How much free credit have you got?

pauljoecoe

Just wondering how much O% credit people have managed to accrue. I hadn't really worked it out until recently but we (my wife and I) have £55000 on 0% purchases and £15000 on balance transfers. (2% and 2.69% fee).

This offsets my mortgage and funds various savings accounts.

Would be interesting to know how far banks would go in lending like this.

Thrugelmir

How are you going to unwind this position?

a&akay

Can't top that. We've got £60k with now just less than £40k in the joint Stooze pot after having paid off the minimums rounded up to the next nearest £ over the life of the 0% deals. After maxing out on her Clubs and TSB Pluses, the balance including our real savings is in her 3 x 123s, all at 3% gross as she's never paid tax. We've no mortgage now so can't use that route.

I found there was a distinct tightening of credit via declines and paltry limits for both of us a few years back but now seemingly freeing up a bit. I recently got £13.6k at 4% fee from MBNA for cash transfers till Nov 16 and she got £8k at 2.99% till Apr 17 on a Barclaycard, her highest ever. This paid off our cards at the end of their 0% life. I haven't been higher since an Intelligent Finance of £15k many years ago now.

I prefer closing accounts after the 0% end date rather than accepting the seemingly unending 0% offers at 2.99% fee we both keep getting by letter. This seems to work better in Stoozing terms in more recent times.

pauljoecoe

Thrugelmir wrote: »

How are you going to unwind this position?

Not sure what you mean by that. I have an offset mortgage which due to savings/0% credit cards has a nil balance at the moment. However, I still pay the £800 pm into it and it will be paris off in 5 years.

I make all the minimum payments on the credit cards until the o% period runs out and then pay the balance off from savings.

If I total all my credit card debts and against my savings/ and return my offset mortgage to its proper position I still have a positive balance of £30K or so. So no problems there if that is what you meant.

Anyway, I hope to never 'unwind' the situation. when one card finishes...find another! Has worked for more years than I can remember.

and yes, I close accounts on unused cards once the interest free period has finished.

Thrugelmir

pauljoecoe wrote: »

Anyway, I hope to never 'unwind' the situation. when one card finishes...find another! Has worked for more years than I can remember.

Has your crystal ball seen the future? Change is on it's way. In what form we'll have to wait and see.

bsms1147

Thrugelmir wrote: »

Has your crystal ball seen the future? Change is on it's way. In what form we'll have to wait and see.

If and when stoozing no longer becomes profitable, the OP will probably stop, and apart from their mortgage you could argue they aren't in debt. Asking them how they may 'unwind' their position gives the impression you feel they are in a pickle at the moment.

YorkshireBoy

pauljoecoe wrote: »

Just wondering how much O% credit people have managed to accrue.

At my stoozing peak a few years ago, approaching £80K (and total credit limits of well over 3x salary).

These days, just over £4K and entirely from slow-stoozing activities.

A combination of BT fees, low savings rates (all my high interest current accounts are full), and an offset mortgage which is 100% offset with my own money, are the reasons I can't make fast-stoozing work at the moment. Very frustrating to have a £25K Virgin limit and not be able to use it!

[Deleted User]

None, as I don't have any Cards.

pauljoecoe

Bedsit_Bob wrote: »

None, as I don't have any Cards.

Why on earth are you browsing and commenting on this forum/thread then?

pauljoecoe

bsms1147 wrote: »

If and when stoozing no longer becomes profitable, the OP will probably stop, and apart from their mortgage you could argue they aren't in debt. Asking them how they may 'unwind' their position gives the impression you feel they are in a pickle at the moment.

Exactly. Aside from a smallish mortgage whcih costs a fraction of our combined income I have no debts. If things change so be it. I'll just pay off the cards.

Fruit_and_Nut_Case

pauljoecoe wrote: »

Why on earth are you browsing and commenting on this forum/thread then?

Possibly hoping to learn something of value, at a guess.