topic Re: New Setting Your >2023< Card Strategy in Credit Cards

Setting Your >2023< Card Strategy

Aim_High — Fri, 30 Dec 2022 19:58:20 GMT

It seems we have a new My FICO tradition, going on three years! Two years ago, I started a thread regarding our credit plans for the upcoming year at the encouragement of @Remedios. Since the >2021< and >2022< threads were very popular with the community, @Remedios asked me to set up a new 2023 thread.

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.)

As we approach the new year, and with the goal of making credit changes a premeditated and mindful decision, what are the planned changes for your card lineup in 2023?

Re: New Setting Your >2023< Card Strategy

Jnbmom — Sun, 16 Oct 2022 22:08:49 GMT

My goals seem simple but will take some strength 😊

I plan on closing cards that I don't use or need and to not apply for any new cards . Not your normal strategy I suppose but it's what is best for my situation 👍

Re: New Setting Your >2023< Card Strategy

Kforce — Sun, 16 Oct 2022 22:14:20 GMT

@Jnbmom wrote:
My goals seem simple but will take some strength 😊

I plan on closing cards that I don't use or need and to not apply for any new cards . Not your normal strategy I suppose but it's what is best for my situation 👍

^^^^^ This

Re: New Setting Your >2023< Card Strategy

SouthJamaica — Sun, 16 Oct 2022 22:32:37 GMT

My goals are to pay down balances and refrain from adding new accounts

Re: New Setting Your >2023< Card Strategy

Aim_High — Sun, 16 Oct 2022 22:16:25 GMT

@Jnbmom wrote:
My goals seem simple but will take some strength 😊

I plan on closing cards that I don't use or need and to not apply for any new cards . Not your normal strategy I suppose but it's what is best for my situation 👍

And that's an excellent way to start the discussion, @Jnbmom, since card changes don't always require adding new cards or hard pull inquiries. Sometimes, closing unneeded or unuseful cards, consolidating credit limits, product changes, seeking lower APRs on existing cards, or pursuing soft pull credit limit increases can be an equally great strategy. It's all about aligning our cards with our needs and making smart choices.

Thanks for kicking off the topic!

Re: New Setting Your >2023< Card Strategy

PlaidRaptor — Sun, 16 Oct 2022 22:22:33 GMT

Thanks for starting this thread @Aim_High . These are always interesting and fun to read.

As for me, I plan to apply for two more cards next year, one in early summer, and the other towards the end of the year so that I will be 0/6 and 0/12 when I apply for the first one and 0/6 when I apply for the second. The cards will round out my cash back strategy.

Re: New Setting Your >2023< Card Strategy

GZG — Sun, 16 Oct 2022 22:31:36 GMT

Going to close my OpenSky before the AF hits and then probably going to wait until I'm 0/12 and I'm considering among a few cards

NFCU More Rewards

Cap1 Savor One

Cap1 Walmart

Amazon Store Card

Discover It

Amex Blue Cash Everyday

Apple Card

Penfed PCR

Re: New Setting Your >2023< Card Strategy

MySunrise271 — Sun, 16 Oct 2022 22:37:52 GMT

Pay off 0% promotional balances

Grow current credit card limits to a minimum of $10k

Down grade Amex EDP>ED🤔

Re: New Setting Your >2023< Card Strategy

tcbofade — Sun, 16 Oct 2022 22:47:52 GMT

Its October. Future is hazy.

I'm in two player mode. (I handle DW's credit as well as my own.) DW will be applying for two new cards in January or February. (US Bank Platinum and Wells Fargo Reflect.)

Not sure what is next for me.

Keep the balances on zero percent cards.

I wonder if I'll see any BT offers from NFCU next year...

Re: New Setting Your >2023< Card Strategy

Aeon — Sun, 16 Oct 2022 22:51:28 GMT

After 8 years in the garden unknowingly, I added my second credit card in September and PC'd my first CC to a better cashback card. I'm looking to add at least one more credit card in 2023, hopefully a travel rewards card with a good SUB.

For 2023, I have three goals:

1. Maintain 770+ credit scores. Stretch: break 800.

2. Increase the CL on one of my current cards to $10K.

3. Add 1-2 cards that have no FTF sometime after I fall below 0/6 in March 2023.
Option 1: Capital One Venture X + Savor One. Option 2: Chase Sapphire Preferred. I'm leaning more towards the Capital One cards, but if denied for the VX, I'd app for the CSP. Alternatively, if I decide that travel rewards cards aren't for me, I'd only app for the Savor One.

