Applying for multiple cards

LadyGMadameToThee

I've never heard of stoozing today and I've always considered myself to be a bit economically literate about stuff like this but I think I ndersand what stoozing is and I would like to give it a go. Does it impact heavily on your credit rating because you've made multiple applications at once?

SuzieSue

LadyGMadameToThee wrote: »

. Does it impact heavily on your credit rating because you've made multiple applications at once?

Yes, it did on mine, so don't do it if you intend to get a new mortgage or re-mortgage.

SuzieSue

ben166 wrote: »

Hi all




I thought I might share my experience with my latest bout of multiple applications:


Credit cards BEFORE applying for multiple: (nil balances on all as I had recently completed on the above mortgage)


Card and limits:


Barclaycard - 13,000


BA Amex – 12,000


Tesco clubcard CC – 13,000

Why didn't you close these before applying for a the BT cards?

SuzieSue

ben166 wrote: »

AFTER (additional cards obtained to the above) All on 0% BT deals – using MBNA card as the mule card for money transfers:


TSB – 9,500


Amex preferred gold card (charge card)


Barclaycard platinum – 4,000


Lloyds bank – 3,000


Bank of Scotland – 3,000


Halifax – 3,500


Tesco clubcard CC (2nd) – 3,500


HSBC BT card – 5,500


M&S BT card – 2,000

Do any of these have BT fees?

SuzieSue

ben166 wrote: »

Experian Credit score – Excellent (999)

Please update this thread to let us know what your credit score is in 3 months' time.

The_Urbanite

I've joined in the stoozing game. I effectively slow stooze, as I only deal with 0% purchases cards rather than balance transfers to avoid paying fees. I have the following cards pretty much maxed out at 0%;

Barclaycard - £22k
Amex - £12k
Creation - £5k
AA - £5k
Tesco - £3.5k

What's the best way to retain the stooze pot, without having to drain the cards again?

SuzieSue

The_Urbanite wrote: »

I've joined in the stoozing game. I effectively slow stooze, as I only deal with 0% purchases cards rather than balance transfers to avoid paying fees. I have the following cards pretty much maxed out at 0%;

Barclaycard - £22k
Amex - £12k
Creation - £5k
AA - £5k
Tesco - £3.5k

What's the best way to retain the stooze pot, without having to drain the cards again?

There are lots of no fee 0% balance transfer cards on the market, most for at least 24 months. Look on MSE for the details.

DeterminedSingleMummy

Wow so much great info on here. I slow stoozed on 0% purchases and then use 0% fee free BT when the first 0% finishes so I've never paid interest to any credit card company. I've never really kept track either what interest I've made from them. I hope companies will keep giving me BT Cards so I can prolong my stoozed as long as possible.

I have been using the stoozed money to over pay my mortgage (and therefore saving interest) and then putting the money back into the stoozed pot at a later date so when the 0% ends the money is there just in case I can't balance transfer.

The_Urbanite

SuzieSue wrote: »

There are lots of no fee 0% balance transfer cards on the market, most for at least 24 months. Look on MSE for the details.

Thanks - hope I can cover the lot when the time comes!

SuzieSue

The_Urbanite wrote: »

Thanks - hope I can cover the lot when the time comes!

It depends how much you earn. You have a lot of credit already so you are less likely to get high credit limits on future applications.