Stoozing and Credit Impact

Tom_Hendo

Hi All

I am currently stoozing with 2 cards and intend to take them towards their limits. 

Before any upcoming credit scenarios (Mortgage fix term comes to an end etc) I will pay these cards straight off. Now I understand this will only reflect 30-40 days later on credit report for utilisation, but does anyone know how long it would take to almost have no impact on credit score and return to normal. I have seen people quote 3-6 months before, just wonder if anyone has any actual experience. 

I also realise banks don't use exact credit score, but I Think they would take credit utilisation into their considerations so credit score is a good indicator if nothing else. 

MorningcoffeeIV

No, it's not a good indicator. It's a hugely unreliable indicator, if nothing else. If you want to maintain your score, keep the debt.

Lender criteria will vary but they will all look at your last 6 years.  0% promos don't have the same impact as interest bearing debt. Six months of not carrying a revolving balance will help allay concerns that you're dependent on credit, as long as your general credit management is ok.

pecunianonolet

I am stoozing with 5 CC and 4 Cards are maxed out to their respective limit and cash was taken via 0 fee money trasnfer offer of a 6th card. Card no 7 is a slow stoozing interest free purchase card, although only a short 6 months term so they get it all back at the end of the term. Card 8 is my main card I usually use and pay back in full but currently low usage as I max out the purchase card.

This together with a couple of current account openings (for switches, bonuses, cashback) dumped my Experian rating (info via MSE Credit Club) from "Excellent" to "Poor". My overall credit limit is ca. 20% above my annual salary. Current total utilisation across all cards is 45%

Expected the sharp dump as all was opened in a rather short time frame but also expecting it to gradually go back up in 3-4 months time when each card had their 3-4 minimum payments and utilisation level goes down a bit as well as full repayment of the purchase cc debt in full.

My credit rating is not of particular importance to me at the moment and no larger applications e.g. mortgage are on the horizon.