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Best strategy to raise limits and cull the herd?

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IntegerIntrovert
Regular Contributor

Best strategy to raise limits and cull the herd?

I have been considering my 2023 spending strategy and I'm looking for some thoughts from fellow members.

 

I am not traveling as much as I once was, and I'm very over the whole Marriott ecosystem (currently titanium, will be platinum for '23, lifetime gold). 

 

The amount I will spend on cards next year is much lower and my estimate will be 36-48k, not enough to chase rewards or points. (e.g. 40k spend 2% reward average is only $800, not worth it to by hyper focused on.)

 

Ideally I'd be able to have max of 3-5 cards in the wallet.  The ones I'd like to keep are the BECU, USB AR, First Tech Fed or AMEX Marriott Business.  I will sock drawer my Costco since I have a AU using it as their primary card and putting 3-5k a month thru it at the moment. I like the card, and will incorporate it back in when they are done with it (you can't split rewards based on card number). 

 

Since I'm not chasing rewards, I'm focused only on increasing max CL's on cards. I just got the BECU and will try to move it from SL 20k to Max 40k by EOY 2023.  I will also try to move the FTF to the max of 35k.  I wish I could move my USB AR faster but they just won't, even though I put 40k thru it this year.  I'm going to request again after the first of the year which will be just over 2yrs of having that card.

 

I regret churning a TON of cards over the last two years.  If I could do it over again, I'd just would have kept my USB AR, GO, Cash+ (x2), and Citi Costco.

 

I will sock drawer the following cards

 

Apple

Venmo

Amazon

 

PC the following cards

 

Bank of West Platnium to Cash Back

USB Platnium to Altitude GO

 

Cancel

 

Discover

 

Are the Credit Unions the quickest and easiest path to large CL's without waiting for years?

 

Thanks and happy holidays everyone!

 

 

 



EQ - 734 / TU - 756 / EX - 728
Discover IT $4000 Bank of West $8000 US Bank Platinum $7600 BECU $20000
2 REPLIES 2
sarge12
Senior Contributor

Re: Best strategy to raise limits and cull the herd?


@IntegerIntrovert wrote:

I have been considering my 2023 spending strategy and I'm looking for some thoughts from fellow members.

 

I am not traveling as much as I once was, and I'm very over the whole Marriott ecosystem (currently titanium, will be platinum for '23, lifetime gold). 

 

The amount I will spend on cards next year is much lower and my estimate will be 36-48k, not enough to chase rewards or points. (e.g. 40k spend 2% reward average is only $800, not worth it to by hyper focused on.)

 

Ideally I'd be able to have max of 3-5 cards in the wallet.  The ones I'd like to keep are the BECU, USB AR, First Tech Fed or AMEX Marriott Business.  I will sock drawer my Costco since I have a AU using it as their primary card and putting 3-5k a month thru it at the moment. I like the card, and will incorporate it back in when they are done with it (you can't split rewards based on card number). 

 

Since I'm not chasing rewards, I'm focused only on increasing max CL's on cards. I just got the BECU and will try to move it from SL 20k to Max 40k by EOY 2023.  I will also try to move the FTF to the max of 35k.  I wish I could move my USB AR faster but they just won't, even though I put 40k thru it this year.  I'm going to request again after the first of the year which will be just over 2yrs of having that card.

 

I regret churning a TON of cards over the last two years.  If I could do it over again, I'd just would have kept my USB AR, GO, Cash+ (x2), and Citi Costco.

 

I will sock drawer the following cards

 

Apple

Venmo

Amazon

 

PC the following cards

 

Bank of West Platnium to Cash Back

USB Platnium to Altitude GO

 

Cancel

 

Discover

 

Are the Credit Unions the quickest and easiest path to large CL's without waiting for years?

 

Thanks and happy holidays everyone!

 

 

 


If you find a way to both cull the herd, and increase your total credit limit, please let me know. I have a bunch of cards I would love to be rid of, but do not want to lose the credit limits on them. I always PIF every card, but without super high credit limits, I might would have to start back paying them before the statement cuts to prevent a loss of points due to utilization. I run almost everything through my credit cards, including normal bills. I also have several cards my sister uses as an AU, and she does carry a balance, but she pays the bill and interest. One of them is over 50% utilized, but it is a low interest card. I am sure my credit score takes a hit, but that was also the case when all my fico 08 scores were over 830. The reason my scores dropped fairly quickly, and have been slowly rising is mainly this. 13 months ago I paid off my mortgage, and financed a new car in the same month...about a 50 point drop, but still rising slowly. Some of my fico 08, and 09 scores are again over 800.

TU fico08=808 11/16/22
EX fico08=795 11/16/22
EQ fico09=810 11/16/22
EX fico09=794 11/16/22
EQ fico bankcard08=833 11/16/22
TU Fico Bankcard 08=831 11/16/22
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 2 of 3
805orbust
Valued Contributor

Re: Best strategy to raise limits and cull the herd?

Dude I love these conversations. This has been and is currently an obsession for me. @sarge12 was just telling someone in another thread to build slowly and I'm seeing the same in order to thin the herd. Obviously the strategy is constantly evolving but here's where it is now... basically: 

 

1)  Everything with a limit under $5k is gone, same for anything that won't grow.

 

2)  I only close a card when I get an increase on another that covers the aggregate loss. (This way my overall limits never change)

 

3)  Annual fee cards are always suspect. (I only have 2. Both Amex, who is my ride or die issuer. I love them. However like you, my 2x per week business travel is no longer necessary and the $700 fee is silly. Even though they try to sell me on a Netflix or Uber credit canceling it out... whatever)

 

Ultimately I want nothing under $10k, and to end up with about 10 cards or less, but I'm just watching as I go to adjust accordingly. One thing I did adjust my attitude on was my Discover.  I hated them (it was $900, then $1200 for years and would not budge), but I notice nowadays that if I wait 4-6 months and my scores are in that 765-780 range (simple utilization), they increase me every time, so this has become a bit of a pet project. I can't believe I'm saying this but that may be a keeper as it seems there's a sweet spot for everyone. $20k would be nice there.

 

Ok sorry for going on and on, just my thoughts. Good luck on this next phase. 🙂


Message 3 of 3
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