Arrghh stoozing missed opp
Comments
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seatbeltnoob wrote: »I suspected I shouldn't be going over 50% of the credit limit on the cards, but the advice I once got on the stoozing forum was that the card sshould be maxed out, and they just pay off minimums per month until you get to the last month of the promotional rate and then just pay them back in full fast. I should have gone with my gut. Because the way I have been doing it looks like the classic case of a guy living beyond their means.
Yes you will see this sort of advice which is the correct advice for maximising the profit from the stooze. However, it does not address the question of how to subsequently continue the stooze without repaying. When you make a new card application all the lender knows is that you have X amount of debt on which you are making only the minimum payment and that debt is currently at a promotional rate of interest. The lender has no idea and no way to determine if you have the ability to repay this debt or not.
REPAY THE CARDS. Then apply for new cards. You will then find it relatively easy to obtain new cards. Yes they will have to be purchases cards and yes it will take a little time to re-build the stooze pot and you will make a bit less money on your stooze.0 -
How much interest have you actually made? Is it worth the bother?
Would you do as well/better on a cashback card?
0% 0 fee balance transfers have been around for quite a while but are all disappearing now.
I think this cycle of stooz is over but all welcome to their own opinion.Let me Google that for you...0 -
seatbeltnoob wrote: »I'm a slow stoozer. use purchase offers to spend on daily shop and stash away the cash into savings.
Managed to rack up a meagre 12K over 1 year 7 months.
I've maxed out the cards I had, 2 cards were dormant and just had their minimums paid (so they have £800, £600 unused credit still on promo). The current one is maxed out with just £100 left on it.
I applied for a new card and only got a £1500 limit on it :mad:
Going on holiday in December so have a chance to really rack up the stooze put and now I can't use it/
Shall I got back to some of the original 2 cards and spend the £800/£600 on them? The promotion ends for the in September 2020 onwards.
Im in similar position to you (currently have about £15k atoozed)
My 1st card got £6600
2nd - £2400
3rd - £2800
Then 1st increased limit to £7400
4th - £4700
(I Also have a cashback card I dont stooze on with about £6500 limit)
So after a couple of low limits I then got a higher one.
Applying for cards too quickly might also have an impact as this did come up on my credit score as a negative impact.
Is all your cash just in instant access? If so you might want to look at cash flow & tie a bit up for 12 / 18 months or funnel through reg savers.0 -
danthemoneysavingman wrote: »How much interest have you actually made? Is it worth the bother?
Would you do as well/better on a cashback card?
0% 0 fee balance transfers have been around for quite a while but are all disappearing now.
I think this cycle of stooz is over but all welcome to their own opinion.
Its true that its not worth what it used to be with many banks dropping their rates in the last year. But Im propably making about £25 - £30 a month on £15k so I still think its worth it for basically clicking a few buttons on my phone once a month to move a bit of cash about.0
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