Setting Your >2023< Card Strategy

[Aim_High]

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?

[Jnbmom]

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 👍

[Kforce]

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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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^^^^^  This 

[SouthJamaica]

My goals are to pay down balances and refrain from adding new accounts

[Aim_High]

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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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And that's an excellent way to start the discussion, @Jnbmom, since card changes don't always require adding new cards or hard pull inquiries.  Sometimes, closing unneeded or unuseful cards, consolidating credit limits, product changes, seeking lower APRs on existing cards, or pursuing soft pull credit limit increases can be an equally great strategy.   It's all about aligning our cards with our needs and making smart choices. 

Thanks for kicking off the topic! 

[PlaidRaptor]

Thanks for starting this thread @Aim_High . These are always interesting and fun to read.

As for me, I plan to apply for two more cards next year, one in early summer, and the other towards the end of the year so that I will be 0/6 and 0/12 when I apply for the first one and 0/6 when I apply for the second. The cards will round out my cash back strategy.

[GZG]

Going to close my OpenSky before the AF hits and then probably going to wait until I'm 0/12 and I'm considering among a few cards

NFCU More Rewards

Cap1 Savor One

Cap1 Walmart

Amazon Store Card

Discover It

Amex Blue Cash Everyday

Apple Card

Penfed PCR

[MySunrise271]

Pay off 0% promotional balances 

Grow current credit card limits to a minimum of $10k

Down grade Amex EDP>ED🤔 

[tcbofade]

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...

[Aeon]

After 8 years in the garden unknowingly, I added my second credit card in September and PC'd my first CC to a better cashback card. I'm looking to add at least one more credit card in 2023, hopefully a travel rewards card with a good SUB.

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.