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@Aim_High wrote:For the community, how do you set limits for yourself on new cards or inquiries and do you have a process before applying for new credit? How long do you plan or do you impulsively app? Is impulsive or excessive app'ing a problem or a concern?
In the past, I enjoyed a few good thrills over app sprees which left me with several wasted 'new' accounts and INQs as a semi-permanent reminder. In the last two years, I tried to be intentional with card strategy. Reviewing my financial spreadsheet, which includes a tab with my existing CCs and goal CCs, and self-imposed inquiry limits generally keeps me in check now. While I know the 5/24 and 1/12 rules are not fan favorites, when I evaluate my portfolio, its rare for ME to maximize full card value if I am juggling more than two new cards in a 12-15 month period. My new app and new account activity will continue to slow down as I put more emphasis on decreasing expenditures.
@Aim_High wrote:We're in the last three weeks of 2020. As it draws to a close, what are your credit goals for 2021?
Since I deferred mortgage shopping indefinitely, my original 2021 plans are scrapped. Given my current lineup, I don't need any new accounts and I'd like to remain app free; however, if something changes, I know what card to target.
I'm locked in the garden until home purchase, which I hope will be mid-to-late 2021. That gives me plenty of time to research options and plan my next card apps.
Cards I'm considering:
My peak credit app year was 2016 with 10 new lines. All but 2 served their purposes, and I still have 4 of those lines open (would have been 5 if it weren't for Blispay ☹). Following years I added 5 lines or less, all for one purpose or another except PLOCS - not sure why I got them when I have little intention of using them. Maybe for emergencies? Only time I regretted all the new apps was when the CSR first came out with their huge bonus - and I was way over 24....
At this point, I have all the cards I really want but do plan on adding a couple more in 2021:
Chase Freedom Flex - for the bonus; I finally fall under 5/24 in the spring. I then plan to close it and if I liked it, I would PC my original Freedom. Any negatives to this plan that anyone can think of?
I was thinking about no AF Hilton AmEx but now reviewing the benefits, looks like the Surpass would be better. Don't need it but wouldn't mind the little extras that come with the card. I am reconsidering getting a Hilton AmEx at all now.
And I have had my eye on the Chase Hyatt for over a year now for the annual night free. I have 2 other hotel cards that offer annual night free and found them useful.
Unless a card like PCMCU comes out, the only cards I am interested in are the two mentioned above for the aforementioned reasons.
@minski wrote:
Chase Freedom Flex - for the bonus; I finally fall under 5/24 in the spring. I then plan to close it and if I liked it, I would PC my original Freedom. Any negatives to this plan that anyone can think of?
As long as you leave the new Flex open for at least a year, the only negative I can think of is that if there's a core Chase card (as opposed to a bonus) that you want in the future and you're over 5/24, you would have had an extra slot handy for a PC.
@minski wrote:
I have considered my Chase options and decided I will not be pursuing any other besides the two I have mentioned. I do plan on keeping thr Flex for a year at least. Thanks for the input! I was a little nervous about that plan.
Anyone know if there would be any reason to keep the original Freedom over the Flex?
Biggest difference is the network. Freedom is a Visa and Freedom Flex is a Mastercard. That matters to me because I buy a lot of gas at Costco, including during the 'gas' quarters on Freedom. Costco only accepts Visa cards.
I have the classic Freedom and Freedom Unlimited. Chase sent me an email saying I'd get the 5% Travel, 3% Dining, 3% Drugstores on my old Freedom Unlimited that is offered on new Freedom Unlimited applications. The same promo is available on the new Freedom, but Chase apparently doesn't offer those on my old Freedom card. Doesn't matter to me since I get them on the CFU plus I have good coverage on those categories anyway.
So you either get a Freedom as a Visa with 5% rotating categories and then 1% everything else. Or you get a Freedom Flex as a Mastercard with 5% rotating categories, plus 5%/3% special categories, and then 1% everything else.
As far as I know, those are the only differences.
Aim_High,
My goal for 2021 is simple let me accounts age and watch my chapter 7 bankruptcy drop off in the middle of year. I've already got all the cards I want. I've also resolved myself to the fact I will probably never get back in with Chase.
My daily drivers are:
1. CapitalOne Savor (4% CB)
2. AmEX BCE
3. AmEx Amazon Prime 5% back on Amazon and Whole Foods
4. Sam's 5% on gas
5. NFCU Flagship for everything else
Guyatthebeach
I'm aiming for a mortgage refinance in January or February.
No inquiries or new accounts in 2020.
Once the refi is complete, I'll probably pick up a USB Cash +.
In Dec 2017 I had 27 cards, with limits of $315k, one NPSL
In Dec 2020, now at 18 cards with limits of $305k, three NPSL.
3/24 as of 12/31/2020
At least 1 card to close near term.
2021 is likely Schwab Platinum.
I will have had the regular AMEX Platinum two years as of March 2021, that would likely be closed after adding Schwab.
April 2021 puts me at 2/24
Beyond that, possible cards that I'm recently eligible for the bonus:
BofA Alaska Air, passed the 24 month wait
Citi AA, passed the 48 month wait
Chase United - Never had this card.
The three airline cards, however, are only possibilities. I figure it's nice to know my options, but the way travel spend has slowed, there's not much point in getting too excited about them.
ETA: Depending on how the first quarter Freedom calendar looks, I may apply for the Freedom Flex card. Getting the 5x Grocery for a year is a nice bonus, although the CSR with 3x Grocery through April takes some of the shine off the Flex.
2021 Goals:
I may take a look at the Elan (Cash+) clone around May. I'm going to be trading my 2018 truck for a 2021 so it would be good timing to cluster my HP's. And I'm a sucker for those flexible 5% category cards...
Other than that, my cashback line-up is pretty well stable. Keeping my eye out for a good 5% gas card alternative in case they nerf my Ducks card (I'm grandfathered in to the 5% currently).
Then of course, if I could ever bypass Vantage West's geo-fence, I would jump on that in a beat. But I digress...