Stoozing?

PROLIANT

Good morning, having read a few articles on stoozing and still a bit unclear on this subject, how would I go about starting this scheme? I currently have a Capital One classic Visa with a £500 limit, I cant get a better card at the moment but hopefully as my credit rating improves over time I may well qualify for something new, I want to do some home work on this stoozing business to see if it is worth while me going to any trouble, any advice would be much appreciated.

Regards

Rob

CannyJock

Martin's articles on the subject are good. There's also the stoozing website www.stoozing.com which has a lot of articles - including a great article on the risks that you need to be fully up to speed on.

Read a couple of your other posts where you mention being refused for other cards but hopefully situation improving over the next few months.

If you've got a few months to go before you can apply, then best bet would be to read Martin's article on improving your credit score and making sure that you don't miss any payments on your existing cards.

When you're ready to, if it's still available and the terms haven't been changed, I'd look at the Virgin Money card. It's a long 0% period and tends to give decent limits from what I've seen. And you can do a SBT straight into your account so you don't need the Egg Money card.

Once you've got that sorted, next step would be the Egg Money card - that will open up a lot of potential stoozing on cards not offering a SBT.

Other thing never to be sniffed at is the slow stooze with a 0% purchase card, I've got the HSBC one at the moment and it's helping me with my cashflow for stoozing.

NickX

Good Advice here from CannyJock, the stoozing site is an excellent resource on this that has provided me with many useful tips.

However, I don't mean this in a critical way, but to make stoozing worthwhile you will need to be able to get Credit Limits much higher than £500. The MBNA stable of cards (including those branded Virgin) are know for generous limits, and allow direct transfer of funds to your current account. Maybe apply for one of these and see how much they are prepared to lend you. Good Luck.