Student Snoozing and Credit Limits

St8_2

Hey all,

Ok so I thought Id have a go at this stoozing game and I applied for Egg Money and been accepted.

I have already set up a high interest saving account for other savings with Bradford and Bingley. I managed to get the 6.4% internet savers account before they stopped it.

Before I go any further I just wondered what kind of credit limits are available on these cards with 0% interest? Baring in mind im a student with little income. I only want to do snoozing if im going to be able to build up a decent stooz pot and make profit of more than £1000 a year.

After just applying for Egg Money I realised being a student I may have very little credit limits with the credit cards and it wont be worth the hassle.

Are any students currently stoozing with 0% credit card and willing to tell me their credit limits?

Thanks in advance for any help. :-)

pmorrison_2

Hi St8,

I think that a £1000 profit is going to be fairly difficult to get, Ive not stoozed myself, but in order to make £1000 at interest of 6.4%, you need just over £15000. Thats assuming that you are paying no tax on it, which I expect you probably would, taking it down to maybe 4.8% or something, leaving you with £720 profit.

Im not 100% certain Im right but I dont think its far off.

Hope that helps a bit

YorkshireBoy

In order to make £1,000 per year (gross @ 6%) you'll need an average stooz pot of over £16,000.

Allowing for minimum payments, and delays between cards, you're probably going to need to be stoozing £20K most of the time - and that's without factoring in the effects of BT fees, which will probably raise this to £30K or so.

Given that you have "little income", I'd say your stoozing career might be over before it's even begun...unless you're willing to lower your target a little.

Clariman

YorkshireBoy wrote: »

In order to make £1,000 per year (gross @ 6%) you'll need an average stooz pot of over £16,000.

Allowing for minimum payments, and delays between cards, you're probably going to need to be stoozing £20K most of the time - and that's without factoring in the effects of BT fees, which will probably raise this to £30K or so.

Given that you have "little income", I'd say your stoozing career might be over before it's even begun...unless you're willing to lower your target a little.

I was thinking much the same thing. In addition, I would have thought that £1000 would go quite a long way for a student!

Clariman

johnllew

My son is at uni and while there has made more than £1k a year at stoozing using a combination of int-free overdrafts (4) and credit cards. He doesn't seem to have a problem getting cards despite working only during holidays.

Make the most of your circumstances when calculating income for CC applications. Certainly any grant, parental contributions and earnings can be used and it is arguable that your student loans are "income" as they are monies available to spend whilst at uni.

St8_2

Thanks for your feedback. I was thinking of taking advantage of a couple of int-free overdrafts like your son too. As well as counting my student loan.

It may be debatable that it's income by some, but to the banks I don't think it is a problem as it's real money that they can use to calculate whether I will be able to pay back the credit they give. With this and my job I don't think i'll need to worry about credit limits as much, though I think I will lower my aims from £1k to around £500.

gozaimasu

Wow lucky you - the only credit card I was able to get was one that was linked to my student account with a very small credit limit of £500. All other credit card application I made were rejected. No stoozing for me then

mike_wall15

At the credit card company I work for we offer a very small limit to low income people, and being a student is the next level down. We offer £400 I believe. Other places may be different though.

The best way to make money for a student is not through credit cards, but through student loans and interest free overdrafts. They'll be no handling fees on these, so just chuck the money straight into a tax free savings account.

Mike