Setting Your >2023< Card Strategy

[Anonymalous]

I'm going to garden. I got the Elan Max Cash Preferred and Citi Custom Cash in December, which nicely rounds out a simple, no-fuss 5-card cashback setup. I don't have to deal with rotating categories, or even set them, and get 3-5% on most key categories, with 2% as a fallback. I have decent limits on all my cards, especially since Capital One finally increased the CL of my Quicksilver (by elevenfold!) on New Years Eve, which also gives me a workable fallback in the everything else category, if I get hit by one of the FNBO CLDs.

My only concrete goal card is a VISA Signature from a local credit union. They rejected me because I added $30K in new credit in the last year, and the two new cards I got instead has bumped that to about $45K, so if I'm going to try again, I probably should wait until early 2024. That isn't set in stone, and I could always try for another card if anything interesting comes up. In the meantime, I'll try to bump the CLs on my lowest limit cards. I'm also going to watch my credit scores -- now that I'm a thick file (5 cards) and heading toward my 2 year anniversary, I'm wondering if I might be able to crack 800.

[UncleB]

I admit I'm a bit credit bored.

With the unexpected reporting of Curve I now won't be under 5/24 until August.  That's not a problem at all - there's nothing on the radar - but I like to know that if something attractive suddenly showed up with Chase I'd at least be eligible to apply for it. 

I've toyed with the idea of going for the AAA Advantage Visa for 5% off at Walmart, but I have that covered for ¾ of the year already so that's really not necessary.  I also considered the BCE for upgrade/downgrade games, but again, not really necessary, and I'm already Amex-heavy (for my profile/resources) so probably best not to play with them unless I plan to really utilize the card.

Finally, as of today I'm preapproved for the Walmart Mastercard (which doesn't happen to me too often due to new accounts) but again, meh.  That's another solution looking for a problem.

If it wasn't for Chase and their 5/24 rule I'd probably go ahead and get one of the above just for giggles, but in a twisted way they've forced me to be a bit more restrained, if for no other reason than FOMO.

I guess I'll continue to sit on my hands.

[Anonymous]

@UncleB

Out of loyalty for our homeland ... ignore the 5/24 Chase Rule and jump on the Redstone FCU ... (remember the Redstone Arsenal). 

.. ole US Army person here ... (old for sure "Dinosaur"). 

We need some excitement ...  

[Guyatthebeach]

My card strategy is changing for 2023. Now that I have the Redstone FCU Visa with 5% cash back on gas & restaurants and 3% on utilities, I really don't need any more credit cards.  I plan on closing 3 cards this year, US Bank, a Comenity card, and my Barclays Ribg card.

I really want to focus on get my FICO to 850.  This will happen after my 6 inquiries drop off and my 11 new accounts age out.

Guyatthebeach

[UncleB]

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@Anonymous wrote:

@UncleB

Out of loyalty for our homeland ... ignore the 5/24 Chase Rule and jump on the Redstone FCU ... (remember the Redstone Arsenal). 

.. ole US Army person here ... (old for sure "Dinosaur"). 

We need some excitement ...  

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I'm afraid my app with Redstone wouldn't be too 'exciting' since it would very likely be a near-immediate denial, LOL.   I don't dare bother with any CUs other than NFCU these days due to my current credit exposure being generous to the point of obscene.

Since Redstone is in my home state of Alabama I would definitely give them a close look if circumstances were otherwise, though.

I agree some excitement would be nice, but I'll just have to live vicariously through others.  It was six (!) years ago this month that I had a good run with Amex/Chase/USAA/Wells Fargo/Capital One (and possibly one I've forgotten) - all within the same few weeks - that helped set me up to be where I am now.  Those were the days, LOL.

[UncleB]

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@Guyatthebeach wrote:

My card strategy is changing for 2023. Now that I have the Redstone FCU Visa with 5% cash back on gas & restaurants and 3% on utilities, I really don't need any more credit cards.  I plan on closing 3 cards this year, US Bank, a Comenity card, and my Barclays Ribg card.

I really want to focus on get my FICO to 850.  This will happen after my 6 inquiries drop off and my 11 new accounts age out.

Guyatthebeach

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You're going to close a US Bank card, @Guyatthebeach? 

If it's a core card a PC is probably an option as well - an extra Cash+ might be useful.  (Not trying to question your method, just throwing that out as a possible alternative.) 

[Guyatthebeach]

@UncleB,

Upgrading it was a good idea. I've been calling in since last November to see if it could be PC'd and the answer was no. This was originally a Sportsman Warehouse Visa. When they moved to Comenity, US Bank changed it to a basic rewards card. I will it again at the beginning of the second quarter.  

BTW you should take a closer look at Redstone. They have solid rates and they approved me for this card knowing I have over $500,000 in unsecured credit cards.  They are also one of the nicest and efficient CU's I have dealt with.

Guyatthebeach

[Remedios]

I don't have a strategy because there is nothing that I need 🤷‍♀️ 

I like it better when I have a goal, it helps with "oh lookie, an application, I should fill it out!"  

Im done with Chase, five cards are plenty, no other cars in their lineup is appealing to me.

Done with US Bank because four personal cards.

Citi, three personal cards, Im about to receive 3rd one, so Citi do be out. 

Amex, meh. 

BoA, don't know what to do with the one I have. I should PC it but I keep forgetting.

WF, I have Propel that isn't seeing much use and I have Active Cash that's seeing decent use. I would apply for Autograph just because of the SUB but I won't be eligible till late summer and lack of use on Propel may work against me. Hopefully they gut Propel and approve Autograph. 

Bank Of West, yet another card I keep forgetting I have, and just like QS, every time I see it on my CR, I'm thinking "Fraudulent account" until I remember I did apply for them. Sigh... 

As far as CUs go, I have plenty of CU cards, so unless something super magic shows up, I'm not playing Upload Your Life game.

I should definitely close a few, 20 open accounts is a bit too much for me, but for some reason, I experience "but what if" paralysis when attempting to close a card.

There should be a reality TV show about that struggle. 

Anyway, for someone with no strategy, I sure did type a lot 

Disclaimer ... I'm not to be held responsible for typos and autocorrect stuff, way too early, not enough coffee. 

[UncleB]

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@Guyatthebeach wrote:

@UncleB,

Upgrading it was a good idea. I've been calling in since last November to see if it could be PC'd and the answer was no. This was originally a Sportsman Warehouse Visa. When they moved to Comenity, US Bank changed it to a basic rewards card. I will it again at the beginning of the second quarter.  

BTW you should take a closer look at Redstone. They have solid rates and they approved me for this card knowing I have over $500,000 in unsecured credit cards.  They are also one of the nicest and efficient CU's I have dealt with.

Guyatthebeach

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Ah, gotcha... those 'special' cards that were previously "something before they converted from something else" can be janky to PC sometimes.  Hopefully you'll get a more favorable answer when you check again.

I'm glad to hear Redstone has been a positive experience for you - between Redstone in Huntsville and AOD in Anniston the smaller CUs in my home state seem to be representing well, LOL.    I'll definitely give them more consideration when I'm in the market for another 'addition'.

[UncleB]

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@Remedios wrote:

I don't have a strategy because there is nothing that I need 🤷‍♀️ 

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I could have plagiarized and copied this line and saved myself a lot of typing - that precisely and concisely sums-up my situation as well.

It's not a bad place to be by any means, though... it just means we did a good job the last few years, and now we get to rest.

(For the record, I'm now at 31 cards - not including Curve - which is ridiculous for someone with my limited spend.  I can make an argument for all of 'em, though, LOL)