@Jayy wrote:@Blender Not sure if you're aware, but it looks like you have an Amex corporate card--if so, you can get the annual fee of a personal Gold card reduced by $100 each year through their Corporate Advantage Program. That could definitely push the math for that card in your favor (depending on how you value the monthly credits).
Good to know, but nope - just a personal Amex green.
*ah I see now lol the html I copied was a corporate card. I'll find a new one lol thanks for pointing that out
I try to spread out my charges on each card to keep individual utilization low, my Chase Freedom Flex has 0% interest until April 2023, so im carrying a high balance on that card slowly paying it down. My Discover Chrome is my back up card i use for its 2% on Gas and Restaurants. My Sapphire Preferred i use the 3x on dining and used it for some recent hotel stays. My Amex CS is 1.5% on everyhting i use for random purchases, but once i get a CLI i want to use more as my main card for the cash back investing. I just got the Hilton Honors Surpass so i can use Priority Pass. The Amazon Prime card was really to gift my DW the $200 gift card at the time.
Starting Score: 512
My 2023 goals are really simple. I currently have 8 personal cards and will be at 0/12 and 1/24 for new cards on January 7th, 2023.
I am not planning to add any new personal cards this year despite originally planning to add a Chase Sapphire Reserve. I just do not see any benefit to adding the CSR to my personal card mix. I do plan to add an AMEX Blue Business Plus this year. I am going to switch all of my spend to my AMEX Plat, Gold, and BBP. I was putting some spend on my X1 card. I want to earn a Centurion invitation and I think keeping all my spend on the AMEX cards for another year or two may help my cause.
Small secondary goal is to break 3,000,0000 MR points in my AMEX account by the end of this year. I am currently at 1,750,000
The next couple years will be all about getting what I really want vs the short term adrenaline of a new card approval. I am not even going to ask for CLIs on my other cards, I will just let them happen if they happen. No new inquiries and all spend on AMEX.
@Rockysocks wrote:
@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...
Well, this already changed! 3) has been checked off! Y'all let me know if 1) ever happens while we all pray that 2) never happens! Lol!
I've already cleaned up my profile by paying off a bunch of accounts and closing cards I don't need and I'm going to really focus on being a transactor/PIF user...if I can't pay something off then I'm simply not buying it. I want to focus on cash back for now and I'll be using AmEx BCE for the 3% which covers the three main things I spend on. I usually get gas at the Kroger gas station by me but BCE only gives 1% there so I'll be using my oldest Discover card for gas at 2% unless they change that, then I'll be using the FNBO Evergreen card for the 2%. My other Discover card is giving 5% back on groceries next quarter so that'll get a lot of use, and maybe, just maybe I'll get a CLI on it in April. Lowe's is good for 5% off but Home Depot doesn't really offer much except I prefer HD over Lowe's. Kohl's has great discounts with their card and Firestone has 6 months no interst and I'm curious to see what happens when they roll out their new cards in a couple of months. I will keep the Apple card, NFCU Platinum and PenFed Gold for backup and utilization padding for now. I've researched a lot of cards and those seem to be best for my spending with less hassle and no annual fees.
I want to let everything age, get my inquiries to fall off, pay down the loan I just got and break 800 if I can. I'd like to get some land and seems that to get a mortgage the general rule is no new apps for a year before.
Also, I see a lot of people that use travel/hotel rewards and while I don't travel much I am going to research how those cards and as someone on here mentioned, partnerships with hotels can work out and maybe I'll get to do a little traveling in the next couple of years.
So, big goals that will require some lifestyle choices and changes but I know that is definitely better both in the short and long terms. I figure as long as I don't get drawn back into carrying balances I will make good progress.
Peace
@NoHardLimits wrote: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.
So 2023 hasn't even started yet, and I am already altering my strategy. LOL! Besides my initial plans, I am going to close two cards and apply for a new one that wasn't originally on my radar.
With the 2022 tax year drawing to a close, I will be offically retiring and winding down my side business. As a result, I will close my two small business credit cards. I don't really know if lenders object to holding onto business cards when the underlying business is no longer operating, but without the business my purchase volume will decrease significantly. With no more last minute office supply store runs, and phone/internet bills cut by roughly 30%, Chase Ink Cash will not be worth the account maintenance effort. My Amex Amazon Business Prime card could continue to be useful, but Amazon and I have had a falling out due to rapidly declining customer service (orders arriving late/damaged/missing items and refunds slow to appear). I decided to use my Amex Platinum coupon book to pay for a Walmart+ membership as a replacement for Amazon Prime. So far, so good.
The new card I might apply for is the US Bank Shopper Cash Rewards. If my experience with Walmart+ continues to be good, a 6% cashback card for Walmart purchases might make sense. I also shop at Sam's Club, so 3% at Warehouse Clubs year round would be nice too. The $250 signup bonus and a first year waived annual fee makes it worth a look.
This time last year, my mantra was "No new cards in 2022!"
Um, about that, I got the FOTM Evergreen, I mean FNBO Evergreen in January. I only went for it because of the high limit it promised in the pre-qual. I have no major gripes about it so far though. When I got that, I said "No new cards for one year (365 days)." Then I got the Citi Custom Cash in July. Hey, I made it half a year. Great card I had on my to-get list anyway, I just got it a little earlier than originally planned.
My 0% period expires on my Evergreen and Autograph in January and February respectively. I'm working hard to pay those off ASAP. Custom Cash is 0% until October, so I'm not worried about it except for not letting it get too out of hand and making my credit reports look bad.
January 16 I will be 0/6, 1/12, 4/24. I tentatively plan to wait until February 1, just to be safe, and apply for the Chase Sapphire Preferred. Depending on what bonus/incentives/improvements happen between now and then, I could possibly go for the Sapphire Reserve. It wouldn't take much to push me towards the Reserve. But the Preferred seems like the better fit for me right now.
[EDIT: Approved for the CSP on Jan 20.]
Six months after that I will again be 0/6, 1/12, 4/24. I intend to get the US Bank Cash+.
[EDIT: Approved for the Cash+ on Mar 31.]
I've considered changing the order of those two. If I get the Cash+ first, I will again be under 4/24 and eligible to get a Chase card a couple months quicker than if I get the Sapphire first and have to wait until I'm 0/6 for a US Bank card.
Some thought has even been given to applying for both on the same day, since they should pull different CRAs and probably won't see each other. But I'm afraid that when they see it later through SP checking up on me, they'll be annoyed and possibly close accounts I just opened. Opinions on this are welcome.
A few months later, say December, I want to get a 2nd Discover it Cash Back to hit the double rewards again.
EQ8 783, TU8 770, EX8 776 as of July 6