Starting up!!
johnbhoy10
Posts: 452 Forumite
Hey guys-i dabbled slightlywith stoozing in the past but missed the real good times and chucked it. However, with Amex churning now a lot harder i thought i'd stick a toe in again and try again.
I have an offset mortage so good for a slow stooze and applied for the Sainsburys Dual last night and got 5k with 28 months. Was quite pleased with that. So far so good. Thought i would try again and have a mini blitz of applications together to start me off.
So tried Virgin Money last night and their 'soft' (i hope it was) check said no thanks. Now this may have something to do with the fact i've just cleared a 30 month money transfer card with them a couple of weeks ago. Didn't pay any interest of course.
The MBNA looks good but i don't think i[ve got any big purchases in the next couple of months to maximise it.
I see on the list on here that Tesco, Yorkshire and Clydesdale are doing 26 months.
Any thoughts guys. I'm inclined to go for a couple more over the weekend or should i just sit tight??
ps- i had 6 amex before Xmas and a Creation but i've scaled it back to 3 Amex and the Creation and reduced their limits.
I have an offset mortage so good for a slow stooze and applied for the Sainsburys Dual last night and got 5k with 28 months. Was quite pleased with that. So far so good. Thought i would try again and have a mini blitz of applications together to start me off.
So tried Virgin Money last night and their 'soft' (i hope it was) check said no thanks. Now this may have something to do with the fact i've just cleared a 30 month money transfer card with them a couple of weeks ago. Didn't pay any interest of course.
The MBNA looks good but i don't think i[ve got any big purchases in the next couple of months to maximise it.
I see on the list on here that Tesco, Yorkshire and Clydesdale are doing 26 months.
Any thoughts guys. I'm inclined to go for a couple more over the weekend or should i just sit tight??
ps- i had 6 amex before Xmas and a Creation but i've scaled it back to 3 Amex and the Creation and reduced their limits.
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Comments
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Credit Club will give you as a good an idea as anything else!0
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Never quite understood stoozing. Especially now.
Basically, if you spend the energy you would stoozing on something else you can easily make more money expending your energy elsewhere. Hell, even cutting grass will return you more than faffing around stoozing.
Also, A better return on your money would be to invest the money properly. Not just in some rinkydink interest account.0 -
pretty true today but when I first started doing it I could do a fee free money transfer from Egg straight into my flexible mortgage and save a fair bit on interest. The interest rates are too low these days to make muchI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Thanks for replies folks. Got the Sainsburys and added the Clydesdale so got 13k and will just slow stooze against my offset mortgage. Not a lot but it's a start again and at least getting something back after my Flybe and Amex cards have ceased to become much use to me now!!!0
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Never quite understood stoozing. Especially now.
Basically, if you spend the energy you would stoozing on something else you can easily make more money expending your energy elsewhere. Hell, even cutting grass will return you more than faffing around stoozing.
Also, A better return on your money would be to invest the money properly. Not just in some rinkydink interest account.
Apply, set up minimum d/debit, circle end date and clear. Slow stoozing doesn't take a lot of time. I do take your point about it been of negligible value though.
''invest money properly''- not that i've looked that much but wouldn't have thought that's risk free without committing middle to longer term. For my circs at the moment i like to have quick access.0 -
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Fingerbobs wrote: »This makes no sense. Stoozing does not involve any of your own money.0
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Never quite understood stoozing. Especially now.
Basically, if you spend the energy you would stoozing on something else you can easily make more money expending your energy elsewhere. Hell, even cutting grass will return you more than faffing around stoozing.
Also, A better return on your money would be to invest the money properly. Not just in some rinkydink interest account.
I agree with your comment and those above that it's of negligible value (best returns are around 1-2% cash interest at the moment) but the whole point of stoozing is that you are being loaned free money to invest. Since it has to be repaid otherwise the value of the interest due will overwhelm any gains then you need a safe investment - short of any banking crisis then cash is basically 100% safe if done properly. At the end of the day it is essentially free money, and the amount of effort you want to put in to get it ultimately comes down to the individual.0 -
I agree with your comment and those above that it's of negligible value (best returns are around 1-2% cash interest at the moment)but the whole point of stoozing is that you are being loaned free money to invest. Since it has to be repaid otherwise the value of the interest due will overwhelm any gains then you need a safe investment
In the past this has involved pension contributions and ISA contributions, and more recently the extra has gone a little toward mortgage overpayments. The returns on the pension investments in particular were many times the interest rates on 'safe' investments and also very tax efficient. It can be argued that involved an element of luck, but given an appropriate investment horizon and certainty about being able to repay credit debt from other means, it would be recklessly cautious to limit investments to 'safe' investments that are not even returning inflation. The situation will be different for every individual depending on their financial circumstances of course.0 -
Also, you have to get your timing right with re-mortgaging as well. You don't want say £50K tied up in c/c debt at least 3 months before applying. or you wont get the best deals, or even declined, which would probably negate the interest earned elsewhere.0
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