Newbie Stoozer

maxim1

I am looking to start my first stooz at the end of the month after finally paying of a big debt, I have virgin and egg cards which I uesd to pay the debt off. The 0% bt on the Vigin card ends on the 14th of this month and the egg card has finished also

What I want to know, should I close these accounts for future stoozing or at least keep one open for mule purposes.

I have also just opened a new card with First Dirct, (Gold Card) , now i know I shouldnt have but its too late. How will this effect my chances when applying for other cards in the near future.

My idea is to apply for as many cards as possible

open an abbey e-saver direct 6.75 % for 12months

Use the egg or Virgin card as a mule, if not apply for MBNA Platinum + which I believe suits the criteria for bt

any suggestions or comments welcomed

sicker

Opening as many cards as possible is not as easy as you appear to think. I fear you may be greatly disappointed in the replies you get from your many applications. Applying too often and too soon does a lot of damage to your credit rating but having said this may I wish you the very best of luck.

John

Steve1981

Applying for loads of cards will in the long run have a negative effect. Either you will start getting knock backs, or those that are prepared to offer may offer lower limits and less preferencial rates

maxim1

whats the recommend number of cards to apply for, I was thinking of max of 5 applications in one go.

Has any one got any views on my previous comments about my virgin and egg card

CannyJock

maxim1 wrote: »

whats the recommend number of cards to apply for, I was thinking of max of 5 applications in one go.

Has any one got any views on my previous comments about my virgin and egg card

Egg Card or Egg Money? Which card do you have?

If Virgin balance is clear, hold onto card then contact them and see if they have any deals before jumping in to cancel. Read this article Clariman wrote: http://www.makesenseofmoney.co.uk/a_extend.html

If you've not already checked, most of the answers you're looking for are on: www.stoozing.com

Correct that lots of application in a short period won't help your credit rating. Few standard recommendations that one new application every other month won't do too much harm - and if you blitz your applications then you will need a cooling off period. I got 5 in January and 3 in February so it can be done. Who you apply to makes a difference too, you need to plan out who you'll apply to and when to spread out your applications and have an idea what your balance transfers will be between.

At the end of the day, you'll know when you've hit your limit because you'll get nothing but refusals. You'll then need probably 6 months for your rating to improve if I've done my homework properly.

EDIT: You might need a wait until the recent large debt is updated as settled on your credit report.

Anyone else got any thoughts?

maxim1

All Thanks for the replys.

Cannyjock, I have an Egg Card, and thanks for the links.

I will definatley try and extend the 0% bt on the virgin card.

I did sign up to the forum on stoozing.com, from the lack of replys I gussed the information was on the site.

I do understand that too many applications will damage my credit score, but from your advice, if I plan it carefully I should be ok.

I was going for Tesco, MBNA Platinum +, Mint and Sainsbury.

I just need to clarifiy the Mule card

Bokkens

maxim1 wrote: »

whats the recommend number of cards to apply for, I was thinking of max of 5 applications in one go.

Has any one got any views on my previous comments about my virgin and egg card

You can apply for several cards without a problem just be selective about who you apply too and you are more likely to be accepted, if you apply for ten cards completing the applications poorly with inaccurate information you will drag out the application period and likely have to field a lot of calls from the CCC.Honestly and accuracy is best.
I have had eight cards accepted this month it is more to do with your payment record and the ability to repay the money you borrow,although I think Virgin spotted I wanted it to stooz with.
Unless your Virgin /Egg card is at 0% you cannot use it as a mule card as the interest rate will be to high.If you can get them back into a 0% period you can use them,Mint,Abbey,A&L are also mule cards but have to be at 0% to make money.
Good luck.

maxim1

What can i say, I am now stoozing, thanks to CannyJock i contacted Virgin to see if they would extend my 0% bt promotion which they replied they could not do, but they could offer me another 12 months 0% bt with a limit increase up to 15.5k from 7.8k with a 1% fee

I took it stright away but I was only allowed to transfer up to 95% of the CL which is now on its way to my current account cost 146 pounds once deposited i will transfer into the newly opened instant access Kaupthing Edge savers account 6.5%.

I will run this for a couple of months just to see how I handle the dynamics of the payments and what not, before I apply for any more cards.

CannyJock

Nice one, thank Clariman though, he wrote the article

General tip for new online accounts is to do a test transfer of £1.00 to make sure that your current account has the correct payee details set up - call me paranoid, but better to do that than try and get a huge lump sum back for the sake of a typo.

maxim1

I have also been accepted for a egg money card, CL 5k thats 20 k in an evening. After reading a few posts, i will reduce this amount to make room for other cards.

I have a SBT card for muling purposes, a 12 month stoozing fund, I believe im on the first run of the stoozing ladder.

P.S cheers Clariman :beer:

Steve1981

Bokkens wrote: »

Unless your Virgin /Egg card is at 0% you cannot use it as a mule card as the interest rate will be to high.If you can get them back into a 0% period you can use them,Mint,Abbey,A&L are also mule cards but have to be at 0% to make money.
Good luck.

With Virgin during the intro period is there not a 2.98% handling fee? Do you mean After the intro period getting them to agree SBT with 0% and 0% handling fee?