@Aim_High wrote: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?
I've been slowly closing subprime cards I don't really use and have 2 left. I will slowly grow the ones I already have. I also am thinking long term and will garden - letting inquiries fall off and aging my account.
12/22 : 
@FLLGuy wrote:In 2022 - Got the house, got the credit cards I wanted, reached all CC subs, and paid down all my cards off again. My card strategy for 2023 shut it down and garden! Wait for BK13 fall off this year while I watch others have fun from the sidelines.
Me too!
@JNA1 wrote:@JNA1 wrote:
I added 5 cards in December '19 for myself and 2 for DW. This year, I only got 2 cards for myself ( and 1 for my side business) and DW picked up 4.
My 2021 plan for is to pick up grow our current cards, selectively app for a few of our goal cards to maximize cash back. My eventual goal is to earn as much 5% CB as I can through the year, and backfill with my cards with 3 and 4% on everything else. The Cash + (or Elan equivalent), the Freedom Flex, and the Synovus Travel card are all 5% cards in categories we'll use, and I was thinking of getting the NFCU Plat for a low APR in case we need it. After these, I really can't any other cards I really want or need, besides maybe a 0% intro card for an extended or a big SUB card down the line (meaning a year of more after I got our goal cards).
We met and exceeded our goals for 2021 on getting 5% cards on everything except getting the Chase Freedom Flex. Adding the Synovus cards filled the hole left by PNC neutering our ClearPoints cards.
For the year we added:
(3) Elan Max Cash Preferred (5% selectable)
Synovus Travel Rewards (5% Travel, 3% select)
Affinity Cash Rewards (5% Rotating)
Citi Custom Cash (5% Dining)
Lowe's Advantage Card (5% at Lowe's)
Synovus Rewards (3% selectable)
I also PC'd my NFCU More Rewards card to the Platinum card @ 5.99% and DW PC'd her cashRewards card to the Platinum as well @ 8.99%. She'll ask for a rate reduction in a few months when she's eligible.
Our goals for 2022 is to grow current cards, and I'm going to garden until August to get 4/24 to have a shot at getting the Freedom Flex. DW may pick up another Custom Cash as 5% hole filler, but unless something new and exciting comes along, next year is going to be a gardening year to get some age on these new accounts.
I like going back each year and seeing how or what we did relative to our goals.
For 2022, we were able to get the Chase FF and additional Citi CC as we hoped, picked up one more card for a great SUB and BT offer.
As far as 2023 goes - for the first time since I joined this forum - I don't have a clear objective of what exactly I'm going to go for next! 😂 I guess that's a good thing! We have our cash back lineup optimized very well at this point, so there's nothing out there currently that is a must have for us. The Abound card for 5% gas would probably be the one I'd like to have the most, but we get typically get 5% gas on the rotators for 3 quarters out of the year, and my PNC earns 4% all the time, so is it really worth the effort?
DW will be 4/24 soon, so we may snag a Chase card for her, but it's really not a huge concern if we don't. We'll definitely continue to grow our limits and maybe snag something interesting.
Even though I'm fairly new to the forums (as can be seen by the signature), I think I still have some pretty decent plans. I plan to keep pushing for Macy's CLI till the card gets to around 20-24k (given reported income is 24k, I dont know how much farther I will be getting from 11k). Keep in find, the rumors about the card growing insanely is true, I was approved in May 2022 for $300 and my card is at $11,000 just 7 months later!
In similar terms, I want to request CLIs on Discover, Chase and Citi, hopefully get on a 30, 60 or 90 train with Discover (after by first one at this statement close) and get one with Chase and Citi after 1 year of usage although I need to do more research into the new Chase CLI button and how often Citi rechecks for CLI.
In terms of new cards, since I'm still finishing up the bonus on Amex Gold and Citi Premier (both of which will be hit with college expenses), I don't plan to be applying for many new cards. If either Sapphire Preferred and United Explorer have good SUB, I'll go in branch and see what my chances are for either one, I'll be international for the summer so no annual fee for a year and being able to not pay for foreign transactions fee will be good. SUB with similarly be reached with college tuition payment.
Only possible downgrade plan (but is unlikely) is possibly downgrading Citi Premier to a Citi Custom Cash after one year but I might want to wait a little longer so I can outright apply for Citi Custom Cash (to get SUB) and then downgrade this one shortly after so I can be running a double Custom Cash setup if possible since they seem to be allowing that.
Decent plan but not as big as everything that has happened this year. Hopefully score peeps into the 740s, 750s or even 760s on all bureaus as well, who knows (although age is the real thing keeping me down). I look forward to an exciting 2023!
I plan to get my first Amex...a BCP or BCE, in the latter art of 2023.
I also intend to request SP CLIs for my eligible cards.
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I think for 2023, I have no plans on adding cards to the profile below. I think I have everything covered with my expansion in 2022 (including a mortgage). The only major player that I am missing is a mainline Chase and Citi card but not really see value in adding either of them to my rotation for 2023 and with adding a bunch of new accounts in 2022, I would be tossed out by both anyways. I really need to get my AOD CL up from 10k, push Disco to up my 4500 CL, and maybe see if GS will increase my fruit card. BOA is coming up on a year old so maybe they will be nice and increase my limit on there, we shall see. DW wants a new car in 2023 so need to plan on that credit pull for both of us even though she has done no expansion to her profile in 2022 except add a mortgage.
