Setting Your >2023< Card Strategy

[Lou-natic]

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@Jeffster1 wrote:

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I LOVE my Jeep Wrangler (though it is old enough to vote). I wouldn't consider anything other than another Jeep Wrangler to replace it. 

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I have wanted one since I was about 12 or 13 along with a 3rd gen Camaro, that was my "dream garage" as a kid and just never got around to it. Back then I knew I wanted a nice CJ-5 (and I still do really, also an MB would be awesome) but I have also never bought a new vehicle for myself before and I turned 40 this year. I decided it was now or never. I ordered one so I got exactly what I wanted and this year the Willys got a huge (YUGE!) upgrade and I am locked in at 9% under invoice on it. Only options I added was color (high velocity) and the hardtop. When my new jeep arrives I'll have a Wrangler and a Corvette. Goal accomplished.

           @okurosetta wrote:

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          Troglodyte is one way to put it - one of my friends called me a luddite for still wanting a manual 

          I recently got a Civic Si myself, committed to the purchase in late May and was quoted July/August arrival. Once I knew the dealer         would take $2.5k down on a credit card, I opened an Amex Business Gold in early June, figuring the car might be in by the end of the spending period but I'd at least be able to put $2.5k down. Salesperson kept saying not to worry about the deposit, but once early August rolled around I e-mailed her explaining that I was trying to hit a sign-up bonus, asking if they could please take the deposit. I believe that's the only time 1) I've had to spell out that I was trying to hit a sign-up bonus to someone and 2) basically demanded for a business to take my money, but she understood and took the deposit that day.

     Hope you don't have to wait too long!

Me neither! It's been a long time coming and I'm ready for it. And I did the same thing, put the deposit on my Altitude Go to get it over the line for my SUB. Save the manuals!

[spiritcraft1]

It's a bit late in the year to state my credit gouls but I have recently accomplished a few of them.  First, after a couple years of trying I was able to move CLs from unused NFCU cards to the Flagship cards for both me and the DW.  I left our oldest cards intact, both GoRewards cards, that had been secured back in 2006.  The trick that finally workered, or the language, was "to make room for a future balance transfer".  That was a big deal and am pleased that I was able to get that done for each of us. 

The other big deal was a suspected new vehicle.  I knew it might be a bit of a challenge as the last Auto loan on my reports fell off a year ago.  Our other car is on the DW's report.  I found a nice vehickle with all of the tech, interior, and sound that I wanted and was lucky to find a 2023 that was actually Certified with 6k miles on it.  So I have a new luxury hybrid SUV with a warranty that will take me through 2028 and likely into a pure electric.  I wanted the safety features and this thing will botch me out if I get distracted in any way. 

I have also closed several cards that were not growing and that I had zero use for.  Still on the list a new personal card if I can find one that I think I can use and may provide a good SL.  Depending, I may cull another unused card depending on the above...  I have not added a personal card for twenty three months so I should be in good position on the credit seeking front.  Next up, 2024...

[OrangeRange]

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@OrangeRange wrote:

My goal is to garden for the next year, and possibly into 2024 as well as all of my inquiries (7) won't drop off my account until Dec '23. 

I didn't really get into optimizing my spending with credit cards until the spring of '21. Before that, I always used my first CC for everything but didn't even request a CLI or look into other cards for over 5 years. Soo, I went on an application spree from Nov. '21 to Jan. '22 and picked up Amex Platinum, Chase Freedom Unlimited, Apple Card, Amex Gold, USAA Preferred Cash Rewards (just to have a  no AF Visa with no FTFs as I visit Canada frequently), Schwab Investor Card (I wanted an Amex that reported utilization), and finally Amex BCP.

My goal for 2023 is to: 

• Let AAoA grow to over 2 years (oldest account is 6 years, 3 months but I didn't get my 2nd card [CSP] until April '21). 
• Get my Apple Card from $7K to five digits. I'll probably put most of my spend in Q1 '23 on here to try to accomplish this as Goldman is a tough cookie to get CLIs from. I've only been successful one time and that was after I got the card and put 3 installments on it and spent over 30% of my utilization over 2 months. 
• Axe the second USAA Visa given that Apple Pay / Tap-to-Pay is ubiquitous in Canada so I can use the AC as my catch-all when not using my Chase Sapphire Preferred or Amex Gold. 2% > 1.5%. 
• Get a CLI on my Chase Sapphire Preferred. It's been stuck at $10.9K since my first and only auto CLI in August '21. Hopefully the in-app CLI button starts working for me eventually. I'd like to get this to at least $15K. 
• Get rid of Schwab Investor Card and consolidate its limit ($15K) onto my BCP ($10K) and then downgrade BCP to BCE once the first year is over and I get charged the annual fee (I got it waived w/ $300 after $3K spend as my offer). I only got an Amex revolver because I liked how generous Amex is with their CLs, and just in case I someday get rid of both my Amex charge cards I'd like to have a nearly all-in-one card with them. 
• Possibly downgrade my Amex Platinum to Amex Gold and cancel my current Amex Gold in November '23. I'm conflicted because I get value from the credits and love its superior lounge network vs. CSR and VX, but I plan on leaving the job that requires me to travel monthly by the end of next year so Platinum may be on the chopping block. If I do cancel I'll likely upgrade my CSP to CSR as I can easily use the $300 travel credit, and combined with my CFU, can take advantage of the in-portal point boost. Amex Gold would just be my food/dining and flights card as I do love having and using MR too. 

