.

kemo_2002

ricky_v wrote: »

Simply apply for a 0% on purchases credit card, use it for all your purchases, pay off the min +£1 every month, put the amount you've spent on the card that month in a savings account. Repeat until you're near the limit, then just service the card by paying the min +£1 every month. When it gets close to the end of the 0% period either;

a) Balance transfer to a new 0% card, and carry on with min +£1 payments on that.
b) Use the "savings" to pay the balance off in full before interest is charged. Close the card, wait until it shows up on settled on your credit file, then start all over again.

thanks

is there a thread on best deals?

also, should you do one at a time, me & my husbands credit rating is reaally good so dont want to tarnish it!

Also, how can you get to stooze 10k, is it that they give your a certain limit and you get offered more,i cant imagine everyone gets offered a 10k limit!

YorkshireBoy

kemo_2002 wrote: »

is there a thread on best deals?

There's an entire website for stoozing!...


www.stoozing.com

also, should you do one at a time, me & my husbands credit rating is reaally good so dont want to tarnish it!

Carrying debt, especially large stoozing debt, will affect your credit rating negatively.


However, on the upside, the ability to demonstrate managing high credit limits and balances over the long term will offset this somewhat (in my experience at least).

Also, how can you get to stooze 10k, is it that they give your a certain limit and you get offered more,i cant imagine everyone gets offered a 10k limit!

No they don't, but they may get offered more than one card...which is how most people build high balances these days, since fast stoozing, ie using money transfers, is far less profitable since the introduction of circa 4% fees.

ricky_v

Take a look at http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards the longest is 18 months at 0%.

There's no reason to have more than one as long as you keep track of payment due dates, when the 0% runs out, etc for each one (spread the applications out!). What matters to the companies as well as passed miss payment, etc, is your amount of unsecured debt and/or access to unsecured debt to your income. For example my stooze pot used to be a shade under £5.5k on one card on a £16k salary. When it came to apply for a Tesco 0% BT card which charged nil fees they annoyingly only gave me a limit of £750 (I wanted to BT £5.5k to keep the stooz going!), and Aqua (for it's cashback) gave me a £250 limit. It was obious I was nearing the end of what they would consider a sensible amount of unsecured "debt" in relation to my income, and would probably start to get rejected soon after for new cards.

scoly

kemo_2002 wrote: »

Hi eveyone, how much on average do you make per yr from stoozing?

Im just looking into it for first time, i am married and have combined income of around 2.5k per month (hubby embloed & im self employed)

look forward to the results :j

I don't think anyone makes money specifically out of stoozing do they?

They can just avoid losing as much.

That's a very important difference.

MallyGirl

fair point - I pay around £700 less on mortgage interest than I otherwise would.