Stoozing success

miller

YorkshireBoy wrote:

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.

There is another hidden advantage of this. If your credit rating is "destroyed" then if anyone hijacks your identity, they are not going to get very far :-).

Jaybone_2

YorkshireBoy wrote:

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".

Good on you! I can't understand those people who say it's too much hassle to make money for nothing! We've been stoozing for just about a year now and have made over £2k so far. Easy money! I told all my friends about it ages ago, but not one of them has bothered to do it. In the meantime, our stoozing has paid for two very nice holidays! I intend to keep going as long as I can, though I admit it's getting harder now, with so many cards charging for transfers and credit limits being less than generous. Even if it now fizzles out, I feel very satisfied that we've had a good run for our money - or, more correctly, a good run for their money!

bloaty

peoplesrepublican wrote:

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!

Can you please send me a copy of your spreadsheet etc.

Regards

Bloaty

lush_walrus

Ok all you stoozing people, I have a question for you. I already have a Virgin card that Ive transfered the money from to my bank account it has about 5 months left on it. Ive just been offered a further card form A&L with 6 months 0% balance. Can I transfer from A&L (as far as I know its part of the same MBNA group) to my bank account, or do I transfer it to my Virgin card and then to the bank or what...Sorry Ive tried to understand this stuff, but frankly its well over my head!

sloth

lush_walrus wrote:

Ok all you stoozing people, I have a question for you. I already have a Virgin card that Ive transfered the money from to my bank account it has about 5 months left on it. Ive just been offered a further card form A&L with 6 months 0% balance. Can I transfer from A&L (as far as I know its part of the same MBNA group) to my bank account, or do I transfer it to my Virgin card and then to the bank or what...Sorry Ive tried to understand this stuff, but frankly its well over my head!

assuming you already have your card you should be able to transfer the balance to your current a/c, although be aware they (mbna) may charge a fee for this so ring to ask before you do the balance transfer

if by saying you have been offered a a&l card you mean you have not actually been accepted for one, be careful as mbna seem to be limiting people to only one of their cards at any one time

lush_walrus

sloth wrote:

assuming you already have your card you should be able to transfer the balance to your current a/c, although be aware they (mbna) may charge a fee for this so ring to ask before you do the balance transfer

if by saying you have been offered a a&l card you mean you have not actually been accepted for one, be careful as mbna seem to be limiting people to only one of their cards at any one time

Sorry wasnt very clear, an A&L card has been sent through to me but i havent activated it yet, so really I was just wondering whether it is a card I can transfer directly into my bank account or whether it needs to go through my virgin card and into my bank.

sloth

lush_walrus wrote:

Sorry wasnt very clear, an A&L card has been sent through to me but i havent activated it yet, so really I was just wondering whether it is a card I can transfer directly into my bank account or whether it needs to go through my virgin card and into my bank.

yes it is a card from which you can transfer cash directly to your bank account, however like i said in my previous post they may charge a fee for this so make sure you phone to ask them first.

Tracyk_2

Does it tell you on the form if they will BT to a bank account or do you need to ask?

Tracyk_2

Also - even if they charge a fee - does the interest gained not cover the fee anyway?

lush_walrus

Ive BT from A&L to my account, and they do charge a fee fixed at a top rate of £35. My credit limit on the card is £15,000 for 9 months so Im pretty sure that the interest earned will cover the transfer charge (unless I have totally missed something!).