Setting Your >2023< Card Strategy

[privacyadvocate69]

My 2023 plan is the same as it is every year.

1). Don't pay much attention to, let alone obsess over my credit score. I do what I need to do and the score is what it is, whether it goes up, down or stays the same. I don't much care. My score is currently 839. It will likely be above 800 at the end of the year, and that's really all that matters.

2). If there is a signup bonus I want, apply for the card. I'll get it. I have not been denied a card in I don't know how long...seven, ten years maybe?

3). Close cards I don't realistically need, for which I only signed up for to get the sign up bonus. Pay no attention to the effect on total credit limit or utilization.

4). Continue to carry no interest bearing balances on any of my cards.

To that end, I got the Chase IHG card this year, for the 175,000 point bonus. 31K limit.

Last year I got the Chase SW Air and Sapphire preferred cards (21.7K limit each). I will likely close one of those cards, probably the SW Air card. I don't see much benefit in this card, beyond having earned the signup bonus. 

I doubt I will apply for any other cards this year, but I may, if I see some especially attractive signup bonus.

[SweetCreditObsession]

I'd like to... reach 780+ on all my Fico 8s, get a utilization of 10% or lower on all cards with a balance, and pay off one of my larger card balances completely.

[911gt34life]

my plan is waiting for August when my credit would be clean... after that target cards offer 10K over only ....

Card Goal End 2023 Are

Due to 5/24 Rule Would need apply first for Chase Freedom Flex

X1 Card

PayPal MasterCard 

Venture X

Verizon Visa Signature 

Bilt Mastercard

BOA Customized Cash

i wll report back end of year .

 

[unsungivy]

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@unsungivy wrote:

My most complicated plans involve my AmExs:

Currently, P2 is active duty military, which means MOST major CCs waive fees (looking at you, Barclay's US, for only waiving fees on cards you had BEFORE becoming active duty). That is likely to change at the end of the year, so those SUBs no longer being waived is a major factor in my overall plans.

1) April - upgrade AmEx Gold to Amex Platinum. My first Platinum renews this month, and the active duty fee waiver still applies, so it is basically a freebie for the next 12 months. It may seem counterintuitive to upgrade the Gold to Platinum with the higher fee when I already have one Platinum, but hear me out.

I picked up the Gold in order to knock out the Resy-partnership offers while the fee was being waived and the highest-to-date offers were available, but in general, other than extra Uber Eats $ monthly allowance, and the monthly Cheesecake Factory $10 card I pick up (which equates to $0 spend on this card), this card is sock drawered for me as I cycle through what feels like an infinite number of other SUBs (currently the 10% on the BCE still being used) or quarterly bonuses that cover dining, and I prefer to use the BCP for groceries. If it wasn't a freebie for me atm, it would be a money pit.

So why upgrade rather than close? Longterm planning. The Platinum has turned out to be a useful card that P2 gets a lot out of with his travel... even if I JUST kept it for the Centurion Lounge benefit, it would be considered worth it. The credits (other than the airline incidental mess) are easier to utilize than the credits from the Gold, and the Uber/Uber Eats credits continue to stack (meaning I will get a higher $ from a Platinum monthly for Uber Eats than from a Gold... worth pointing out you do NOT need to put the rest of the Uber charge on an AmEx to use those credits, you can couple them with whatever card you like). So while I am doubled-up, I will have twice the credits for my streaming subscriptions being covered, twice the Uber Eats credits, and can pick up $200 worth of Saks gift cards yearly instead of $100. Sure, I could close the card and not pay any fee at all... but it's better to wait 2 years to close a card than 1 year, especially with AmEx, so if I "have" to hang onto it, better to upgrade to something I already got the SUB for, than downgrade and close the window on a Green SUB longterm (as the least signifigant SUB/AF, I was saving grabbing a Green until last, but then the Resy offers changed to the BCE instead, which still worked out).

Originally, I was of the mind to grab the good SUBs while they were free to me, then close after 2 years, downgrading them to minimal for the second year when I did have to pay if I wasn't going to utilize them. However, when I opened the Gold, I was given the BEST APR they offer, as opposed to the Platinum Card being given the WORST (apparently I became a better credit risk to them in the 6 months between cards). So, this changed my thinking given how hard it is to get AmEx to lower APRs, and I have decided that longterm, keeping the card with the better APR is smarter. The only downside is that I have to start paying the "real" AF 6 months earlier, but in the meantime will get doubled up benefits and can pick a second airline for indicidentals.

2) July - close BCP when it hits 2 years, timed in order to get reimbursed AF (AF has been waived up till then due to active duty). This card has the similar issues to the Platinum, and I attained the lowest APR available for the BCE, which will be eligible for upgrading at the same time. Whether or not I upgrade depends on how the cards-for-groceries landscape looks, as while I do use the BCP for the 6% on streaming, there will be few streaming costs not covered (due to the limited list of options) after the credits from Platinum are doubled. The only transit cost I have going to the BCP at this time is the EZ-Pass refill, and that's mostly because I haven't bothered to change it yet after upgrading the CSP to the CSR a few months ago. If groceries look good, will hold off on upgrading BCE till I get offers to play the upgrade-downgrade game with it.

