Stoozing success

peoplesrepublican

Hope this is the correct forum.

A year ago today I began my stoozing plan. I tried to get friends interested but they thought it was too much hassle. Well I have just been paid out by cahoot, and added to the interest from my ISAs I have made just over £1,000!

Too much hassle? Don't think so. Plus I must admit to quite enjoying all the spreadsheeting I have had to do to keep track of my cards & accounts.

Hopefully my success will encourage others who aren't sure whether or not it's worth the bother. If anyone wants the spreadsheet I use you're welcome to a copy, just PM me. If you want me to list the cards I have used so and what credit limits I got, let me know and I'll post up the info.

An added bonus is that instead of paying car & home insurance on DD like I used to, incurring a charge, this year I have lent myself the money out of the stoozing pot - of course it all gets tracked in the spreadsheet!

Cheers!

fatboyonadiet

Same here - thought it was a hassle but isn't once the ball get's rolling! I'm tempted to apply for more cards but it's too son from my last 2. Going to use my stooze pot to pay off a loan soon me thinks, once I've sorted the car insurance.

Stoozing is for some people but not for others - those that are bad with money and end up in debt usually.

lush_walrus

Something I keep meaning to get into, but I actually thought it was all over now with the balance transfer fees, probably I am missing something!!!!

fatboyonadiet

You can still get a few cards without fees, or sometimes get the fees reduced or not charged, sweet talking goes a long way! Virgin would be your best starter, higher credit limits helps to counteract fees.

thaylock

I have just started my stoozing plan, & guess what, I have tried to encourage my friends to do the same thing & they are saying it's too much hassle, amazing. All I can say is more fool them.

YorkshireBoy

Mrs YB and I only started in March this year, and have 8 cards between us already.

Our ING interest for July will be £234. Allowing for a diminishing stooze pot as minimum payments are made, I reckon we'll still make around £2.5K over the next 12 months.

Like others have posted, my friends and family say it sounds just too much hassle and wonder why I do it? I think £234 a month net profit is as good a reason as any!;)

Yes, you have to be meticulous and highly organised. Yes, you need to sort the DD's and the final payments. Yes, it's very "busy" until the first round of DD's have been taken. But, after that, it's 6/9/12/18 months of "plain sailing".

Laurenbelle

Is there a Stoozing for dummies post anywhere? I am so interested in it from readind all your posts but need to see if i have what it takes ! Thanks in advance!

Robert_Sterling_3

I have told other members of the family and also friends.
Too much hassle they all say.

System

I would love to start stoozing but i aint got the bottle.:mad:

YorkshireBoy

Laurenbelle wrote:

Is there a Stoozing for dummies post anywhere? I am so interested in it from readind all your posts but need to see if i have what it takes ! Thanks in advance!

Some reference material...

1/ Martins articles in the blue box above (or access through the yellow "credit cards" box to the left of this screen).

2/ https://www.stoozing.com (sponsored by Martin Lewis).

3/ https://www.fool.co.uk (probably a bit too advanced for the beginner)

You will be excited by the possibilities, but spend time reading up on "the risks" as stoozing can seriously damage your credit rating. I'm reasonably happy with it "destroying" mine, mainly because I already have in place my last re-mortgage deal which will tide me over until my house is paid off in 18 months. ie I have no need for major credit in the foreseeable future.

Good luck.

Phonix

quidco.com may be of great help to us in regards to Balance transfer fees.

because these guys offer a very high rate of cashback, once the financial cashbacks come back online (they're concerned about FSA regulations atm) in many instances I expect the cashback earned will cover for example a £20 cost of a transfer.