Setting Your >2023< Card Strategy

[notmyrealname23]

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@notmyrealname23 wrote:

In year update:

Citi has been good to me (nailed the Premier SUB) so I took an ATH offer (75k AA miles) and added an AA Platinum Select to the mix. This will occupy the Devil's Workshop for a while.

Also, AMEX gave me an upgrade offer on taking my Blue back to a Gold and is willing to offer 75k to upgrade one of my Green/Rose Gold to a personal Platinum for 6K spend in 6 months. LOL, if you INSIST, I guess. By my accounting I can slough off $400+ of those fees into airline tickets, Uber Eats, etc.

Between that spending I am truly set for waiting until Q4 2023 and going (finally) for a Chase card...

[Anonymous]

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@Anonymous wrote:

Wait for the AOD to nerf so I can feel less bad about the USAlliance losing the 3% in 2023.   Yes, not exactly a classic strategy, but could provide some satisfaction (if it happens)

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Since people are updating, I should note that I am STILL waiting.   Wow, that AOD card was a good catch for those who applied, unlike me "knowing" that since I had USAlliance I didn't need two 3% cards.   Lesson learned ("I am right and the world is wrong, don't blame me"!)

[cws-21]

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@Anonymous wrote:

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@Anonymous wrote:

Wait for the AOD to nerf so I can feel less bad about the USAlliance losing the 3% in 2023.   Yes, not exactly a classic strategy, but could provide some satisfaction (if it happens)

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Since people are updating, I should note that I am STILL waiting.   Wow, that AOD card was a good catch for those who applied, unlike me "knowing" that since I had USAlliance I didn't need two 3% cards.   Lesson learned ("I am right and the world is wrong, don't blame me"!)

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You'll eventually be right, @Anonymous.  I am happy to have the AOD Visa Signature, but I am always waiting for the other shoe to drop.

[Aeon]

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@Aeon wrote:

For 2023, I have three goals:

1. Maintain 770+ credit scores. Stretch: break 800.

2. Increase the CL on one of my current cards to $10K.

3. Add 1-2 cards that have no FTF sometime after I fall below 0/6 in March 2023.
Option 1: Capital One Venture X + Savor One. Option 2: Chase Sapphire Preferred. I'm leaning more towards the Capital One cards, but if denied for the VX, I'd app for the CSP. Alternatively, if I decide that travel rewards cards aren't for me, I'd only app for the Savor One.

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Q1 update:

1. Done! Current FICO8 scores are 780-808 and they'll only slowly go up from there with age, especially if I don't apply for more new cards. Right now I AZEO with 1-2% total reported utilization. Tried if for 6 months and I don't like the micromanaging of statement balances. So this month, I'll have both cards report their statement balances. I'll get an all cards reporting penalty but I had that when I only had one card and my scores were in the same range as they are now. Aggregrate utilization should still be under 5%, so I'm not too worried about my scores staying above 770. 

2. Done! I applied for an Amex biz card and was shocked when I got a $10k starting limit. I do want my personal Amex to get to $10k by the end of the year, but if it doesn't happen, it doesn't happen. 

3. Kinda done? Maybe? A few weeks after I got my biz card, one of my clients asked me to interview for an open position and I accepted their eventual job offer. So now I'm winding down my business and don't need a biz card. It's a 2% cash back card, so I decided to PC my WF Active Cash to an Autograph that has no FTFs. 

I still do want a premium travel card, but my ability to meet a SUB is marginal at best right now. So I'm not rushing to apply. I've done research about each rewards ecosystem's pros and cons and I don't like being locked into using a travel portal to get the travel credit (Venture X) and I don't think transfer partners would be beneficial for my travel preferences and patterns. I've been eyeing the US Bank Altitude Reserve, but at my current spend, all my spend has to go onto that card in order for it to make sense vs a simple 2-3% cb lineup. I do love the simplicity of using one card for everything though. Decisions, decisions. 

[CreditMarathoner]

Still no defined strategy for me but I'm in a good place credit wise right now (no jinx!)

I tend to AZEO but even if I miss and 2 cards report a balance, I don't see much if any score drop.  My scores are over 840 as well.

Limits are where I want them, no need for any more CLIs.  My inquiries from my CSP app in 2021 will fall off in October and I'll be at 0/24.

I presently have no need for new cards either.  Unless something comes along with insane cash back that fits my spend patterns perfectly, no more apps for me.

So, just tending the garden here still.  Now if "Destiny Mastercard" would stop sending me emails for $700 limit cards...

[Anonymous]

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@CreditMarathoner wrote:

Still no defined strategy for me but I'm in a good place credit wise right now (no jinx!)

I tend to AZEO but even if I miss and 2 cards report a balance, I don't see much if any score drop.  My scores are over 840 as well.

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Good example of how scores can be high without endless util padding.   Some here wouldn't be that happy with a $26K card, let alone as a TCL!   (And yes, it depends how much you charge each time etc, but I bet many util padders still don't use a significant percentage of CL!)

[EdMan63]

My only strategy this year was to just let the inquiries from 2021 fall off. I'm down to one each on EX and EQ. I have two which drop off of TU in July and that will leave me with 2 on there. I had alot going on in 21 and not just credit cards. I think I had 6 on TU and 5 everywhere else. No plans for anymore cards right now. I also had a couple of CLI with Citi and Disc. 

[jaybird14]

Update from end of Q1 2023/start of Q2 2023: Thanks to some wrangling I was able to bring down my overall balances on high-interest cards and now I'm in a healthy spot. After getting CSP late-ish in 2022, I ended up going for CFF to capitalize on the grocery + Target bonus in Q1 and the grocery 5% offer and to complete the Trifecta. As I also had a move in February I wanted to maximize the intro APR for any purchases. Just yesterday I did an app for Venture X and got approved with the base Visa Infinite limit and the highest APR bucket. Could I have waited a month or two for utilization to go down + AAoA to go up? Probably. But with some travel on the horizon I figured it made sense to get this done sooner rather than later. Off to the garden I go!

[NoHardLimits]

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@NoHardLimits wrote:

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@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.

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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.

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Reporting back in to say that I have successfully completed all of my planned credit card strategy goals for 2023.  I even managed to snag  an unanticipated product change opportunity.  Details as follows:

Closed 2 business cards -

Amex Amazon Business Prime

Chase Ink Cash

Opened 1 new account -

US Bank Shopper Cash Rewards

4 product changes -

Amex Everyday Preferred to Everyday

Capital One Quicksilver to SavorOne (this was the surprise opportunity)

Chase Freedom to Freedom Flex

US Bank Altitude Connect to Cash+

Now, I'm going to grab a big comfy chair and go sit in the garden!

[CreditMarathoner]

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@Anonymous wrote:

Good example of how scores can be high without endless util padding.   Some here wouldn't be that happy with a $26K card, let alone as a TCL!   (And yes, it depends how much you charge each time etc, but I bet many util padders still don't use a significant percentage of CL!)

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I guess it depends on one's spend patterns and if they let balances report (and how much)!  Even though I don't always successfully AZEO, I at least try, which leads to any reported balances being small.  Those with large reported balances will need higher limits to offset utilization.

Profile is a factor too.  My oldest account is over 25 years, no derogs, few inquiries/young accounts, most of my apps are spaced out 2 years or so.