topic Re: Setting Your >2024< Card Strategy in Credit Cards

Setting Your >2024< Card Strategy

Aim_High — Sat, 11 Nov 2023 21:23:57 GMT

It's that time again for what has become a standing My FICO tradition. We're rapidly approaching the last month and a half of 2023, so it's time to consider our credit and financial plans for 2024! This annual thread began in 2020. (See these links: >2021<, >2022<, and >2023<.) Again, thanks to @Remedios for the suggestion of the original 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 them within the various lender limitations, especially for those with low-to-medium scores, thinner files or derogatories. The more they go over that, the more likely they'll start getting denials or low-limit approvals eventually, and that's regardless of the strength of their 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 (if any) 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 2024?

Re: Setting Your >2024< Card Strategy

Rogue46 — Sat, 11 Nov 2023 20:58:19 GMT

I've been gardening since February when I picked up the Chase FU and will probably wait until the new year to go for the Sapphire Preferred as I'm only 3/24 at the moment, After that ill probably kick back and grow what I have unless something crazy comes along that I cannot resist..

My biggest goal for 2024 is in December when my bk7 is due to fall off and hopefully all scores will be firmly over 800

Re: Setting Your >2024< Card Strategy

DakotaM — Sat, 11 Nov 2023 22:32:10 GMT

I plan on gardening for most of 2024 since I'm 13/24 right now and I won't be under 5/24 till next November. I have most of the cards I've been wanting now. I have been eyeing maybe getting the Chase Sapphire Preferred or one of Citi's travel cards once either of them wants to have anything to do with me again.

In the meantime, I'll be using the points from my Amex Gold sub for some travel, so I can get a feel for how this points thing works.

Re: Setting Your >2024< Card Strategy

MarkintheHV — Sat, 11 Nov 2023 22:38:55 GMT

Another 2024 gardner here. I have all the cards I want, just going to work on the credit lines.

Re: Setting Your >2024< Card Strategy

NoMoreE46 — Sat, 11 Nov 2023 22:58:02 GMT

Thanks for doing this again @Aim_High. So looking back at my 2023:

1) Get CapOne to grant me a higher limit on my Savor. I was at $17,500 but got a CLD to $5,000 in Aug 2020. (This is a pipe dream tho....)

Done. While not a CLI, I was able to reallocate $30,000 to Savor.

2) Look at getting the JetBlue card from Barclays and then reallocate my $17000 existing CL to it.

I got a Citi AA instead dont't know what my plans are now with this.

3) Close my Sync/Amazon Store card

Done.

4) Close my Penfed card

Not done - so maybe in 2024.

5) Close my BBVA/PNC rewards card

Not done - so maybe in 2024 as well.

6) Get an AMEX

Done. $10,000 SL on the BCE.

7) Drop my CapOne Wmt AU

Tried to but got stalled- so maybe 2024.

For 2024,

a) Get a CLI on the Amex.

b) Get the US Bank Cash + for 5% on Utilities, TV Internet, Streaming.

Re: Setting Your >2024< Card Strategy

swankytiger — Sun, 12 Nov 2023 00:37:31 GMT

My 2024 Strategy estimated timeline.

February

Close Merrill Edge Account once my tax documents are posted

April

Close Wyndham Earner+

PC United Gateway to United Club Infinite. All of my spending will be on the Club Infinite

May

Close Charles Schwab AMEX Platinum once the AF hits

Close AMEX Gold once the AF hits

Close Charles Schwab Investor AMEX

August

Close BoA Premium Rewards once the AF hits

Close BoA checking account cause BoA is stupid and annoying

Consider if I want to close my Hilton Honors AMEX to get out of AMEX completely

Re: Setting Your >2024< Card Strategy

NoMoreDebt — Sun, 12 Nov 2023 00:48:26 GMT

Had a sprinter kind of year this year. Got back into AMEX after our 2015 bk7 and picked up several great for us cards from them along with a Fidelity Visa, NFCU Flagship and More Rewards.

If I get the AMEX CS Platinum before the end of this year ( I may actually apply tomorrow) then I plan to garden for 2024 and beyond maybe as I will have all the cards I have wanted and we are planning a move thus a mortgage beyond 2024

Re: Setting Your >2024< Card Strategy

Citylights18 — Sun, 12 Nov 2023 02:10:38 GMT

One thing that strikes me going into 2024 is we may be seeing more point devaluations. For instance Southwest points were worth 1.28 but moving forward with bookings they'll be worth 1.15.

