Setting Your >2023< Card Strategy

[blossom_rebuilding]

I've been looking forward to this thread and have been thinking about my 2023 strategy since I posted my 2022 update a couple days ago. my goals for next year are:

1. Pay off all my credit cards. In 2022 I did successfully pay down a good bit of cc debt. Now, it's time for it to be gone! I will probably never be completely debt free, but being completely credit card debt free is finally looking achievable within the first six months of the year.
2. Increase total CLs to $150k: I've never had a specific number in mind, but now having $150k in available credit seems like a reasonably achievable goal. How to do this?
3. Get CLIs on existing lower limit cards: Hopefully another 100% CLI is possible for the Altitude Go in January. I've been using the Cap One Quicksilver as my daily driver since June, but despite best efforts, no dice on a CLI ("Recent use of existing credit line is too low"). Well, if spending 50% of the $3500 credit limit for several months straight isn't enough, I'm not putting more on it. Which leads to goal #4...
4. Sockdrawer the bucketed Quicksilver and replace with a higher limit card: Currently considering PNC Cash rewards, US Bank Cash+, US Bank Shoppers Rewards, or maybe even just applying for a new Quicksilver. PNC because they are likely to give me a better than decent limit and they are my primary banking instutition, so redemption would be easy. US Bank because I really like their rewards structure, but I don't feel good about the likelihood of getting a higher SL. However, a new Quicksilver would probably not be bucketed, so that's also an option. Regardless, I'm not going to make a move on this until Goal #1 is achieved, so I have more time to think about it and consider other options.

No score goals at the moment since I'm not sure where my score will be at the beginning of the year just yet. I'm anticipating a drop to 750 when new loans start reporting soon and when student loan deferrment ends, but who knows, really. If nothing else, 2023 is the year that this round of rebuilding from massive (for me) cc debt ends, and really that's all I want.

[GoTarHeels]

2023 goals:

1. Payoff outstanding credit card debt

2. Close cards that are redundant or don't hold a specific purpose.

3. Add the Altitude Reserve and Chase Amazon Prime card.

I have pretty much obtained most of the cards I want for end game. Once I get the last 2 that I want, I will take a break and prepare myself for a new car that I will need eventually since mine is getting long in the tooth and the miles are piling up.

Hopefully no new and irresistible card will throw off these plans 😩😆

[FLLGuy]

Would a 2023 card strategy also include - removing or reducing my wife's credit card limits? 

[mrgarrettscott]

My main goal from now and moving forward into 2023 the new is paying off/down balances after taking advantage of 0% balance transfer offers ranging from 12-21 months. I also need to garden.

Another goal is managing utilization tighter. Right now, my regular use cards report zero balance and thus zero utilization. I want to ensure a balance showing 10 percent or less utilization reports for statement closing day and the same is paid before the payment due date.

I also want increase my credit lines. I've set $10K as a general overall goal. The crazy thing is that outside of the two cards that I hold with a limit at or above $10K the closest one is my Home Depot store card at $8K even though it is much newer compared some of my older cards that have been a mainstay in the wallet.

I'm not really eyeing any particular credit card. I just want to maximize my cash back from all the cards I'm carrying. 

[CYBERSAM]

2023 Card Strategy:

Garden mostly! I added 2 Chase this year, so nothing else comes to mind!

Wanted Apple Card, but only if I can get more then 4K on pre-quall.

Overall garden and probably cut Walmart MC

[Anonymous]

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@FLLGuy wrote:

Would a 2023 card strategy also include - removing or reducing my wives's credit card limits? 

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😳

[RSX]

the start of 2023 will be pretty big for me - not with new accounts - but with some serious aging of accounts

i have 4 accts from 2021 that will turn 2yrs old (2xJan. - 1xFeb 1xMarch)

i have 5 accts from 2022 that will turn 1yr old (3xFeb 2xMarch)

I prepped for the Feb 2022 spree with the primary goal being my Used Car Loan (bought out a leased car at 2.59%)

My scores were all in great condition at this point

then right after the car loan, i also grabbed the following 

1 consolidation loan

2 CCs

1 LOC

This was basically my first App Spree ever - despite reading about a lot of others doing it on this forum

I will say one thing - it will Never happen again - scores have been crap since Feb - basically high 600's and now finally in the 700s

i didn't need any credit during this time period - so no big loss - but i have all the accounts i need and am actually thinking of letting a bunch close on their own at this point - so a number of cards will not get any use starting about this past Aug - we'll see what happens to them next year

Penfed Gold CC	Jan 19 2021
USBank Cash+ CC	Jan 19 2021
Lightstream	Feb 18 2021
Chase Marriot CC	March 31 2021
USBank LOC	Feb 17 2022
PenFed Car Loan	Feb 17 2022
USB AltitudeGO CC	Feb 17 2022
CU1 Loan	March 4 2022
Payboo BHPhoto CC	March 21 2022

[coreyb80]

My card goals for 2023 are pretty cut and dry for me.

1.  Pay down the BT cards before they expire or it move it if I'm cutting it close.

2.  Carry only 3 cards in my wallet consistenly next year which include my Penfed PCR, Navy Fed cashRewards, and Paypal.  If/when my BoA card ever graduates I'll replace the Paypal card with it.

3.  Obtain a NFCU increase.  It's been a year and they haven't budged, but it's a marathon so I'm pushing still.  

4.  Only cards on my radar for 2023 are possibly a Discover, an AMEX(revolver not charge preferred), and an Apple card. 

This is mainly what comes to mind at this time. Of course I'll be shooting for CLIs next year, but nothing that requires a hard pull.  Too many inquiries on me now from the past 2 years so I'm avoiding hard pulls like the black plague right now.  My 13 falls off my CR in Sept 2023 and I'm looking forward to it.  Of course I'll be applying for early exclusion on TU in the next few months.  Finally in a place where I don't need credit, but it's always nice to have for the unexpected. 

[mfinsmi1]

My plan in 2023 is to get ONE more personal card in Q1 - the affinity cash back with the rotating categories - and then just focus on getting business cards - probably will add an amex business gold and try to get citizens, nfcu go biz visa/mc, and the bhg business more.

I will be gardening on the personal side until im under 5/24 in order to get CHASE, which will be July 2024 . While im in the garden i will also focus on growing my credit limits ... gonna be an uneventful 2024 tho lol

[Vuby22]

1. wind down my 5 BT promos from 2022 in the first half of 2023

2. if score improvement is dramatic, grab a few goal cards

3. enjoy profit from market bottom options due to 1.

4. think about car, home purchase, or relocation (WFH)

5. any remaining crap will EE by years end or sooner!