Secrets of the Brotherhood of Stoozing.

deemy2004 · 5 February 2005 at 2:57AM

Brother & Sisters of the Grand Stoozed Pot, gather around and share your stoozing secrets.

I will start the ball rolling.

1. Read and understand the Terms & Conditions and make a list of all of the key points.

2. Apply for 4 cards at a time and leave a 4 month gap between each application phase.

3. Create a list of all active cards, with credit limit, outstanding balance, statement date, payment due date, payment action date (7 days before due date), minimum payment due, and last but not least 0% expiry date.

Callyanna · 5 February 2005 at 12:01PM

you seem to have summed it up perfectly deemy! very wise words of advice !

Callyanna · 5 February 2005 at 12:03PM

p.s. to above

meant to add don't forget to set up direct debits to pay off minimum interest payments each month!

obeywan_kenobe · 5 February 2005 at 8:55PM

Beware though. I am trying to get re-mortgaged and they may force me to settle all my credit card debt before they offer it. They did something similar with my original mortgage. They made me pay off a 0% furniture loan. I had to borrow money from my parents to pay it off.

deemy2004 · 5 February 2005 at 10:55PM

Stooze rule No 5 - SBT Card - Use an SBT card to generate fresh debt without spending by balance transfering to the SBT card, then to your current account and from there to your savings account i.e. The Egg card

Anon · 5 February 2005 at 11:32PM

Quick question - apply for 4 cards at a time? Is this based on repeat experience? (ie 4 may work the first time with no other credit cards, but on the second time do people have experience of still getting 4 offers and decent credit limits?

Many thanks

Anon

deemy2004 · 5 February 2005 at 11:48PM

Thank your for your query brother Anon

I use the 4 card at a time systematic approach to save time, and also so as the apps don't immediatly show up on the credit reports when these companies make enquiries before giving a yes or a now, all they see is no apps for 4 or so months.

I started my current phase late jan - applied for 4 cards, Ive got 2 in my pocket now, and 2 are still pending.

My next 4 card phase will be early June, which will be my fourth such cycle. and you know what four, fours make ! yeh 16 - totally irrlevant

Blessed are those with growing Stoozed pots..

margaret_3 · 5 February 2005 at 11:51PM

Callyanna wrote:

p.s. to above

meant to add don't forget to set up direct debits to pay off minimum interest payments each month!

What if you want to pay more than the minimum amount?
:eek:
Margaret

deemy2004 · 6 February 2005 at 12:00AM

Sister Margaret is correct.

For absolute control I prefer to make all payments myself. It is EXTRA work and not recommended for those just starting out as it does take a great deal of meditation and mantras to ensure you don't MISS a payment !

Anon · 6 February 2005 at 12:01AM

Why would you want to pay more than the minimum amount? (though of course you can if you wish). The whole point is to keep the money in a high interest account until the end of the 0% period - you have to pay the minimum amount but on many cards (if they let you BT at 0% for the whole period) once you have paid the minimum and it has appeared on the account - you then transfer it back out again (is this rule 6?) to keep the 0% card maxed out.

Anon

deemy2004 · 6 February 2005 at 12:05AM

Brother Anon sometimes a situation arises where one needs to quickly clear a balance before a certain date.

I.e. last year in March 04 I was given 5 months at 0% on my egg card, and ALSO was aware that I had 0% anniversary on my egg card starting in June 04 - THUS in less than 3 months time !

Thus effectively I had to clear the balance in May 04 before the start of my anniversary period and 2 months before the end of the current 0% offer. And reinstigate the debt transfer in June 04 to meet the terms of the next 5 months 0% offer.

Secrets of the Brotherhood of Stoozing.

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