However with costs increasing cash back is going to be on the rise. I may be looking more the direction of 0% APR Cards with cash back SUBs as a little savings on the purchase over the point earners.

Business Blue Cash particularly if I can catch it on a high bonus of $500 sounds appealing. Bank of America possibly with their cards. Keeping my eye on business card development with Wells Fargo additionally. 0% APR cards I find tend to be the more advantageous. Then BT the debt around to increase CL within reason. Debt management over rewards and to that end I'm not exactly sure what I will app for during 2024 as it may depend on what is available at that time.

I'm also temporarily over 5/24 for the next few weeks. I may want to hold off on any new personal cards until mid 2024 when two more personal cards drop off.

Re: Setting Your >2024< Card Strategy

AyaMai — Sun, 12 Nov 2023 02:13:58 GMT

Re: Setting Your >2024< Card Strategy

Apply for a new card every six months as my new discipline strategy.

May/June 2024/ Bilt Mastercard

Getting Upgrade offer for Hilton Honors Aspire Card

Re: Setting Your >2024< Card Strategy

citymunky — Sun, 12 Nov 2023 02:18:08 GMT

@swankytiger wrote:
My 2024 Strategy estimated timeline.

February
Close Merrill Edge Account once my tax documents are posted

April
Close Wyndham Earner+
PC United Gateway to United Club Infinite. All of my spending will be on the Club Infinite

May
Close Charles Schwab AMEX Platinum once the AF hits
Close AMEX Gold once the AF hits
Close Charles Schwab Investor AMEX

August
Close BoA Premium Rewards once the AF hits
Close BoA checking account cause BoA is stupid and annoying

Consider if I want to close my Hilton Honors AMEX to get out of AMEX completely

Did AMEX hurt you?

Re: Setting Your >2024< Card Strategy

swankytiger — Sun, 12 Nov 2023 02:44:59 GMT

@citymunky wrote:
@swankytiger wrote:
My 2024 Strategy estimated timeline.

February
Close Merrill Edge Account once my tax documents are posted

April
Close Wyndham Earner+
PC United Gateway to United Club Infinite. All of my spending will be on the Club Infinite

May
Close Charles Schwab AMEX Platinum once the AF hits
Close AMEX Gold once the AF hits
Close Charles Schwab Investor AMEX

August
Close BoA Premium Rewards once the AF hits
Close BoA checking account cause BoA is stupid and annoying

Consider if I want to close my Hilton Honors AMEX to get out of AMEX completely

Did AMEX hurt you?

Amex has been fine. I just dont feel like there are any AMEX cards I really like and with the changes they have been making to other cards I have considered recently, I just feel I dont like the way they are moving. In my opinion none of Amex's personal cards are outstanding in the current market anymore especially the no annual fee cards. The only Amex I consider very good at the moment is the Blue Cash Everyday.

Also I am moving towards a 1 card only set up anyway as my spend doesnt really necessitate more than 1 card. I will likely keep it till I use up most of my Hilton points as I really feel like not being tied to 1 hotel program is the better option.

The United Club card checks most of the boxes I want from a card. Same protections as the CSR, Elite like perks for my prefered airline as I dont fly enough to earn them organically, a useful airline lounge membership for a less crowded lounge, ok earnings.

Re: Setting Your >2024< Card Strategy

citymunky — Sun, 12 Nov 2023 12:15:00 GMT

I'm in the garden until at least February 24, when I will be at 4/24. There will be definitely no personal credit apps until at least then.

Fed 24. However, I'm looking to get in with Chase starting Ink Biz Unlimited, however since I denied from opening a personal checking/savings acct for the $900 promo bonus, I doubt I will be holding a Chase any time soon. If not I'm looking to open another Biz CC that I can hopefully to a Balance Transfer to. I think US Banks will be my only option, however they are a relationship bank, than I don't have a relationship with.

April 24. Planning to us the NY state 5 year pluge law to hopefully get rid of this CO on all my reports. (Steps are in play now to make that happen).

Apr 24. Close Prosper card before AF hits. Hands down the worst card I even held.

May 24. With hopefully updated profile, I can apply to the CSR, if not I will stay in the garden.

June 24. Close my Grow Credit LOC. (Credit Builder) before new yearly contract, would be have been open for 3 years.

Late July/Aug 24. Close my Self Card just before the AF hits. This is the last of my secured card opened for 3 years.

