topic Re: Setting your 2022 Card Strategy in Credit Cards

Setting your 2022 Card Strategy

Aim_High — Mon, 15 Nov 2021 01:38:34 GMT

Last year, I started a thread at the encouragement of @Remedios which seemed to be well-received on My FICO. The topic was our card plans for the upcoming new year, 2021. See THIS LINK for the 2021 thread. @Curious_George2 recently reopened the thread to encourage us to discuss how those plans panned out in hindsight. I found my review today on that thread was a great opportunity to reevaluate my progress and start planning for 2022, similar to last year.

Below are the highlights of my original message:

We often remind each other that "Credit is a marathon, not a Sprint," to try to pace ourselves, and to realize that we need to keep some self-discipline in the process. Self-discipline requires a plan. Periodically, we may look on with horror (or envy) as someone tries to get away with a monster App Spree. We know that's not really the way to build good credit. Overly-seeking credit can be addictive and counterproductive to finances and FICO. As a general guideline, I usually suggest to newer members that slow and steady wins the race, and that planning to add about one new account every six months is a good long-term pacing that will usually keep you within the various lender limitations, especially for those with low-to-medium scores, thinner files or derogatories. The more you go over that, the more likely you'll start getting denials or low-limit approvals eventually, and that's regardless of the strength of your profile.

Having a good strategy requires taking inventory of our existing cards, an honest evaluation of our financial picture and needs, and a careful consideration of which credit cards would be most beneficial. Sometimes, chasing after the FOTM card (Flavor of the Month) or the latest, greatest SUB isn't the card we most need. And over-app'ing can be a disruption to improving our finances with the best card for us. At times, I've been guilty of the impulsive apps so I'm not pointing fingers. But I've also planned for new cards and I'm doing so right now. Writing down my card details and plan helps me to come up with strategies for the short term (~six months), medium term (~one year), and long term (~two years.)

Tomorrow, we'll be in the last 45 days of 2021.

As it draws to a close, what are your credit goals for 2022?

Re: Setting your 2022 Card Strategy

BearsCubsOtters — Sun, 14 Nov 2021 22:29:28 GMT

Good job, #1 Credit Dad!

My strategy is to simplify. I will continue to garden as I have not opened new personal credit since 2017 and I think its time to close a few.

I am tired of category chasing; however, there are a few things that I spend enough on that it makes it worth it:

5% groceries: Chase Freedom Flex/Discover/Citi Custom Cash

5% Internet/cable/cell phone: Chase Ink Cash

2.5% on everything else: USAA Limitless Cash Rewards

I am kind of done with the other rotating categories (gas, restaurant, various .coms, streaming etc). Tired of having to keep track of balances on 4-5 cards at a time to be sure they are paid before cycle date etc.

Re: Setting your 2022 Card Strategy

difringe — Sun, 14 Nov 2021 22:41:39 GMT

Love seeing this thread!

Since I just got 4 cards this month, my first goal for 2022 is to garden until at least June...I plan on apping for the NFCU Flagship then, and then no more apps for 2022. Gonna garden and attempt to take advantage of SP CLI from Amex, Capital One, Synchrony (Verizon card), PNC, Wells Fargo, and Truist (if they offer).

The majority of my current CC debt is on 0% offers from Wells Fargo and NFCU, with the NFCU expiring in Nov 2022, so will have that completely paid off in Oct 2022.

Gonna meet my spend requirements for my Amex EDP upgrade at the end of this month, then I'll have 4 months to meet the spend requirements for my Amex Rose Gold SUB, should be able to knock that out in time.

I want to join First Tech FCU at some point after May (to let my most recent bank account reach 1 year of age); from what I understand, they don't do an HP when you join, just when you app for products, so I plan to join, then I'll periodically check their prequal for personal loan offers to refinance the remainder of my non-student loan debt. If I get a good offer, I'll take it, if not, I'll just keep on gardening.

2023 looks to be full of credit card apps, so gonna let my reports get a bit of a reprieve in 2022, similar to my 2020.

