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Arrghh stoozing missed opp

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seatbeltnoobseatbeltnoob Forumite
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I'm a slow stoozer. use purchase offers to spend on daily shop and stash away the cash into savings.


Managed to rack up a meagre 12K over 1 year 7 months.


I've maxed out the cards I had, 2 cards were dormant and just had their minimums paid (so they have £800, £600 unused credit still on promo). The current one is maxed out with just £100 left on it.


I applied for a new card and only got a £1500 limit on it :mad:


Going on holiday in December so have a chance to really rack up the stooze put and now I can't use it/


Shall I got back to some of the original 2 cards and spend the £800/£600 on them? The promotion ends for the in September 2020 onwards.
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  • abz88abz88 Forumite
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    I am assuming the £1500 is because your credit check will be showing you have two close to maxed out cards already? You could try paying at least one off and asking for a credit increase on the new one? Other than that, either using up the remaining £800/£600 is likely your best bet.
    Could you try and get a balance transfer card with 0 fees and then max this out?
  • seatbeltnoobseatbeltnoob Forumite
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    it varies, some banks want to increase their balance sheet of creditors and give better offers. My 4 cards with limits as it stands.


    4.5K, 3.5K, 6K, 1.5K


    I wont put too much meaning on the 1.5K limit. I just have to wait 2 months before applying for a new card.
  • edited 5 October 2019 at 5:39PM
    Ben8282Ben8282
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    edited 5 October 2019 at 5:39PM
    Your limits overall do seen to be on the low side. The lowest limit I have on any card is actually higher than your highest limit. Most individuals who stooze £12k have total available credit of much more than £15.5k. 77% utilisation is not good.
    I am guessing that the very low limit on the new card is due to the overall high % utilisation.
    Can I ask how profitable your stoozing is for you at the current time? How much interest has your stooze earned you? If this stooze has now been going on for 1 year 7 months, then the promotional periods can't be that far away from coming to an end. In terms of future credit card applications and the credit limits that you are likely to get, I think the time has come when you need to think about actually repaying the cards. With a high % utilisation and the end of the promotional periods not too far away, lenders will be becoming concerned that you may not be in a position to repay and will find yourself in the position of having to service quite a bit of interest bearing credit card debt.
  • abz88abz88 Forumite
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    How confident are you that you'll get a higher credit offer in a few months? With your cards already on low limits and maxed out (unless you have another higher limit non-stoozing card?) is it realistic to assume you will be getting much higher credit in a couple of months?
    As Ben8282 has pointed out, is it not worth paying back some of the credit to incease your chances of a new card with decent balance?
  • seatbeltnoobseatbeltnoob Forumite
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    jeepjunkie wrote: »
    Apologies if I missed this in the thread but have you applied for 0% BT cards so you can hang onto your stooze pot?


    Current rate of 2% (fixed), 1.45% instant access does not make BT withwhile as you'll get 1-1.5% fee on BT.



    I have the money in the savings account ready to pay the card back on the last month of the promotional rate so I wont get hit with any interest.


    I didn't realise how low the limits on my cards were relatively speaking.


    I suspected I shouldn't be going over 50% of the credit limit on the cards, but the advice I once got on the stoozing forum was that the card sshould be maxed out, and they just pay off minimums per month until you get to the last month of the promotional rate and then just pay them back in full fast. I should have gone with my gut. Because the way I have been doing it looks like the classic case of a guy living beyond their means.
  • edited 9 October 2019 at 8:20AM
    adindasadindas Forumite
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    edited 9 October 2019 at 8:20AM
    I'm a slow stoozer. use purchase offers to spend on daily shop and stash away the cash into savings.

    Managed to rack up a meagre 12K over 1 year 7 months.

    I've maxed out the cards I had, 2 cards were dormant and just had their minimums paid (so they have £800, £600 unused credit still on promo). The current one is maxed out with just £100 left on it.

    I applied for a new card and only got a £1500 limit on it :mad:

    Going on holiday in December so have a chance to really rack up the stooze put and now I can't use it/

    Shall I got back to some of the original 2 cards and spend the £800/£600 on them? The promotion ends for the in September 2020 onwards.

    What you need to realise is that you are not stoozing, but you are using a credit card to rack up the debt. Some people here on MSE are using a nice word of stoozing, debt consolidation to cheat themselves where in fact they are racking up debt to the uncontrolable level. Based on many stories here on MSE, the op route is recognisable route or recipe for a debt spiral.

    A stoozer shall clear the balance first when the interest is about start to bite to prepare more room for the next cycle of stoozing before apply for a new card.
  • edited 9 October 2019 at 9:02AM
    vacheronvacheron Forumite
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    edited 9 October 2019 at 9:02AM
    adindas wrote: »
    What you need to realise is that you are not stoozing, but you are using a credit card to rack up the debt. Some people here on MSE are using a nice word of stoozing, debt consolidation to cheat themselves where in fact they are racking up debt to the uncontrolable level. Based on many stories here on MSE, the op route is recognisable route or recipe for a debt spiral.