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Well, guess it's time to come around for a 2023 update as we enter the final quarter. 

It's crazy how you have a plan, and then it changes. 

I did accomplish a few of the goals I had in my intial post for 2023: 

- USAA Visa and Schwab Investor Card from Amex were closed. Schwab limit was transferred to my BCP ($24K). 

- Apple CLI did occur but only to $8,500 back in February. I submitted a CLI request for the second time in two months just yesterday. Waiting to see if they'll finally get me to  5 digits. 

- Chase has yet to give me a CLI. I'm LOL/24 and that is the reason I keep getting denied. Won't be at 4/24 until April 2024 so maybe then I'll get some luck. 

- Still debating on whether or not I'll downgrade Platinum. I'm leaning towards it but I'll wait to see what retention offers are like in November and how I feel once the $695 fee hits my account. 

- I haven't downgraded my BCP as I've found it to be quite useful. After the $95 annual fee hits my account in Oct, I'll net about $435 in cash back (not to include the $300 SUB) after accounting for savings from Amex offers, CB from the card's categories, and my Disney bundle monthly credit of $7. I think I'll keep the BCP so long as the Disney credit remains, and I continue to get good Amex offers to offset the annual fee. It's my go-to gas, streaming and Apple app store card now. 

I opened 3 new cards this year primarily for travel redemption: Amex Green (couldn't resist the 60K MR + 20% back on travel SUB), Citi AAdvantage (80K miles), and Barclays Aviator (70K) miles. Barclays will be closed next year and so will the Green most likely. 

[Im-back]

My goal. Just say no. I need to stop reading about cool cards on here and applying. 

[UncleB]

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@cws-21 wrote:

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@UncleB wrote:

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@cws-21 wrote:

Any updates from anyone?

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I don't wanna talk about it.

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You're just adding to the suspense. Now we NEED to know, @UncleB. Don't tease us and then leave us hanging.

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Something, something, five new cards back in the Spring... you know, just the usual myFICO stuff.

So far Synchrony hasn't made a fuss (my primary concern) but I knew that was a possibility when I did it so while I would be disappointed I wouldn't be shocked or indignant.  As much as I like my old Synchrony cards I liked the bonuses and cash back from the new additions a bit more.

[cws-21]

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@UncleB wrote:

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@cws-21 wrote:

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@UncleB wrote:

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@cws-21 wrote:

Any updates from anyone?

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I don't wanna talk about it.

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You're just adding to the suspense. Now we NEED to know, @UncleB. Don't tease us and then leave us hanging.

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Something, something, five new cards back in the Spring... you know, just the usual myFICO stuff.

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Your "Something, something" reminds me of Elaine's "yada, yada" from Seinfeld. @UncleB, you are something, somethinging over the good stuff!

[UncleB]

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@cws-21 wrote:

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@UncleB wrote:

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@cws-21 wrote:

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@UncleB wrote:

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@cws-21 wrote:

Any updates from anyone?

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I don't wanna talk about it.

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You're just adding to the suspense. Now we NEED to know, @UncleB. Don't tease us and then leave us hanging.

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Something, something, five new cards back in the Spring... you know, just the usual myFICO stuff.

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Your "Something, something" reminds me of Elaine's "yada, yada" from Seinfeld. @UncleB, you are something, somethinging over the good stuff!

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https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Some-new-additions-Citi-WF-Amex-PNC/m-p/66678... 

PNC Cash Rewards, Amex BCE, WF Active Cash, Citi Premier, and NFCU... I didn't even post about the Navy one, since I was a bit embarassed.  The approval itself was fine - $16.5k at the lowest APR - but I definitely over-did it.  I had just moved and had a lot of new (planned) spend and wanted the bonuses, though. ¯\_(ツ)_/¯

My haul would have been better but I realized after applying for the Premier that the rules on the bonus had recently changed, and I no longer qualified since I had one a few years ago.  It went to review (all my Citi apps do) and I had planned on just letting it 'die on the vine', but I answered a call that I thought was from PNC but it was Citi, and once they verified me it was approved on the spot.   (Possibly the only time I've been bummed over an approval, LOL.)