Re: Setting your 2022 Card Strategy

CreditAggie — Sun, 14 Nov 2021 23:10:16 GMT

After the adventurous 2021 I had building up my current base of cards, I plan to garden for most of the year and then build my Navy and PenFed relationships and apply for cards with each of them. I also plan to continue asking for SP CLIs on my existing cards where available although I have stopped asking for CLIs on cards that have reached five figures as I currently don't need more than that on a particular card considering my current income level and spending patterns (sorry for those of you wondering if I can grow my Apple Card past $12K).

Re: Setting your 2022 Card Strategy

Ilinferno — Sun, 14 Nov 2021 22:48:44 GMT

I just started my rebuild a bit over a month ago and so far I have paid off all of my charge offs and am waiting for them to update. I also got my Amex Optima and nRewards card. Within a month I will be adding a US Bank secured card (or 2) as well as a Navy SSL. I'll then be going to the garden to let those age.

At the 6 month mark I would like to apply for my second Navy card (Probably More rewards) and perhaps the Apple Card depending on what is being offered on the soft pull.

At 1 year I will add an Amex Platinum to the mix and close the Optima account. I would like to have all secured cards graduated by this point and to have scores in the high 600s or low 700s. Then slowly build any cards I want from this point based on my financial needs.

Re: Setting your 2022 Card Strategy

Anonymous — Wed, 17 Nov 2021 22:17:40 GMT

2022

want: sp clis on my cards

that's all...

Re: Setting your 2022 Card Strategy

galahad15 — Sun, 14 Nov 2021 23:56:57 GMT

My card strategy for 2022 may be some more new apps for some targeted CUs with exceptionally-low interest rates, but I also at the same time have to temper my expectations to a certain extent, because the card issuers for cards I have been interested in apping for in the past have declined the apps for having "too much available credit" and "excessive revolving credit obligations", etc.

Re: Setting your 2022 Card Strategy

tcbofade — Sun, 14 Nov 2021 23:17:22 GMT

Sadly, my 2022 strategy is still in limbo.

We'll see if Navy brings back zero percent balance transfers in January/February.

If they do, I might just spend another year in the garden.

If they don't, I'll be jumping the fence in January...

Re: Setting your 2022 Card Strategy

Remedios — Mon, 15 Nov 2021 00:08:15 GMT

@Aim_High thanks!

Strategy, well I don't have one. I know what I need, so I guess I can call that a strategy. I will be applying for CFF on December 1st lol.

This is the first time I've fell bellow CHUNKY/24 in four years, I've gotten to 0/12, but that was always followed by an app or two, so yay me!

I'm pretty much at Chase's mercy when it comes to CFF, and that's fine. If they say no, I'll see what the letter says and try again later.

Other than that, I really have no need for cards. It's not a grandiose plan but it's the only one I have.

Re: Setting your 2022 Card Strategy

quikj9 — Sun, 14 Nov 2021 23:38:58 GMT

In 2022, I hope to add another two cards like I did this year.

1) It would be great to actually get a business card this time around. Establishing business credit is towards the top of my list. The choice is between the AMEX BBP, Chase Ink Cash and FNBO Evergreen Business cards.

2) The Chase Sapphire Preferred is the next personal card on my list. I'm an AU on a CSP and can transfer points to it, but I want my own! Finishing the core of my Chase system before moving onto other lenders is a priority for me.

Other than that, I plan to request soft pull CLI's from Capital One and Discover.

Re: Setting your 2022 Card Strategy

wingennis — Sun, 14 Nov 2021 23:44:40 GMT

@BearsCubsOtters , I'm with you. I don't know if it is because the last 1.5 years has changed so much so drastically but my tolerance for overly complex things has hit rock bottom. I don't want to chase every point and dollar and juggle the number of cards it takes to maximize rewards on every category. I want simple and I want my credit to work for me instead of the other way around.

I've got a strong portfolio of keeper cards at or near max credit limits for my profile (Penfed at 50k and such). I'm not applying for anything in 2022 and any single purpose cards I have at the end of the year are getting closed along with the spreadsheet I have to keep to manage them all. I'd really like to get my 14 cards down to 3-5 for simplicity.

Re: Setting your 2022 Card Strategy

wingennis — Mon, 15 Nov 2021 00:08:53 GMT

@Remedios wrote:
@Aim_High thanks!

