Applying for multiple cards

1457910

Comments

  • 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?
    :DLady G:eek::mad::rotfl:


    Life is too short to be serious all of the time. So, if you can't laugh at yourself, call me - and I'll laugh at you!:money::money:
  • SuzieSue
    SuzieSue Posts: 4,095
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Forumite
    . 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
    SuzieSue Posts: 4,095
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Forumite
    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
    SuzieSue Posts: 4,095
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Forumite
    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
    SuzieSue Posts: 4,095
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Forumite
    ben166 wrote: »
    Experian Credit score – Excellent (999)



    Please update this thread to let us know what your credit score is in 3 months' time.
  • 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
    SuzieSue Posts: 4,095
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Forumite
    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.
  • 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.
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • 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
    SuzieSue Posts: 4,095
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Forumite
    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.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards