1. You need an Super Balance Transfer card - SBT Card - the best on the market for some time now is the Egg card, this allows you to balance transfer credit balances to your current account from other cards that only allow transfers to other credit cards. - So step one is open an Egg credit card.
2. High interest savings account - Preferably online and linked to your current account so that you can transfer funds easily between them - Such as the A&L online saver, Egg online saver, and Halifax websaver / current account combo.
3. Apply for 2 or 3 credit cards to get the ball rolling, preferably at 0% and without any charges for performing balance transfers, though this is becoming increasingly more difficult as many cards now charge a fee, but usually not on the 1st transfer.
4. Balance Transfers - Select the Egg card as the card to transfer balances to (yes you are putting your egg card into credit) and from the Egg to your current account and then the credit balance to your savings account.
5. Monitoring - Keep track of your credit card accounts by creating an excel spreadsheet listing the key items as follows - Statement date, Pay by date, Amount to pay (monthly minimum), Payment Action date (set this at least 7 days before the pay by date), Total outstanding balance, total credit limit, 0% expiry date (very important), and any special conditions i.e. some cards allow spending at 0% also, or you maybe subject to a fee of 2% on subsquent transfers. make sure you don't miss payments !
6. Applying for new cards - Leave at least 4 months between card application phases - This will maximise your ability to acquire new cards and increase your stoozed debt.
7. Close Old Cards - One you have finished with a card, i.e. paid off the balance or transferred it elsewhere, call the card provider and ask to close the account, invariably you will be transfered to a customer retention department who may offer you a deal such as 2.9% for life on balance transfers, if you keep the card open. The reason for closure is to remove excess credit limits from your credit file. Always keep on top of your credit rating - Get your free Experian credit report online and see the information lenders see.
8. Terms & Conditions - Always make sure you READ the T&C of each card and keep the document for future referance, as gthe T&C not only vary from provider to provider but also between customers.
9. Tell the Truth - Do not lie on your application forms by exaggerating your salary. As if your salary was every queried and you were not able to supply evidence to match your application, you would technically have obtained the credit fraudulently. Although sometimes on the application forms, the request is for total income and not just salary, this could thus include income from savings (including the stoozed interest) and social benefits etc.
10. Balance Transfer Fees - With the advent of balance transfer fees during 2006, the Stoozing game has become much toughe, but still there are some credit cards available that are without balance fees, and other cards that run for 12 months where by 2% or 3% fees still make these cards viable for Stoozing.

Last Updated November 2006

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