The only thing left that I'm remotely interested in is the AAA Visa, but I know better than to mess with Comenity right now, even if I do happen to have a preapproval code in an email.

[IsFiveCardsEnough]

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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.

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.  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.

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.

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.

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This is a good time to revisit my 2023 "strategy", well I didn't really have one.  (I've switched accounts/screen names since I posted the above)

My CSP hits 2 years tomorrow and the inquiries will drop off, but I won't see diamond for a while as I applied for the Elan Max Cash Preferred in July (which got a monster SL).  I also hit a TCL of $50K, which wasn't planned, but a result of that Elan MCP app.

I did CLI the BoA card to $8k and also my CFU to $5k when Chase started doing SP CLIs earlier in the year.  My limits are good now where they're at, so I don't anticipate requesting or receiving any more CLIs.  I could shuffle some limits around my 3 Chase cards to even them out, but so far that hasn't been a priority.  Unlike many here, I have no want or need for 5-figure limits.

Future plans are to stay in the garden, possibly for life, or at least until I move or buy a car in the distant future.

[JasonMath]

I went on my first international trip by myself this past summer to England (for 2.5 weeks), and I loved it!  I have a stable income, no debt, rent, or mortgage.  In addition, I have no children or personal vehicles, so I have room to splurge on vacations.  I spent around $9,000 - $10,000 on my England trip, including business-class flights round-trip!  I plan on doing similar yearly international trips (give or take $2,000 with different hotel costs by destination), plus 1-2 shorter domestic trips ($1,500 - $3,000) yearly, mainly to see family.  I plan on booking travel in October - November 2023 to my 2024 trip to the Netherlands, and will spend at least $8,000 over the next 3 months on that trip, along my daily expenses.

With that in mind, I am looking to make the most of my money, and enter the points/rewards game.  So far, I have the Costco Anywhere Visa Card and Fifth Third Bank Trio Rewards Mastercard as legacy cards, with only my Chase Freedom Unlimited as a recent card (July 2023).  I just applied for the Capital One Venture X, taking advantage of the 90,000 point SUB.  I plan on using that card for free lounge access, 10x on hotels through the portal, and 2x on everyday spend.  (The rental car portion is irrelevant to me, as I am looking to go to destinations that are easy to visit using public transportation/walking/cycling.)  I plan on eventually having this set-up:

Primary cards:

- Capital One Venture X - 10x on hotels via portal, 2x on everyday spend, $300 on hotels via portal, Priority Pass lounge access, Global Entry reinbursement, 10k anniversary credit, access to Capital One transfer partners, 90k SUB with $4,000 minimum spend over 3 months (applied September 2023, waiting on approval)

- Chase Sapphire Preferred - 5x on travel via portal, 5x on Lyft, 3x on restaurants, $50 hotel credit via portal, access to Chase transfer partners, 60k+ SUB with $4,000 minimum spend over 3 months (apply October - November 2023, especially for upgraded SUB - possible bonus SUB from family member's referral with CSP account)

- Chase Freedom Flex - 5x on rotating categories, 3x on drugstores (apply January 2024, sooner if 5x on groceries + $200 SUB offer appears)

Secondary cards:

- Fifth Third Bank Trio Mastercard - $5 discount on Lyft after 3 rides/month through March 2024 - average spend of under $16.67/ride ($50/3 rides), giving me a 10% effective cash back rate - use Fifth Third Bank card for first 3 rides/month, CSP to redeem discount + any extra rides afterwards

Sock drawer

- Chase Freedom Unlimited - 1.5x on everyday purchases < 2x with Venture X, 3x on drugstores = 3x with Freedom Flex, 3x on restaurants = 3x with Sapphire Preferred

- Costco Anywhere Visa Card - 2x cash back at Costco < 2x points with Venture X, 3x cash back at restaurants < 3x points with CSP

I will probably get a larger SUB with the referral for the Chase Sapphire Preferred vs. the Chase Sapphire Reserve, so the CSP will likely win out in year one, especially combined with the Venture X's lounge access and 10x on hotels via portal.  I plan on keeping track of my expenses with the CSP to see if upgrading to the CSR in Year 2 is worthwhile.

[TheRedHat]

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@TheRedHat wrote:

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@TheRedHat wrote:

• 5/2023: I'm going to downgrade my AMEX Blue Cash Preferred card to the AMEX Blue Cash Everyday. DONE
• 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. 

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Update: My AMEX Blue Cash Preferred card has been downgraded to the Blue Cash Everyday. Going on 7 months of gardening now.

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Second update: Have been gardening for a year now. I originally was going to close my AMEX Platinum, but instead chose to downgrade to the Gold which made more sense for my daily spending habits and I also didn't want to open another card (even if I am "losing out" on the SUB). After using my current set of cards for a year, I have new goals on how I want to proceed next year. I'll go into more detail in the 2024 thread.