Setting Your >2023< Card Strategy

[Fortunate2017]

I'm happy with my current line up so my main focus this year is to age my current accounts/inquiries.  Refrain from getting any new CCs for 12 -24 months.  I also plan to continue to grow my NFCU limits with soft pull CLIs.

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[DakotaM]

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@DakotaM wrote:

My plan is to let all my new cards age and to ask for CLIs on them every so often.

I keep on adding to my ever-growing list of cards I want to have 😁.  Most recently, I want the new AAA Daily Advantage card for the 5% on groceries with a higher limit than my Blue Cash Preferred. 

Outside of that, my current goal is the Citi Shop Your Way card. I know I need to wait and let all my inquiries and accounts age though, so I probably won't be applying for that or any other new cards in 2023 🤞

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Well, I went ahead and ended up getting the AAA card and most recently the new Redstone FCU Visa. Still no Shop Your Way card though 😢. I have yet more inquiries now and my plan for the rest of 2023 is to let them all age. 

[TRC_WA]

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@Aim_High wrote:

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?

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NFCU unsecured and getting back in the door with Cap One who was IIB.   I accomplished both in the last week... with a NFCU graduation and Cap One cracking the door open ever so slightly with a $500 SL.

Nothing to do now but pay off my CC debt (90% is at 0%) and garden for the next year.  All my baddies from my 2017 BK 13 will be gone in the next 6-12 months.

[Anonymous]

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@Remedios wrote:

I don't have a strategy because there is nothing that I need 🤷‍♀️ 

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I do have a strategy even though I believe there is nothing that I need.

a) Wake up at 4:30am

b) Check every credit card I can find on the web, and ask myself "Am I certain that I don't need this?"   If not 100% certain, app.

c) When done, circle back again to be sure.  Usually go to bed at 2:30am

Yes, it's a lot of work, but it gains the great satisfaction of KNOWING (or pretty certainly knowing) that there is nothing that you need in the credit card space.

Doesn't leave time for a social life, but this card stuff is more important.

(If things go quicker than usual, or the time change gives you an extra hour, search reward debit cards too)

[OniStringer]

As far as cards. I would like to hopefully grab the Amex Gold by year end as well as closing up any of my rebuidler cards. Then gardening abd building a nice clean credit score for future endeavors.

[Citylights18]

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@Citylights18 wrote:

New Year's Eve so I'm running out of time to decide.

1) Close AMEX Marriott Biz card. Not worth the $125 AF for a card I haven't used in a calendar year.

2) Close AMEX Green. $150 AF for a card I use for a once in a while parking charge.

Have 0% on my AMEX BBC to 11/23 and may ride that for business debt as far as what I can.

That is more my question how much debt do I want to take on in the New Year more than anything else.

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Hit objective #1 already by closing my AMEX Marriott Biz card. Stil have the free night attached to my account. Replaced it with the AMEX Hilton Honors Biz card for a crack at another SUB. Will close the AMEX Green once the Hilton in processes.

I decided I'm hitting the breaking point on debt after loading up a bunch of 0% APR transfer business cards. I've been paying off my business cards as revenues have rolled in and I've paid off 7 of 10 cards at least once. Will plan to pay 2 more off buy May and another in October. However if I take more than another 5,000 of projects on its going upset my repayment schedule. Therefore hit the Hilton SUB and then garden maybe to the fall. Next issuer I might try is BofA since I paid off a mortgage with them and they are known for good limits.

I think I made a mistake in 2022 applying for both the Discover and Rewards+ at the same time. Rewards+ I didn't get the SUB since I recenly picked one up from the Citi Premier. Haven't even used the 0% APR because I already had Discover on that promotion and since their cash back bonus is on dining and gas they've had the most of my attention. Chase keeps offering me 5% groceries on existing cards so I'll take that over 0% APR Rewards+ because its more points. I'm 3/24 and could app for a Freedom Unlimited but the 5% doesn't mean anything to me when I already have 5% groceries.

If you are using the 0% APR cards tactically, make sure you space out your apps. I was stuck because I didn't know if I didn't get instant approval on the Discover and thought I was declined so stuck in a Rewards+ at the same time.

[captainsensation]

I plan on staying in the garden most of this year. I managed to learn from alot of posts here and went from 571in jan 2022 to 706 in Nov 2022. I had a few baddies that i had to settle on and now that ive handled those i need them to fall off. Ive closed all of my annual fee and secured cards and got most of the cards i want. I have too many inquiries as a result so ill set a time frame of 6-8 months and see what happens.

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@Jnbmom wrote:

My goals seem simple but will take some strength 😊

I plan on closing cards that I don't use or need and to not apply for any new cards . Not your normal strategy I suppose but it's what is best for my situation 👍

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[minski]

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@minski wrote:
So, my 2022 goals were garden if no big expenses pending. I did end up having big expenses in which case my goals were USB AR, and maybe Chase IHG Premier, CSP or CSR.

I got denied the USB AR but did add CSR, AmEx Platinum...and Capital One VentureX.....

For 2023: I may downgrade CSR to CSP.

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I forgot to add: close some of the cards and accounts I am not using.

So far I have closed my Bethpage FCU accounts including LOC, and Premier Members credit union accounts. I have been trying to close my Signature FCU accounts including credit card but as prior experience has borne out, their customer service isn't the best and I have yet to reach them to close my accounts....

Plan to close ETFCU/Liberty high interest checking account - got tired of doing so many debit purchases - and eventually State Department credit union membership including a credit card they give me auto-CLI on with minimal use.

[jsweeti1]

I would say my credit card strategy for this year is axing some cards, like Overstock store card (done), Macy's, and Credit One. I want to PC my Cap 1 QS1 card to Cap 1 Venture Rewards and PC the USAA Classic AMEX to USAA Rewards AMEX. I would also like to add Blue Cash Preferred AMEX and Chase Freedom Unlimited cards. 

[isik]

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@isik wrote:

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.

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Going well so far.

- Utilization is now at about 15%.

- FICO 8 is now in 720s (Up from low 700s).

- Amex Gold added. Can't prequal for Chase Amazon for some reason. I'm guessing too many new accounts.

- No LLC yet, but sole prop. business growing.