Stoozing is a false economy - cost to credit rating

System

If banks were making that sort of return sharbing, you'd think their shares would...

System

Hmm, apparently the betting shops don't like sharbing and restrict your ability to do so, I suppose they want to hog that for themselves, it looks like it involves using a physical bet shop which isn't up to date, which means you're limited in scale with this and risk having the bet rejected. I file it under "too much like hard work".
Own shares in the bookies= easier,
but even that doesn't look particularly compelling

KukiNoki

Pay safe is mantra, do it but not to the extend you find yourself declined for another sort of credit.

skatersrus

Dont have the need to borrow money from bank for a while.

Stoozing is revenge for me. In my 20s I got into a bit of CC debt. I was paying quite a bit of interest. I made it my personal vendetta to get as much money back from the banks as possible.

nic_c

skatersrus wrote: »

Dont have the need to borrow money from bank for a while.

Stoozing is revenge for me. In my 20s I got into a bit of CC debt. I was paying quite a bit of interest. I made it my personal vendetta to get as much money back from the banks as possible.

So long as you ensure you can pay the money back, e.g. stooze it into an easy access savings account. Some people think stoozing is using up a 0% and then keep transferring it when deals end and come unstuck at some point when they can't get another card to cover the balance and unable to pay the debt as they've spent it and not saved it.

schiff

I've taken the decision to give up on stoozing. For the usual reasons - very little on offer and the % charge on the stooze. But it also appeals as a means of tidying my finances.

Over the past 10 years I've had nine credit cards for both reasons - stoozing and minimum repayments on spending. I've cancelled two and tried to cancel a third - but they hit back with a fee-free 6 months BT, which I accepted of course! That and another credit card balance I'm paying off by the end of the year. Two I don't use. Two more mature in May/June next year and the last one in July 2021.

The only card I will consider until then is a fee-free minimum repayment on spending card.

I never bothered with credit scores, I've never bothered calculating the amount of money I've made with the unpaid balances but apart from the money in my trouser pocket every penny has been earning interest in banks etc - 1% to 5% - so it's likely to be a fair amount.

All down to MSE as is pretty much everything financial in my life.

Ben8282

schiff wrote: »

I've taken the decision to give up on stoozing. For the usual reasons - very little on offer and the % charge on the stooze. But it also appeals as a means of tidying my finances.

Over the past 10 years I've had nine credit cards for both reasons - stoozing and minimum repayments on spending. I've cancelled two and tried to cancel a third - but they hit back with a fee-free 6 months BT, which I accepted of course! That and another credit card balance I'm paying off by the end of the year. Two I don't use. Two more mature in May/June next year and the last one in July 2021.

The only card I will consider until then is a fee-free minimum repayment on spending card.

I never bothered with credit scores, I've never bothered calculating the amount of money I've made with the unpaid balances but apart from the money in my trouser pocket every penny has been earning interest in banks etc - 1% to 5% - so it's likely to be a fair amount.

All down to MSE as is pretty much everything financial in my life.

Perhaps you should go to the main credit card forum and advise those individuals there who claim to be stoozing massive amounts and making lots of money from the interest thet they get from putting the money in savings accounts and claim to be obtaining new 0% cards with high limits to continue their stoozibng of this opinion which I agree with.

Fingerbobs

I also 'decided' to stop Stoozing a couple of years ago, but the temptation to continue was too great, and I'm now back up to a c. £30k pot.
So much for simplification

surreysaver

Ben8282 wrote: »

Perhaps you should go to the main credit card forum and advise those individuals there who claim to be stoozing massive amounts and making lots of money from the interest thet they get from putting the money in savings accounts and claim to be obtaining new 0% cards with high limits to continue their stoozibng of this opinion which I agree with.

Define massive.

schiff

Fingerbobs wrote: »

I also 'decided' to stop Stoozing a couple of years ago, but the temptation to continue was too great, and I'm now back up to a c. £30k pot.
So much for simplification

It's a drug, isn't it?