Strategy, well I don't have one. I know what I need, so I guess I can call that a strategy. I will be applying for CFF on December 1st lol.
This is the first time I've fell bellow CHUNKY/24 in four years, I've gotten to 0/12, but that was always followed by an app or two, so yay me!

I'm pretty much at Chase's mercy when it comes to CFF, and that's fine. If they say no, I'll see what the letter says and try again later.
Other than that, I really have no need for cards. It's not a grandiose plan but it's the only one I have.

Grandiose apps were for pre-Covid normal. New normal=no unnecessary stress?

Re: Setting your 2022 Card Strategy

simplynoir — Mon, 15 Nov 2021 00:02:39 GMT

Like a few of you already said I don't really *need* any cards at this point. Main goal was not to app really because of mortgage but I had the Connect app not too long ago and she got three cards just months before closing and bank didn't flinch at all. 😂 Goal of buying a house is complete and now the task of furnishing it comes up as we finish getting all the stuff turned on

From here it's basically about what gets my interest. Might get a card or two to take advantage of upcoming spend but leaning towards not doing anything. Other than Custom Cash nothing is speaking out to me. Was gonna get Schwab Plat but going to use my points for travel after all, BofA's new premium card might require wealth check and nothing else comes to mind right now

Basically, I don't have a plan at all and just going to see how it goes

Of course that can change on a whim since the urge to app can be real lol

Re: Setting your 2022 Card Strategy

Remedios — Mon, 15 Nov 2021 00:09:24 GMT

@wingennis wrote:
@Remedios wrote:
@Aim_High thanks!

Strategy, well I don't have one. I know what I need, so I guess I can call that a strategy. I will be applying for CFF on December 1st lol.
This is the first time I've fell bellow CHUNKY/24 in four years, I've gotten to 0/12, but that was always followed by an app or two, so yay me!

I'm pretty much at Chase's mercy when it comes to CFF, and that's fine. If they say no, I'll see what the letter says and try again later.
Other than that, I really have no need for cards. It's not a grandiose plan but it's the only one I have.
Grandiose apps were for pre-Covid normal. New normal=no unnecessary stress?

I don't have a business, so my normal expenses do not really fluctuate from month to month (I'd say it's within +/- 25%) other than months when tutition, taxes, and *what are we getting for Xmas* happens.

That has created an interesting conundrum, finite amount of money to be spent, increasing number of cards.

I'm not "maximizing" rewards like some do. For large purchases, sure. If I'm buying a coffee, whichever card puts the least resistance when coming out of the wallet wins and I'm okay with that.

If mobile wallet can be used, it's going to be AR. So, anything other than CFF at this point is just so extra.

If something new shows up that I can use, I'll certainly consider it, but for right now, any new app and even CLI requests would be plain excessive.

Re: Setting your 2022 Card Strategy

simplynoir — Mon, 15 Nov 2021 00:12:39 GMT

@Remedios wrote:
@wingennis wrote:
@Remedios wrote:
@Aim_High thanks!

Strategy, well I don't have one. I know what I need, so I guess I can call that a strategy. I will be applying for CFF on December 1st lol.
This is the first time I've fell bellow CHUKY/24 in four years, I've gotten to 0/12, but that was always followed by an app or two, so yay me!

I'm pretty much at Chase's mercy when it comes to CFF, and that's fine. If they say no, I'll see what the letter says and try again later.
Other than that, I really have no need for cards. It's not a grandiose plan but it's the only one I have.
Grandiose apps were for pre-Covid normal. New normal=no unnecessary stress?
I don't have a business, so my normal expenses do not really fluctuate from month to month (I'd say it's within +/- 25%) other than months when tutition, taxes, and *what are we getting for Xmas* happens.
That has created an interesting conundrum, finite amount of money to be spent, increasing number of cards.
I'm not "maximizing" rewards like some do. For large purchases, sure. If I'm buying a coffee, whichever card puts the least resistance when coming out of the wallet wins and I'm okay with that.
If mobile wallet can be used, it's going to be AR. So, anything other than CFF at this point is just so extra.
If something new shows up that I can use, I'll certainly consider it, but for right now, any new app and even CLI requests would be plain excessive.

