Can a student stooze?

mephisto_2

I am a student who takes advantage of betting offers, casino offers and poker offers. I have yet to take advantage of CC offers which is the only thing left.

I applied for an egg card stating my income as £5k and have a limit of £1k. I could probably increase this stating a higher income but I have no way of proving this

Is this even possible for someone on such a low income? Will it hinder my future (mortgages etc) by applying for cards. What limits do you need to overcome the fees of BTing?

YorkshireBoy

mephisto wrote:

I applied for an egg card stating my income as £5k and have a limit of £1k. I could probably increase this stating a higher income but I have no way of proving this

Sorry, this bit is not clear. Do you draw a salary of £5K, or did you just "state" that you do? If the latter, this is fraud and may hinder your chances of future credit if Egg (can Egg?) put this info on your file!

mephisto wrote:

Is this even possible for someone on such a low income?.

To do what? Take advantage of credit cards? [Edit: just re-read your thread "title" - it's about stoozing isn't it?] Yes, providing you can manage this "DEBT".

mephisto wrote:

Will it hinder my future (mortgages etc) by applying for cards.

Proof that you have managed "debt" and made regular payments will show that you are a good/low "risk" and should enhance your credit worthiness. However, so will having a (long-standing) current account, being on the electoral role, having a long employment history, and having a good salary, etc. Finally, having a LOW debt/income ratio is the best position to be in (especially if relatively young) prior to applying for a mortgage.

mephisto wrote:

What limits do you need to overcome the fees of BTing?

I'll be blunt here! In a stoozing or balance transferring sense, if you don't know, or can't work it out, then maybe you're not quite ready for this stoozing activity - nobody can answer this without knowing more details. eg How much is the BT fee? Is it capped, or a straight percentage? What interest rate are you getting on your stooze pot? How much interest will you lose in transit? etc, etc. Have you read all Martin's articles and checked out this forum? What about https://www.stoozing.com?

mephisto_2

YorkshireBoy wrote:

Sorry, this bit is not clear. Do you draw a salary of £5K, or did you just "state" that you do? If the latter, this is fraud and may hinder your chances of future credit if Egg (can Egg?) put this info on your file!

I have 'earned' about £10k from casinos/betting/poker/interest so far and it said to estimate you total income. None of these I can prove apart from bank statements but it is an income. I asked this question when I applied and was advised that all forms of income should be included.

I guess you need around £3-4k limits to even get profitable due to BT charges but was looking for advice

grumbler

mephisto wrote:

I am a student...What limits do you need to overcome the fees of BTing?

I guess you need around £3-4k limits to even get profitable due to BT charges...

Student? :rolleyes:
Well, for small limits available you will pay about 2% for BT. If you don't pay taxes you can get about 5% from stoozed money. As a result for this parameters you need 12*2/5=4.8 months to get even. For 6 months 0% period you can earn just about 0.5%, for 9 months - 1.75%. Not a lot. Substantially less than you make from 'casinos/betting/poker' ...

Phonix

Substantially less than you make from 'casinos/betting/poker' ...

Yes but there is a huge difference in terms of effort involved.

deemy2004

The card companies would be nuts to give a poker player a bank roll. effectively flushing their money away...

You could try calling them and raise it with the dealer, though be straight about your income and Don't go over the top of him ! If its a flop, draw a line under it and muck the idea

P.S.

What u doing playing poker online till 4am ! U should be busy studying !

mephisto_2

deemy2004 wrote:

The card companies would be nuts to give a poker player a bank roll. effectively flushing their money away...

You could try calling them and raise it with the dealer, though be straight about your income and Don't go over the top of him ! If its a flop, draw a line under it and muck the idea

P.S.

What u doing playing poker online till 4am ! U should be busy studying !

Could you get any more puns in there?