Setting Your >2024< Card Strategy

[Aim_High]

It's that time again for what has become a standing My FICO tradition.  We're rapidly approaching the last month and a half of 2023, so it's time to consider our credit and financial plans for 2024!     This annual thread began in 2020.  (See these links: >2021<,  >2022<, and >2023<.)   Again, thanks to @Remedios for the suggestion of the original 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 them within the various lender limitations, especially for those with low-to-medium scores, thinner files or derogatories.  The more they go over that, the more likely they'll start getting denials or low-limit approvals eventually, and that's regardless of the strength of their 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 (if any) 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 2024?

[Rogue46]

I've been gardening since February when I picked up the Chase FU and will probably wait until the new year to go for the Sapphire Preferred as I'm only 3/24 at the moment, After that ill probably kick back and grow what I have unless something crazy comes along that I cannot resist..

My biggest goal for 2024 is in December when my bk7 is due to fall off and hopefully all scores will be firmly over 800

[DakotaM]

I plan on gardening for most of 2024 since I'm 13/24 right now and I won't be under 5/24 till next November.  I have most of the cards I've been wanting now. I have been eyeing maybe getting the Chase Sapphire Preferred or one of Citi's travel cards once either of them wants to have anything to do with me again.

In the meantime, I'll be using the points from my Amex Gold sub for some travel, so I can get a feel for how this points thing works. 

[MarkintheHV]

Another 2024 gardner here.  I have all the cards I want, just going to work on the credit lines.

[NoMoreE46]

Thanks for doing this again @Aim_High.   So looking back at my 2023: 

1) Get CapOne to grant me a higher limit on my Savor.  I was at $17,500 but got a CLD to $5,000 in Aug 2020.  (This is a pipe dream tho....)

Done.  While not a CLI,  I was able to reallocate $30,000 to Savor.

2) Look at getting the JetBlue card from Barclays and then reallocate my $17000 existing CL to it.

I got a Citi AA instead dont't know what my plans are now with this.

3) Close my Sync/Amazon Store card

Done.

4) Close my Penfed card

Not done  - so maybe in 2024.

5) Close my BBVA/PNC rewards card

Not done  - so maybe in 2024 as well.

6) Get an AMEX

Done.  $10,000 SL on the BCE.  

7) Drop my CapOne Wmt AU 

Tried to but got stalled- so maybe 2024.

For 2024,

a) Get a CLI on the Amex.

b) Get the US Bank Cash + for 5%  on Utilities, TV Internet, Streaming.  

[swankytiger]

My 2024 Strategy estimated timeline.

February

Close Merrill Edge Account once my tax documents are posted

April 

Close Wyndham Earner+

PC United Gateway to United Club Infinite. All of my spending will be on the Club Infinite

May

Close Charles Schwab AMEX Platinum once the AF hits

Close AMEX Gold once the AF hits

Close Charles Schwab Investor AMEX

August

Close BoA Premium Rewards once the AF hits

Close BoA checking account cause BoA is stupid and annoying

Consider if I want to close my Hilton Honors AMEX to get out of AMEX completely

[NoMoreDebt]

Had a sprinter kind of year this year. Got back into AMEX after our 2015 bk7 and picked up several great for us cards from them along with a Fidelity Visa, NFCU Flagship and More Rewards. 

If I get the AMEX CS Platinum before the end of this year ( I may actually apply tomorrow) then I plan to garden for 2024 and beyond maybe as I will have all the cards I have wanted and we are planning a move thus a mortgage beyond 2024

[Citylights18]

One thing that strikes me going into 2024 is we may be seeing more point devaluations. For instance Southwest points were worth 1.28 but moving forward with bookings they'll be worth 1.15.

However with costs increasing cash back is going to be on the rise. I may be looking more the direction of 0% APR Cards with cash back SUBs as a little savings on the purchase over the point earners.

Business Blue Cash particularly if I can catch it on a high bonus of $500 sounds appealing. Bank of America possibly with their cards. Keeping my eye on business card development with Wells Fargo additionally. 0% APR cards I find tend to be the more advantageous. Then BT the debt around to increase CL within reason. Debt management over rewards and to that end I'm not exactly sure what I will app for during 2024 as it may depend on what is available at that time.

I'm also temporarily over 5/24 for the next few weeks. I may want to hold off on any new personal cards until mid 2024 when two more personal cards drop off.

[AyaMai]

Re: Setting Your >2024< Card Strategy

Apply for a new card every six months as my new discipline strategy. 

May/June 2024/ Bilt Mastercard 

Getting Upgrade offer for Hilton Honors Aspire Card

[citymunky]

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@swankytiger wrote:

My 2024 Strategy estimated timeline.

February

Close Merrill Edge Account once my tax documents are posted

April 

Close Wyndham Earner+

PC United Gateway to United Club Infinite. All of my spending will be on the Club Infinite

May

Close Charles Schwab AMEX Platinum once the AF hits

Close AMEX Gold once the AF hits

Close Charles Schwab Investor AMEX

August

Close BoA Premium Rewards once the AF hits

Close BoA checking account cause BoA is stupid and annoying

Consider if I want to close my Hilton Honors AMEX to get out of AMEX completely

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Did AMEX hurt you?