Stoozing success

A question about : Stoozing success

Hope this is the correct forum.

A year ago today I began my stoozing plan. I tried to get friends interested but they thought it was too much hassle. Well I have just been paid out by cahoot, and added to the interest from my ISAs I have made just over Ј1,000!

Too much hassle? Don't think so. Plus I must admit to quite enjoying all the spreadsheeting I have had to do to keep track of my cards & accounts.

Hopefully my success will encourage others who aren't sure whether or not it's worth the bother. If anyone wants the spreadsheet I use you're welcome to a copy, just PM me. If you want me to list the cards I have used so and what credit limits I got, let me know and I'll post up the info.

An added bonus is that instead of paying car & home insurance on DD like I used to, incurring a charge, this year I have lent myself the money out of the stoozing pot - of course it all gets tracked in the spreadsheet!

Cheers!

Best answers:

• Same here - thought it was a hassle but isn't once the ball get's rolling! I'm tempted to apply for more cards but it's too son from my last 2. Going to use my stooze pot to pay off a loan soon me thinks, once I've sorted the car insurance.
  Stoozing is for some people but not for others - those that are bad with money and end up in debt usually.
• Something I keep meaning to get into, but I actually thought it was all over now with the balance transfer fees, probably I am missing something!!!!
• You can still get a few cards without fees, or sometimes get the fees reduced or not charged, sweet talking goes a long way! Virgin would be your best starter, higher credit limits helps to counteract fees.
• I have just started my stoozing plan, & guess what, I have tried to encourage my friends to do the same thing & they are saying it's too much hassle, amazing. All I can say is more fool them.
• Mrs YB and I only started in March this year, and have 8 cards between us already.
  Our ING interest for July will be Ј234. Allowing for a diminishing stooze pot as minimum payments are made, I reckon we'll still make around Ј2.5K over the next 12 months.
  Like others have posted, my friends and family say it sounds just too much hassle and wonder why I do it? I think Ј234 a month net profit is as good a reason as any!
  Yes, you have to be meticulous and highly organised. Yes, you need to sort the DD's and the final payments. Yes, it's very "busy" until the first round of DD's have been taken. But, after that, it's 6/9/12/18 months of "plain sailing".
• Is there a Stoozing for dummies post anywhere? I am so interested in it from readind all your posts but need to see if i have what it takes ! Thanks in advance!
• I have told other members of the family and also friends.
  Too much hassle they all say.
• I would love to start stoozing but i aint got the bottle.
• quidco.com may be of great help to us in regards to Balance transfer fees.
  because these guys offer a very high rate of cashback, once the financial cashbacks come back online (they're concerned about FSA regulations atm) in many instances I expect the cashback earned will cover for example a Ј20 cost of a transfer.
• I noticed in my sunday paper today that Halifax are doing a card with 12 months 0%.
  Never done the stoozing thing before ....but am very interested in money for nothing
  Would this be an ideal product?
• Yes, this would be an excellent start. the Halifax One card looks good.
  They turned me down though, on the basis of my existing credit. So assuming you haven't already got thousands owing, you should be ok.
• Have just applied
  Have no major debts but my only concern is I have applied for it in my own name......any cards we've had before have been in husbands name and I dont earn a huge wage so worried I may be turned down.
  Could apply in Hubbys name but I want to do this on my own as he hasnt a bloody clue where money is concerned and thinks im crazy for even contemplating doing something like this and like many other posters friends and relatives thinks its all too much effort.
• I would get hubby to apply. You can fill in the forms etc and he just needs to sign where appropriate. Your lower wage will definitely work against you.
  all he has to do is set up minimum payment DDs and that's it, you can look after the rest. He can pay the stoozing money into a savings account that belongs to you, and you can make sure the right amount is made available back in his current account for the MP each month. Simple. In fact if you get an account like cahoot, you can make the payments directly yourself (but then you would need to do it manually each month).
  Get him told!
• !!!!!! ive already done it now! but did put him as second card holder so maybe theyll accept?
  Was looking at one of accounts i can open using greasy palm (to put stoozed money into) which will take me up to and over Ј25 claim amount
  Failing that ill have to do like you said.....fill it in with his details and dont worry lol I DO tell him!! he just doesnt often listen lol
• I don't know if putting him as second card holder will help - I am not that clued up on such matters. However, I would never add a 2nd cardholder to the app. When they check your credit record they'll know who you are married to, and what their credit history is, anyway (and your parents, brothers and sisters...).
  The main point with this is that I got Ј20 from egg, once I had my own card, just for getting a second card for Mrs Republican - wouldn't have happened if I'd put her on the app.
  Something to think about for next time...
• Just a couple of observations/questions from peoplesrepublican & Kantankrus Mare's recent posts...
  I'm not familiar with the Halifax One card. Exactly how useful is it bearing in mind most people's first stoozing cards are MBNA (esp Virgin) and Egg. ie you need to have a route into your current accout (and on to the stooze pot)?
  Also, as serious stoozers, you really shouldn't (need to) add an additional cardholder. Once the balance transfer has been done, that's it - isn't it? The card is useless to anyone for the duration of the 0% term - the only exception being if the credit limit can be increased and stoozed also. Or am I missing something? Also, doesn't being named as an additional cardholder preclude you from applying for your own card? This is the approach Mrs YB and myself have taken anyway with our stoozing plan.
• Two good points made by YorkshireBoy.
  1. The first card you get MUST have Super BT powers and I don't know if the Halifax One has this - easy to forget this basic fact once you're a few months down the line.
  2. Extra cards are no good to anyone for stoozing, UNLESS the CC company is offering you free money to take one. Hence I got another free Ј20 just for getting an extra card on the account. No point turning that down! So yes it is worth doing, but only if you're being offered cash incentives to do so.