Slow stoozing - next steps 9 November 2014 at 9:49PM in Stoozing: free cash from credit cards 2 replies 2.1K views

iazcac

Hi,

I have an offset mortgage and have been slow stoozing for the last few months on a Santander card.

I am now approaching the credit limit of the card (have DD set up for minimum) and have the full balance in one of my offset aaccounts. There is over 12 months til end of 0% and I decide next steps - pay off /BT

Am thinking about getting another card and repeating exercise and have a few questions:

- will I be able to secure another 0% card with a good credit rating as technically I have a 10k credit record?

- will my ability to remortgage be affected by having two (or more) "maxed" out credit cards even though I will have full balance in my offset account

Thanks
C

YorkshireBoy

The answers to both your questions are 'possibly'. Without knowing your income(s) and other financial circumstances nobody here can answer your questions with any degree of certainty.

Someone else in a similar situation with Santander here...

http://forums.moneysavingexpert.com/showthread.php?t=5103765

If you're in exactly the same situation, ie it's a 1-2-3 card, then you ought to consider that approach instead of another 0% on purchases card due to the cashback available as well as 0% on purchases.

jamesd

Whether you can get another card depends on the scoring of that card issuer and your income and other circumstances. It's likely.

It will have an effect on a remortgage application because the cost of debt repayment is normally deducted from available income when working out affordability. However in the case of stoozing some lenders would be willing to disregard stoozing debt if you explain what it is. Other lenders would disregard the savings entirely and just treat it as debt.