Re: New Setting Your >2023< Card Strategy

MarkintheHV — Sun, 16 Oct 2022 22:50:12 GMT

I plan on sitting on the sidelines this year and letting everything mature. I have the cards I want/need with decent credit lines, so its time to just let it all mature.

Re: New Setting Your >2023< Card Strategy

WasteMgmt — Sun, 16 Oct 2022 23:01:17 GMT

I'll likely plan on down-grading my CSP to a CFF and then re-apply for another CSP sign-up bonus offer. Maybe I will also get a CFU to complete the tri-fecta.

Re: New Setting Your >2023< Card Strategy

Hansolojr — Mon, 17 Oct 2022 00:23:56 GMT

So I am one of those people who went on an app spree (shame!)....

However once I am six months past it - next April - I plan to app for a no-AF card that consistently pays 5% cash back on dining or groceries. If I do not find one by then, I will just app for my second BofA Customized Cash and set the 5.25% to dining and also get 3.5% at Costco.

Will downgrade BCP to BCE in February unless there are retention offers.

Lastly, fill in the rest of the year with bank account SUBs =D

Re: New Setting Your >2023< Card Strategy

FireMedic1 — Sun, 16 Oct 2022 23:45:56 GMT

The card I want the most? Easy. My Retirement Card! Otherwise 2022 was a very good year. Happy right where I'm at. Everything is covered. Then wait out the day my BK falls off in less than 3yrs. Then it will be primetime!

Re: New Setting Your >2023< Card Strategy

FLLGuy — Sun, 16 Oct 2022 23:52:59 GMT

In 2022 - Got the house, got the credit cards I wanted, reached all CC subs, and paid down all my cards off again. My card strategy for 2023 shut it down and garden! Wait for BK13 fall off this year while I watch others have fun from the sidelines.

Re: New Setting Your >2023< Card Strategy

DakotaM — Sun, 16 Oct 2022 23:59:10 GMT

My plan is to let all my new cards age and to ask for CLIs on them every so often.

I keep on adding to my ever-growing list of cards I want to have 😁. Most recently, I want the new AAA Daily Advantage card for the 5% on groceries with a higher limit than my Blue Cash Preferred.

Outside of that, my current goal is the Citi Shop Your Way card. I know I need to wait and let all my inquiries and accounts age though, so I probably won't be applying for that or any other new cards in 2023 🤞

Re: New Setting Your >2023< Card Strategy

wasCB14 — Mon, 17 Oct 2022 00:22:31 GMT

Mostly MR-focused. Might do some SUB chasing...

Citi AA

CSP/CSR

Chase United

Amex Business Gold if I can get a 170k+ offer

Re: New Setting Your >2023< Card Strategy

Anonymous — Mon, 17 Oct 2022 00:43:43 GMT

Regardless of my app outcome next wk for Bilt and Aviator(can no longer wait), probably will app 1 more card after Jan. Ex inquiries(about 10, 1 yr) fall off. And that's it, no more cards.

I need no FTF Visa, probably Boa travel or PenFed?

Probably will close Synchrony and Tomo

Re: New Setting Your >2023< Card Strategy

acreditdummy123 — Mon, 17 Oct 2022 01:21:01 GMT

i've got no goals or strategies for credit cards anymore. i'm way past that stage and it's no longer fun. i'll just get whatever card that is lucrative when i want to

Re: New Setting Your >2023< Card Strategy

DogwoodLynx — Mon, 17 Oct 2022 01:21:30 GMT

I'm currently in BK7. Have the meeting of creditors on Wednesday, and should have the discharge on December 19th.

The plan for 2023 is to make sure my credit reports are accurate and start my rebuild. I hope to have 3 cards by the end of 2023 (so yall better get ready for all my questions!).

No idea what companies are going to want me. I do want to app for the Navy Federal Secured Card sometime next year.

Other than that, I plan to learn to use my cards responsibly and keep a budget. It's going to be nice to get out from under this old debt I have.

topic Re: *New* Setting Your >2023< Card Strategy in Credit Cards

Setting Your >2023< Card Strategy

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topic Re: New Setting Your >2023< Card Strategy in Credit Cards

Re: New Setting Your >2023< Card Strategy

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