Check Your Credit Rating Before Stoozing
Each time you stooz you run the risk of damaging your credit
rating. Each application you make for credit, be it for a credit
card, loan, mortgage or even just for a mobile phone contract,
is recorded and filed away in a central register. This register
is accessable by the people who provide you with credit - even
your credit card providers - and will be used to determine
whether or not you are worthy of credit facilities.
Finance companies check these records when you apply for a new
line of credit, and if you have too many applications within a
given time, or have too much credit available to you they may
refuse your application. Other reasons for declining credit
applications include defaulting on payments, periods out of work
and other factors. The exact algorithm for calculating a persons
credit score is kept a secret to prevent fraud. Some of the
other factors include homeownership and criminal records.
When you stooz regularly you will build up a large history of
credit applications. Most stoozers advise that you should leave
as long as possible between applications, and also to avoid
making credit applications that are not necessary. Some stoozers
also recommend that credit cards are cancelled once used.
If you stooze a credit card with a 0% balance and a maximum
credit limit of