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The valley of death - seek advice on 0% spending cards stoozing, offers drying up, what to do next?
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Do any of you have available credit more than your annual income, and how did you manage it without lying on your application forms?!
Yes, I've just added it up and my total available credit is about 150% of my annual income. Never lied about this. No idea how I did it, other than slowly taking out cards over more than a decade and keeping my actual utilisation quite low at max 25%?
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Over time, I find many credit card companies will increase your limit, thereby causing your total limit to increase to more than your income
I consider myself to be a male feminist. Is that allowed?0 -
Mine just kept upping them, I don't turn them down but equally don't apply for increases
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Interesting! So, @Nasqueron and @surreysaver is your actual credit utilisation quite low, like @sillyusername and others? For every card, or are some maxed like I have?
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My total across all cards is 25% but I have ~29% on one, 76% on one and ~44% on one. Obviously when I do a BT it's higher
I have 3 empty cards and a daily spend which is typically 10% max. Currently there are no particularly good offers for the empty ones but I keep them open for the yougov finance bribe as we cannot change the accounts on there
I am sort of semi-stoozing as I am paying down the cards to clear them rather than shifting the balance forever while holding the offset money in savings
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I have several multiples of my salary in available credit, I have 2 cards with large %ages and a few more with zero so I'm using well under 25% total but those 2 cards are stoozed balances. In fact very soon I'll be taking 95% of my limit on a currently unused card offer 3% for 20 months to do a new BT to my mule card and strip the cash out to a flexible cash ISA. Before flipping part of that to a S&S ISA for ~£200 cash back.
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No, as they'll all tend to offer 0% offers, which I take advantage of if the fees are worth it
I consider myself to be a male feminist. Is that allowed?1 -
I do that too. They will then keep sending warnings that I am close to my credit limit! Presumably the warnings are computer generated and automatically sent out.
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Santander just shows it in the app as a colour of the balance (brown-ish) to say you are near, 76% or something and it goes green!
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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They have to send warnings, otherwise you'll get those who complain they weren't warned when they go over their limit
I consider myself to be a male feminist. Is that allowed?0
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