    A stoozer shall clear the balance first when the interest is about start to bite to prepare more room for the next cycle of stoozing before apply for a new card.

    I think as long as the OP has the funds to clear the entire balance in an accessible account (which they say they do in post 7) then I would still consider this stoozing.

    The problem I find with paying off cards and re-applying is the inability to carry a decent sized consistent balance in your accompanying savings pot as you have to clear down the pot and then "ramp up" the pot in line with the new card balance all over again. Plus you need to wait a couple of months for your credit file to reflect the secured debt reduction caused by the removal of the old card before re-applying.

    For this reason I prefer to hold purchase cards near to my limit and then balance transfer across at 0% "if" I can. Closing the expired cards as I go to release some more available unsecured credit for new card applications.

    In the OP's case, I think that based on their limits and the latest limit "could" reflect a reduction due to the credit they already have, however I have also had cards with inexplicably low limits followed immediately with applications which resulted in cards with limits 10 times larger.
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  • edited 9 October 2019 at 10:14AM
    seatbeltnoobseatbeltnoob Forumite
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    edited 9 October 2019 at 10:14AM
    adindas wrote: »
    What you need to realise is that you are not stoozing, but you are using a credit card to rack up the debt. Some people here on MSE are using a nice word of stoozing, debt consolidation to cheat themselves where in fact they are racking up debt to the uncontrolable level. Based on many stories here on MSE, the op route is recognisable route or recipe for a debt spiral.

    A stoozer shall clear the balance first when the interest is about start to bite to prepare more room for the next cycle of stoozing before apply for a new card.


    Are you thick? This is a stoozing board. All the money plus interest for all the credit card "debt" is in savings account. They can be repaid back at no notice.


    Edit: I just reread the OP and it was pretty clearly on the first what I'm doing.


    I'm a slow stoozer. use purchase offers to spend on daily shop and stash away the cash into savings.
    Further explanation, "stash the cash away into savings" means all the credit card debt has an equal amount in an instant access savings account. Although on a general forum this would be quite ambiguous, given it's a stoozing forum I would have thought it's perfectly clear what that means.
  • edited 9 October 2019 at 6:23PM
    adindasadindas Forumite
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    edited 9 October 2019 at 6:23PM
    Are you thick? This is a stoozing board. All the money plus interest for all the credit card "debt" is in savings account. They can be repaid back at no notice.
    .

    How many stoozing cycles have you done by calling other people thick ?? I have done three cycles of stoozing with stoozing pot of about 30k-40k each all of them are either £0 or very low BT fee. I still have half of the balance on my third stoozing cycle.

    You have been having the balance of 12K over 1 year 7 months, ans as another person has said then the promotional periods can't be that far away from coming to an end. You acknowledge that 1.45% instant access does not make BT worthwhile as you'll get 1-1.5% fee on BT. It makes me wonder why do you still apply for a new Credit Card ?? In fact someone who calls another person thick is complaining about only getting the limit of £1,500 tell a lot of story.

    Yes this is a stoozing board but did you read them carefully ?? A real stoozer do not need to rack up the balance / debt on their credit card to perform stoozing if they know the secret way of doing that.
  • edited 10 October 2019 at 9:08AM
    seatbeltnoobseatbeltnoob Forumite
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    edited 10 October 2019 at 9:08AM
    adindas wrote: »
    You have been having the balance of 12K over 1 year 7 months, ans as another person has said then the promotional periods can't be that far away from coming to an end. You acknowledge that 1.45% instant access does not make BT worthwhile as you'll get 1-1.5% fee on BT. It makes me wonder why do you still apply for a new Credit Card ?? In fact someone who calls another person thick is complaining about only getting the limit of £1,500 tell a lot of story.

    I said what I said, because you haven't read the thread, both posts make it clear I'm stoozing and this is also the stoozing board. But you just took it up on yourself to assume that I'm just spending on credit and get on your high horse and talk down to "the plebian stoozers who just get them self into debt".

    I'm not doing money transfers. I do slow stooze method because I don't want to give a single penny to the banks and money transfer has a 1.5% rate typically. In intend to pay off the card on the last month of their respective promotional rate. I'll apply to new cards on new 0% purchase offers.

    My plan is to get £20K balance (salary is 30K)


    Edit: 0% fee 0% interest balance transfers never existed before. But it seems that there are loads now.


    Still hesitant about it, I know it's a extremely rare scenario. But I remember on the general CC board, a credit card company screwed up a balance transfer. They didn't credit the recipient account and debited the amount from the new card. The OP did end up taking a significant financial hit as they were paying interest.
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