Applying for multiple cards

loxie

Hello. I'm completely new to this forum and to stoozing but I like the idea. I wondered if someone with a bit more experience could help me with a quick point. I don't have any personal debt of any sort and have always just paid off CC's by DD. I have applied for a large credit limit on a new CC with 0% balance transfers to use for stoozing. I have had a provisional yes. I have also applied for a 0% on purchases card. I was wondering if, having made 2 applications in a very short space of time it was wise to make some more and see how much 0% credit I can acquire or if I would be better off waiting a bit before making further applications? Any help greatly appreciated.

Superscrooge

I would leave it for a couple of months before applying for any more.

Suddenly applying for lots of credit in a short space of time makes lenders nervous.

msallen

If you don't have any existing CC debt what are you going to use the BT card for?

Kendall80

If you are stoozing you will want to make the most of each interest free period. For instance; applying for a single long 0% purchase card - filling it early with 'normal' spending or any necessary big purchase you have in mind (I bought a car). Then putting it in the drawer - make only minimum payments for the 0% term, get another 0% card and do the same thing again. When the 0% expires either pay off balance and pocket the interest or balance transfer to a 0% low/no fee card.


As for making too many applications - I wouldn't overly concern myself with that. Like many i've a sizeable balance on mine now yet I still keep getting offers with large limits. I think 11 cards will suffice for now! If it helps - TSB and Barclaycard have offered me the highest limits, followed by Tesco and Nationwide.


This kind of stoozing/card cycling is only for those well organised enough not to make mistakes such as missing a payment or 0% expiry date. It would only take an error or 2 to wipe out any gains. Impulse buyers would also be best advised to give it a miss. The kind of offers i'm seeing of late leads me to suspect we are entering a new age of irresponsible lending. Personally I like to ensure that any credit used is backed up by cash in high interest instant access accounts so all cards can be payed off immediately should it become necessary.

mrs_T

msallen wrote: »

If you don't have any existing CC debt what are you going to use the BT card for?

You don't need existing "debt" to start stoozing. Basicly the two other methods are "slow" where you get a 0% on purchases card and put all spending on it while putting the matching money in the bank or "fast" where you get a 0% balance transfer card and transfer a non existent balance from a card you know will refund overpayments to your bank account. I've done it with Barclaycard and others say MBNA do it.

loxie

Thanks for your replies, much appreciated.

[Deleted User]

TBH I don't give a stuff about credit reference agencies and their made up scores so if in the mood I just go for broke with stoozing.

Then again I don't do debt, mobile contracts, PCP, loans etc

Recenty another offer came along, even though I thought I was I was at my 'personal limit' and bingo another tidy sum.

Also, if they ask how high a credit limit you want just be cheeky.

In doing this for say 10 years I've only ever been rejected once

I moved house twice in my stoozing time with no issue though I did reduce how much was stoozed.

Tis a time of free money

In fact I no longer call myself a stoozer, i'm becoming my own central bank

It's nice to have lot's of cash sloshing about to take advantage of all the high int current accounts, 6% reg savers etc...

Just don't spend it