GRcade

Somehow run up a £550 debt within a month on my card and barely have anything to show for it other than a very fancy pair of shoes . This could be dangerous.

Oblomov Boblomov wrote:Somehow run up a £550 debt within a month on my card and barely have anything to show for it other than a very fancy pair of shoes . This could be dangerous.

You need to squat the gooseberry fool out of that debt before you dig yourself a hole...

Andrew Mills wrote:

Oblomov Boblomov wrote:Somehow run up a £550 debt within a month on my card and barely have anything to show for it other than a very fancy pair of shoes . This could be dangerous.

You need to squat the gooseberry fool out of that debt before you dig yourself a hole...

I'll worry about it in a year's time when the 0% runs out . The limit's only £3500 so I won't ever find myself in actual trouble. I have a pretty insane amount of disposable income right now.

So yeah, turns out it was actually six months 0% .

Just paid it off in full and applied for the 16 months 0% Tesco card. I'm assuming I can cancel my original card without any hassle...

Oblomov Boblomov wrote:So yeah, turns out it was actually six months 0% .

Just paid it off in full and applied for the 16 months 0% Tesco card. I'm assuming I can cancel my original card without any hassle...

Yea, but how many CC's do you have? If this is currently the only one, doesn't do any harm to set up a DD to collect the FULL amount and then use it for day-today spending as this helps keep your credit file nice and active and your DD is paying the full amount off so you're never accruing any interest.

Andrew Mills wrote:

Oblomov Boblomov wrote:So yeah, turns out it was actually six months 0% .

Just paid it off in full and applied for the 16 months 0% Tesco card. I'm assuming I can cancel my original card without any hassle...

Yea, but how many CC's do you have? If this is currently the only one, doesn't do any harm to set up a DD to collect the FULL amount and then use it for day-today spending as this helps keep your credit file nice and active and your DD is paying the full amount off so you're never accruing any interest.

Surely my spending on the Tesco card will keep my credit history active, while allowing me to earn more interest on the real money in my savings account instead of seeing more of it go towards paying off the original card?

Oblomov Boblomov wrote:

Andrew Mills wrote:

Oblomov Boblomov wrote:So yeah, turns out it was actually six months 0% .

Just paid it off in full and applied for the 16 months 0% Tesco card. I'm assuming I can cancel my original card without any hassle...

Yea, but how many CC's do you have? If this is currently the only one, doesn't do any harm to set up a DD to collect the FULL amount and then use it for day-today spending as this helps keep your credit file nice and active and your DD is paying the full amount off so you're never accruing any interest.

Surely my spending on the Tesco card will keep my credit history active, while allowing me to earn more interest on the real money in my savings account instead of seeing more of it go towards paying off the original card?

Didn't know you had savings, so yea, no issue doing that.

If you don't need one, don't get one.

If you do need one, don't get one.

Andrew Mills wrote:

Oblomov Boblomov wrote:

Andrew Mills wrote:

Oblomov Boblomov wrote:So yeah, turns out it was actually six months 0% .

Just paid it off in full and applied for the 16 months 0% Tesco card. I'm assuming I can cancel my original card without any hassle...

Yea, but how many CC's do you have? If this is currently the only one, doesn't do any harm to set up a DD to collect the FULL amount and then use it for day-today spending as this helps keep your credit file nice and active and your DD is paying the full amount off so you're never accruing any interest.

Surely my spending on the Tesco card will keep my credit history active, while allowing me to earn more interest on the real money in my savings account instead of seeing more of it go towards paying off the original card?

Didn't know you had savings, so yea, no issue doing that.

Okay, sounds good. Currently earning about £55/month in interest so I'm looking to maximise it as much as possible. Clubcard points, here I come!

Oblomov Boblomov wrote:

Andrew Mills wrote:

Oblomov Boblomov wrote:

Andrew Mills wrote:

Oblomov Boblomov wrote:So yeah, turns out it was actually six months 0% .

Just paid it off in full and applied for the 16 months 0% Tesco card. I'm assuming I can cancel my original card without any hassle...

Yea, but how many CC's do you have? If this is currently the only one, doesn't do any harm to set up a DD to collect the FULL amount and then use it for day-today spending as this helps keep your credit file nice and active and your DD is paying the full amount off so you're never accruing any interest.

Surely my spending on the Tesco card will keep my credit history active, while allowing me to earn more interest on the real money in my savings account instead of seeing more of it go towards paying off the original card?

Didn't know you had savings, so yea, no issue doing that.

Okay, sounds good. Currently earning about £55/month in interest so I'm looking to maximise it as much as possible. Clubcard points, here I come!

Just remember to have a DD set up for ONLY the minimum payment each month, and manually transfer each CC purchase amount to your savings account (leaving enough for each month's DD naturally). Then about 1 week before the 0% expires, transfer the CC balance amount from your savings account to your bank account and make a single faster payment to clear the CC in full, leaving your accrued interest in your savings account.

I used to have credit cards.

Thought it was fun buying gooseberry fool.

A few years later found myself in a £28000 hole.

Took a long time and lot of resolve to fix it. I strawberry floated over 5 years of my life. Be careful with them that's all I say

£28K?! What were you buying? How long did it take for you to spend that much?

Jesus. How old were you when that happened, Glowy? Must have had some pretty cool stuff...

glowy69 wrote:I used to have credit cards.

Thought it was fun buying gooseberry fool.

A few years later found myself in a £28000 hole.

Took a long time and lot of resolve to fix it. I strawberry floated over 5 years of my life. Be careful with them that's all I say

Been there, still wearing the T-shirt from my un-financially educated youth

They can be really dangerous things. My good mate who saw the debt I got into with them never had any. Turns out all of my CC debt is now on 0% and he's maxed two cards; one of which he got an APR freeze on so he can't ever use it again.

Oblomov Boblomov wrote:Jesus. How old were you when that happened, Glowy? Must have had some pretty cool stuff...

I was between 20-25 credit cards. Then loans. The spending the credit cards. Moving them to a 0% clearing the balance..then using the old crd anyway.


Got myself in a horrendous state. Entered into a IVA which I finished paying back last year. I paid back 23k got a few more months till it drops off my credit report and I can't start again finally

I chalked up about £12k in CC debit between the ages of 19 and 22. Lots of it was spent on, well, gooseberry fool. Still paying a chunk of it back to this day as I had consolidated it and then re-spent back on the cards before I wised up

Ironically, I now have far more CC's than I ever had before, but this time (thanks to working in a bank and learning some financial lessons), they're either all 0% or there's the MBNA CC that is 7.9% for the life of the card for any and all transaction types. Keeping that safe for emergencies. And most of them are clear, just a couple with 0% balance transfers on them, chipping away at them each month.

I just spend what I have. Or less, preferably.

I have zero debt.

Apart from the usual sky and car insurance, mobile phone etc..I don't actually owe anyone anything as a result of me becoming a tight arse

I think there is some hard wiring within me that would not allow me to get into trouble with money. It just wouldn't happen, I am far too careful with it and can easily adapt to my situation at the time. I was even occasionally adding to my ISA while on the dole, for feck's sake .

Took the new credit card for a spin Wednesday night. Felt good . Going to have to abuse it and the 16 months 0% to Hell and back if I'm going to hit my saving target and get a mortgage application up and running.

Yeah it thought that too, I had around 4 grand saved when I was about 21...4 years later I'd strawberry floated myself royally

Just be careful oblov.