2020 Credit Card plan (s)

[Namaste7]

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Namaste7  wrote in 2018:

RE: Short & Sweet. What’s your #2 2019 credit card goal? Let’s assume gardening is #1 

1. Assuming gardening is #1 👀
2. 🚫 2018 credit acquisitions cannot lead to excess spending in 2019 or debt accumulation 🚫

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2019 summary: I did well maintaining my short & sweet 2019 credit card goals.

• Pruned 5 accounts through account combinations and closures.
• Gardened for 12 months .
• Existing balances were PIF by statement date or within same as cash period.
• Average CL 10K and lowest CL 7.5K.

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2020 PF and Credit plans (updated Dec 2020)

• PF: ✔️(1) Hit extended savings goal, ❌(2) start after-tax investing, & ❌(3) generate add'l income
• Credit: ✔️Below 5/24 and ❌pre-approved for a mortgage | Update: RE/MTG plans deferred 
• Credit: ✔️Grow 2-3 existing CL above 20k limits (no HPs)
• Stretch goals: ❌Scores above 740: F8s, F9s and mortgage | Update: TU-goal met
• Stretch goals: ✔️Prune up to 3 accounts | Update: 2 accounts closed

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2021 PF and Credit plans

• Double NW: (1) start business | (2) max tax-advantaged accounts | (3) FIRE my job
• Stretch goal: No apps in 2021

[randomguy1]

Lot of spend during these holidays. I just refinanced my car to a good rate from a terrible rate so that's great news. Recently received the CSP, at 4/24 so plan on gardening for a bit. Need a few business cards and want to build business credit so I will focus on that until November, at that time I will upgrade the CSP to a CSR. 

Will focus on investments and saving up for another home in 2020/2021 so no new accounts until I figure that out. 

4/24 drops off in 1/21 anyways and there are a few Chase Personal Cards I may consider. 

[LooksAreDeceiving]

The upcoming year will be spent thickening my profile.  The goal is to obtain the following cards (in the order specified):

1. Chase Freedom
2. BoA Cash Rewards
3. Citibank DC

Plan is to app every 3 months, starting with March (just received the CM this month).  After that, I'll be in the garden indefinitely.

Happy holidays to everyone!

[spiritcraft1]

1) await the end of the year when derogs start slipping off into the good night with EE

2) grow limits... hopefully

3) that third card from NFCU

4) add a Sync card or two that will start growing prior to becoming clean

5) grab anything else prime or near prime that someone wants to give me

2021 will be my return to prime year with scores of 750 plus (perhaps higher)

[SoCalifornia]

Pruning and gardening seems to be a common theme. Those are responsible credit goals! Cheers to all of the new year's resolutions and to fewer and better cards in our wallets.

[Namaste7]

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@LooksAreDeceiving wrote:

The upcoming year will be spent thickening my profile.  The goal is to obtain the following cards (in the order specified):

1. Chase Freedom
2. BoA Cash Rewards
3. Citibank DC

Plan is to app every 3 months, starting with March (just received the CM this month).  After that, I'll be in the garden indefinitely.

Happy holidays to everyone!

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@LooksAreDeceiving- Why not garden for a year and apply for all three on the same day? This approach would allow your existing file to mature for one year and the accounts may grow through SP or auto-CLIs. In addition, you'd take (and lose) the INQ and new account impact at the same time.

[Guyatthebeach]

My plans for 2020 for my credit cards are no more applications for 2020 and just let them age. I have 6 inquires on TU and 13 on EX that need to age off. Now that I'm only missing I card I want that is the Ducks Unlimited card, I plan on letting all my cards age. I plan on applying for the Ducks Unlimited card in 2021 when those inquires drop off and those new accounts hit the two year mark.

Another thing I plan on doing with my credit cards is as they get auto CLI's, I will call to see if it's possible to lower the APR. 

Guyatthebeach

[EdMan63]

I would say most of what I did in 2019 was the prelude to setting up my 2020. I didn't have a lot of cards to begin with and that's really how I like it. I closed a Home Depot account at the beginning of the summer I wasn't really using and truly offered no incentive. I just recently closed my Quicksilver as I felt it was redundant. I downgraded my CSP to FU because I don't use Chase travel partners. I'm pretty much exclusively Delta and felt that is where I will get my bang for the buck.

The only card I've been kicking around is Discover. I've been stalking that cards for a couple of years now but didn't know if it made sense with my Freedom. It might cover those quarters when Freedom goes dead for me. Other than that I'm planted fimly in the garden for the foreseeable future. 

[SoCalifornia]

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@EdMan63 wrote:

The only card I've been kicking around is Discover. I've been stalking that cards for a couple of years now but didn't know if it made since with my Freedom. It might cover those quarters when Freedom goes dead for me. Other than that I'm planted fimly in the garden for the foreseeable future. 

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Discover IT works well in tandem with Freedom and Freedom Unlimited. Plus, it grows well, has excellent customer service and accounts can be combined. 

[issac2x]

SP CLI on my cards if possible. Other than a 2% card I'll probably remain in the garden.