After meeting the minimum spend for my new Altitude Reserve SUB, my goals for 2023 mostly involve some product changes.
Downgrade Altitude Connect to Cash+ after the annual fee posts. Continue with the Amex upgrade/downgrade game by downgrading Everyday Preferred to the no annual fee version, then wait a year or so until they offer me another upgrade bonus.
I also have two grandfathered 5% rotator cards that I expect to eventually be forced into converting to current products. Citi Dividend will probably switch to Custom Cash, and Chase Freedom will probably change to Freedom Flex. In the meantime, I will just keep using these old cards.
I have no new card applications planned, but I reserve the right to dive into any good signup bonus offer.
@Aim_High wrote: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?
The only three goals I can think of for 2023:
1) finally use my new Affinity FCU card once (if ever) Affinity allows external autopay for full statement balance
2) continue using my AOD card while hoping and praying it doesn't get nerfed
And
3) finally get a CLI on my GmRewards card because 10 MONTHS LATER Goldman Sachs STILL doesn't have a CLI option for anyone!
Other than that, I don't have any goal cards, and I love my cashback setup now. Of course, I did say the same in the 2022 thread, and I still ended up applying for and adding three new cards throughout the year soooo...
By the end of this year I will be 2/12 on inquiries and the only new card I added in 2022 was the X1 card (The other inquiry was for a CLI).
I had planned on adding CSR in 2023 but the more I thought about it the more I realized that it did not bring any real value to me beyond what we get with AMEX Plat and Gold. Getting 3X with my X1 card in places that do not accept AMEX works well for me as those points can be used on American Airlines flights that we take domestically. I will add a couple AMEX business cards (business blue so I can get extra points on gas) and then a plat or gold depending on what will fit better with our corp spening this next year.
Now that my wife and I are married and she can apply with household income we will most likely add one or two AMEX cards for her as well.
The primary goal is to keep as much of our spend on AMEX as the points work well for us and we are looking for a Centurion invite whenever AMEX sees fit to offer it to us.
- 5/2023: I'm going to downgrade my AMEX Blue Cash Preferred card to the AMEX Blue Cash Everyday.
- 9/2023: I'm going to close my AMEX Platinum after the next Annual Fee hits.
- 10/2023: My sign-up bonus that I would have earned on my NFCU Flagship rewards next month will be used to cover its annual fee for the next 7 years.
2023 will be the year of Annual Fee Eliminations, No Hard Pulls, No New Card Applications and SP Credit Limit increases.
Last update: 5/10/2024
My plan is to
- 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%.
- Increase FICO scores to mid-700s.
- Get 2 more cards: Chase Amazon and Amex Gold.
- Finally form an LLC, followed by business credit cards.
I plan on applying for the World of Hyatt credit card and Capital One Venture X, in that order, on May 1 when I'm back under 5/24. I'm sure just like last year, my plans will change, but that's the tentative 2023 plan. And just trying to get soft pull CLIs as well.