You actually brought up a good point regarding business spend that I'll throw out there real quick

It was a hassle but think I finally found a spending strategy finally that can withstand any changes in the market. AMEX is not happy since most of it is going to other cards but the math didn't check with them anymore. To keep it easy it's basically Altitude Reserve (if mobile is allowed) or BofA Premium Rewards for non-category spend. Keeps it clean and with them having their own cards makes it smoother when tax time comes

One day I'll make that my personal spend strategy

Re: Setting your 2022 Card Strategy

NoMoreE46 — Mon, 15 Nov 2021 00:52:55 GMT

I *will garden for all of 2022.

That is my plan anyway.

Re: Setting your 2022 Card Strategy

SoCalGardener — Mon, 15 Nov 2021 00:54:58 GMT

@Aim_High wrote:

Tomorrow, we'll be in the last 45 days of 2021.
As it draws to a close, what are your credit goals for 2022?

Hmmmm.... I guess I really don't have any specific credit goals for 2022, at least nothing I've thought about consciously. I'd like to keep increasing my TCL, but other than that I don't know.

Rather than thinking in terms of *adding* credit, I'm leaning more toward *decreasing* the number of cards I have. Frankly, it's just more hassle than it's worth to juggle 15 cards, and I'm thinking of paring that number down. But closing a card voluntarily? That's not something I ever thought I'd do! So we'll see...

Re: Setting your 2022 Card Strategy

difringe — Mon, 15 Nov 2021 01:07:33 GMT

@SoCalGardener wrote:
@Aim_High wrote:

Tomorrow, we'll be in the last 45 days of 2021.
As it draws to a close, what are your credit goals for 2022?
Hmmmm.... I guess I really don't have any specific credit goals for 2022, at least nothing I've thought about consciously. I'd like to keep increasing my TCL, but other than that I don't know.

Rather than thinking in terms of *adding* credit, I'm leaning more toward *decreasing* the number of cards I have. Frankly, it's just more hassle than it's worth to juggle 15 cards, and I'm thinking of paring that number down. But closing a card voluntarily? That's not something I ever thought I'd do! So we'll see...

Yea, that's the part of lender diversity that they don't tell you about lol. I plan on having 13 total cards midway through 2022, and by the end of the year, I'll likely only be using 4 of them.

Maybe I'll PC my CashRewards to a Platinum and combine the two cards when my Platinum reaches 1 year. I'll probably keep the Chase lineup basically as is, the Truist card is basically gonna be there for padding, maybe I'll just close it so I don't have to think about it. Fortunately, a decent number of the cards that I have should have balance transfer offers at some point, so they'll have some use later.

Re: Setting your 2022 Card Strategy

CreditMarathoner — Mon, 15 Nov 2021 01:09:54 GMT

I have no specific card strategy for 2022. I have all the cards I need now, so no more apps. My most recent app (CSP) was 10/1, so I need to let that age a while.

The only thing I may do, depending on what interest rates do, is refi the house mid-year or so. And maybe shuffle/reallocate some of my Chase limits around.

Re: Setting your 2022 Card Strategy

Jordan23ww — Mon, 15 Nov 2021 01:22:24 GMT

@CreditAggie wrote:
After the adventurous 2021 I had building up my current base of cards, I plan to garden for most of the year and then build my Navy and PenFed relationships and apply for cards with each of them. I also plan to continue asking for SP CLIs on my existing cards where available although I have stopped asking for CLIs on cards that have reached five figures as I currently don't need more than that on a particular card considering my current income level and spending patterns (sorry for those of you wondering if I can grow my Apple Card past $12K).

@CreditAggie Great plan! I was one of the forum members secretly wishing for you to reach 20k plus on your Apple Card!😄😂🤣😂 https://images.app.goo.gl/GUpEz6xgNP8kZp4V8

topic Re: Setting your *2022* Card Strategy in Credit Cards

Setting your *2022* Card Strategy

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topic Re: Setting your 2022 Card Strategy in Credit Cards

Setting your 2022 Card Strategy

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