Is there a limit to Stoozing

Proletariatstruggle

Hi,
I’ve been stoozing on 0% cards for years now, with savings interest now up from historical lows it’s really starting to pay. 

My question is this,
Is there a limit on how much you can get away with stoozing before the banks start declining you new cards?
 

I currently have around £12k over 3 0% cards. 

This is making about £600 p/a or £50 a month which is lovely, but I want to push it further. 

My main spending card the 0% runs out in December so I will need to be thinking about getting a new one at some point. 

I’m slightly concerned that with £12k of what they see as card debt they may decline. I have seen my credit rating drop slightly recently due to the card debt. But it’s still pretty good. 

My gross Salary is about £50k. I’m assuming this is a big factor in what they will offer. 

kempiejon

The limit is how much credit you can get from lenders and how much you can switch out into savings accounts.
Way back I had a lot more than £12k stoozed but pickings were slim for quite sometime.
I have ramped up recently taking out 4 new cards and using existing customer deals.
I have a multiple of my salary available in credit and have more than I earn stoozed now. That multiple was bigger 20 odd years ago

born_again

The limit of your available credit limit.

Then you are down to if companies will offer any 0% deals.

Proletariatstruggle

kempiejon said:

The limit is how much credit you can get from lenders and how much you can switch out into savings accounts.
Way back I had a lot more than £12k stoozed but pickings were slim for quite sometime.
I have ramped up recently taking out 4 new cards and using existing customer deals.
I have a multiple of my salary available in credit and have more than I earn stoozed now. That multiple was bigger 20 odd years ago

That’s very useful to know thanks. 

Surprised they let you have more than your salary stoozed. I guess the banks are ever hopeful that they will be able to start charging you about 30% interest at some point. 

This does potentially open up a bigger opportunity for me because I’ve got a relatively small mortgage that’s on a tracker……

kempiejon

Proletariatstruggle said:

Surprised they let you have more than your salary stoozed. I guess the banks are ever hopeful that they will be able to start charging you about 30% interest at some point. 

This does potentially open up a bigger opportunity for me because I’ve got a relatively small mortgage that’s on a tracker……

I got my first credit card and proper job aged about 20, my 2nd and third cards followed fairy quickly and within a few years my wallet had more than my annual income. Roll that forwards a decade or more with automatic increases a few more applications and my pushing it to get stoozing and I had perhaps 5 or 6 times salary total credit limit. I always pay on time, generally have a small percentage of my total credit utilised.
I have had several multiples of my annual income available credit for most of my experience so that's normal to me not surprising.
If you've got a small mortgage absolutely stooze some if the numbers stack up; but wind down your stoozing minimum of a few months before even looking at a new mortgage. I re-mortgage in 12 months and will be clear in 10 months.

daivid

As others have said the limit is personal and unique. Logic doesn’t always apply (or isn’t comprehendible). Over nearly 10 years of stoozing I've had good and bad times for CC offers, sometimes for clear reasons other times nothing that can be understood. I view stoozing as a 'make hay when the sun shines' activity: take what you are offered and make the profits. Though always make sure you can pay off at the end of a deal if no further offers come and if an important credit application is looming, e.g. mortgage, consider backing off for 6-12 months prior.

ZeroSum

I'm sure there's been cases of someone with an £80k stooze fund. I managed to get upto about £30k before they dried up. Then paid a couple off when offer ended, dropping stooze fund to about £20k, then started getting offers again

Fingerbobs

I'm currently ticking along at £48k spread across 5 cards, but now out of fee-free BT options, so can't increase (I never bother with cards that charge BT fees). 

ussdave

Fingerbobs said:

I'm currently ticking along at £48k spread across 5 cards, but now out of fee-free BT options, so can't increase (I never bother with cards that charge BT fees). 

How many fee free options are there on the market?  I feel like I've probably not looked hard enough as I'm only aware of Natwest/RBS...

surreysaver

ussdave said:

Fingerbobs said:

I'm currently ticking along at £48k spread across 5 cards, but now out of fee-free BT options, so can't increase (I never bother with cards that charge BT fees). 

How many fee free options are there on the market?  I feel like I've probably not looked hard enough as I'm only aware of Natwest/RBS...

Nationwide do one for 1.5% for members, which is close to fee-free 

ussdave

surreysaver said:

ussdave said:

Fingerbobs said:

I'm currently ticking along at £48k spread across 5 cards, but now out of fee-free BT options, so can't increase (I never bother with cards that charge BT fees). 

How many fee free options are there on the market?  I feel like I've probably not looked hard enough as I'm only aware of Natwest/RBS...

Nationwide do one for 1.5% for members, which is close to fee-free 

Interesting.  That does sound quite good