3) October - close the first AmEx Platinum with the higher APR when it hits 2 years, timed in order to get reimbursed AF.

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Other plans:

Thinking about closing my Chase Amazon Visa at 2 years (January). This was originally my plan after picking up up the Affinity, but since Affinity has some Amazon transactions that "don't count", I'm not 100% sure.

Possibly try again for an AOD CLI in June (hard pull), they denied me last year due to "too many new cards" (within the last 12 months), so will see what I look like then.

See if there's any "no lifetime language" AmEx BBP offers out there around June. There was no SUB when I got mine, other than from referral, and the APR is middlin'. Would prefer to open a new one with the "best" APR (which I've gotten on my last two cards with them).

Have P2 open a Citi Custom Cash card (possibly sooner, depends on upcoming spend?) This would be used for drugstores most likely, since that's a hole in the line-up (albeit a small one), or possibly groceries depending on what the cards-for-groceries landscape looks like and whether or not I decide to upgrade the BCE at a year to a BCP. Also have P2 downgrade Savor to SavorOne when AF is due, since the card does not and will not get the extra $9500 a year spend to merit the $95 fee no longer being waived.

.................................

TLDR; have P2 grab a Citi Custom Cash, otherwise just cleaning-up and tweaking the line-up and CLIs planned at this time.

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Aw hellz yeah.

So, I got a bunch of letter from AmEx a few days ago about all the cards I have that would no longer get their fees waived. Expected-ish, since as of 2/14/2023 P2 is now retired from active duty military.

What I didn't expect is that the end date for the fee waiver is not the same date as his retirement, but rather 3 months later (in May). This means that my April plan to upgrade my AmEx Gold to AmEx Platinum should get the fee for the year waived as well. Huzzah! Unexpected bonanza! *cackles*

[SPChaser]

My plan for this year mirrors my goal for last year a bit is to continue seeking out SP CLIs until closing, and when we finally close, go on a HP spree in increasing limits that I forgot to address back in 2021 that require a HP such as Best Buy. Also maybe applying for one or two cards, i.e. Synchrony Lowe's card, depending on SUBS, or how DW and I's card plans play out going forward. 

[SPChaser]

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@tcbofade wrote:

Its October.  Future is hazy.

I'm in two player mode.  (I handle DW's credit as well as my own.)  DW will be applying for two new cards in January or February.  (US Bank Platinum and Wells Fargo Reflect.)

Not sure what is next for me.

Keep the balances on zero percent cards.

I wonder if I'll see any BT offers from NFCU next year...

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I can truly relate @tcbofade because I do the same now, which is a blessing and curse 

[Creditwiser]

Keep doing what I'm doing with SP CLI's with my newly obtained Disco IT , and keeping UTL low. No further app plans right now or for the reminder of 2023. Next year after my BK drops off I will re evaluate my situation and act based on my scores. Looking forward to it.

[CreditMarathoner]

Revisiting my post from earlier as someone kudoed it recently:

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@CreditMarathoner wrote:

Once again, I have no specific "card strategy" plans for 2023.  My last new card was a CSP a year ago so I'm gardening now, just reached platinum spade, and will continue to garden through next year to reach diamond and 0/24 again.  And to see how high my scores can go.  Still on this.  Scores are over 840 now.  Though I'm not going to go crazy working at it, I might see them reach 850 eventually.  Once I hit diamond, I'll just coast as I have no more credit goals really.

Maybe I'll try for another CLI on my BoA card to bring it to an even $7k or $8k, but I don't really need any more on it.  Did this, CL is $8k now.  Maybe Chase will start throwing "pre-approved" CLI offers and I can take advantage of those to avoid HPs, and reallocate to put all the cards on a more even keel. No offers so far, but they do SP for requested CLIs now, so I bumped my CFU up to $5k which is all I need.  I decided not to increase my Amazon card at this time, and my CSP has more than enough.

I'll keep the CSP at least another year, then decide whether to keep it, downgrade it or close it, depending on how I am with traveling. No change here.  I definitely want to use my points for a nice vacation some day.

Next apps will likely be a refi (if rates drop again), a "cheap" car in the far distant future, or if i move and buy another home.  Probably none of these in 2023.  No change here.

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[1GaDawg85]

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So far 2023 has been productive from a CLI perspective. I still need to work on a couple of my Elan cards that are at 2k each. I need to hold tight on Disco and let the 2nd card turn 1 so I can combine it with the oldest card. Don't see any need to add a Chase or Citi card to my lineup as I have a lot of cards that will cover 99% of my categories and with my AOD card at a 3% CB, will always win over the 2% cards I have in my lineup along with the Cap One which I wish they would let me upgrade it to a Savor card but that has so far proved fruitless. 

[Bmom]

I currently am rebuilding again after some difficulty.

1) wait until my 3 rebuilders: Avant, mission lane, and surge are a year old, then close them. They did their job and got me back in the door.

2) grow my BOA and AMEX, still baffled that I got the Amex because I still owe them about 1200 from my bad days. I might pay that just to make sure I get CLIs

3) finish paying and removing my charge offs, and being grateful for this 5 year NY thing I discovered here. I have a bigger one that falls off next year no matter what and trying to decide what to do with that one. 

4) work on saving for a little house.