Sep24. Us the NY state 5 year pluge law to hopefully get rid of a '30-day late' on paid car loan.

Nov 24. 3/24. Maybe open up Charles Schwab AMEX platinum 🤔, if I'm not in with Chase.

I'll be moving cross country in the summer, that is about how far I'm going to plan.

Year round goal for all my cards below $5k, is to work on getting some CLIs. Currently working on my Cap1 Savor1, but Cap1 is being ...like Cap1.

Re: Setting Your >2024< Card Strategy

Hansolojr — Sun, 12 Nov 2023 03:31:44 GMT

Good luck y'all. My 2024 plans are:

- product change BofA Premium Rewards to Customized Cash in Q4. Ask for spend offer or AF waiver if fail.

- app for CSR in October when I will be < 5/24.

- keep all accounts open, grow the history.

Was 2/3 on 2023 goals so pretty happy:

- app for a no-AF card that pays 5% back on dining or groceries. If I do not find one, app for second BofA Customized Cash for 5.25% dining and 3.5% at Costco. [Got the Premium Rewards instead for a bigger SUB]

- downgrade BCP to BCE unless there are retention offers [downgraded]

- bank account SUBs [did a few]

Re: Setting Your >2024< Card Strategy

Blender — Sun, 12 Nov 2023 06:35:01 GMT

-Waiting on 7-10 CIU app update

-CFU app

-CSP app in the summer

Re: Setting Your >2024< Card Strategy

NoHardLimits — Sun, 12 Nov 2023 06:38:58 GMT

For once, I'm perfectly content with my current set of cards and their associated rewards/perks. I will likely spend 2024 in the garden while I try to burn through my stockpile of miles/points on some bucket list travel.

Re: Setting Your >2024< Card Strategy

TheRedHat — Sun, 12 Nov 2023 07:02:42 GMT

I won't be applying for any credit cards in 2024.

Closing my U.S. Bank Cash Plus Secured card in January 2024.

Closing my USAA Platinum in September 2024.

Re: Setting Your >2024< Card Strategy

AyaMai — Sun, 12 Nov 2023 13:09:18 GMT

Don't close your secured U.S Bank Cash, I just got my security deposit after I opened a checking account few months back and after 18 months having the credit card. It's one of the best credit in the market. I would keep it even if they didn't graduate me to unsecured.

Re: Setting Your >2024< Card Strategy

isik — Sun, 12 Nov 2023 20:47:18 GMT

My 2023 plan was:

- Lower utilization to below 20%, preferably 10%. CLIs should help a lot, I don't carry too much balance but my limits are low so I'm at 30%.

Done. Currently at 11%, should go down to 7% next month.

- Increase FICO scores to mid-700s.

Done. EX8 742, EQ8 738. Didn't check TU.

- Get 2 more cards: Chase Amazon and Amex Gold.

Done. Also got an Apple card and Ikea Projekt card.

- Finally form an LLC, followed by business credit cards.

Done. LLC formed and got an business Amex Amazon card.

2024:

- Honestly, I think I'm pretty happy with my personal credit cards so no new PERSONAL revolving accounts.

- CLI on Chase Amazon.

- Amex Business Gold and a non-Amex card for my LLC.

- CLI on my business Amex Amazon card.

- New car with auto loan.

Re: Setting Your >2024< Card Strategy

Anonymous — Sun, 12 Nov 2023 14:27:28 GMT

As in 2023, STILL waiting for AOD to nerf for existing users, but have given up any expectation there (it must be a money laundering front for a cartel is the only reasonable explanation, "let's take over a small CU in, oh, let's say Alabama, no-one will be watching....") I didn't get the card so this is waiting for a justification of why I was right not to. "See, only lasted 25 years, glad I didn't waste an HP!"

Apart from that, I just now finally reached the $50 redemption minimum on the Dividend and redeemed $50.85. I had planned to then convert this to a custom cash, (as I was told the Dividend dollars wouldn't migrate.) But now it doesn't seem that worthwhile. With the Altitude Reserve giving me the equivalent of 4.5% on gas, and the relatively small amount I spend, getting 5% doesn't overly excite me.

Maybe in 2024.

Re: Setting Your >2024< Card Strategy

redpat — Sun, 12 Nov 2023 15:32:48 GMT

@Aim_High

Lol Aim, your like Christmas shopping, your post was on 12-30-22 last year and you started 2024 post on 11-11-23.

Shop, apply and plan early......