Setting your 2021 Card Strategy

[Curious_George2]

How did everyone do?

[difringe]

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@Curious_George2 wrote:

How did everyone do?

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I planned on managing my debt and gardening this year (same as 2020) and I did a pretty good job on the debt management (down from about 92% utilization to 27%) but as soon as my scores cracked 700, my resolve broke and I got 4 cards this year lol.

[4sallypat]

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@Curious_George2 wrote:

How did everyone do?

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2021 was a mixed bag due to the pandemic, but with everything going on, this site helped me out with:

• Increased TCL to over $100K - my recent post: https://ficoforums.myfico.com/t5/Credit-Cards/100K-TCL-club-thanks-to-all-on-this-forum/td-p/6441631 
• Lowered total personal utilization from 28% to 5%
• Increased CRA scores - now in the mid 700s across the board
• New X1 Credit card with highest SL 
• Saved for a down payment on a house (escrow closing in 2 weeks)
• Started business credit after 20+ years as sole proprietor - $6K TCL with goal of $100K.

[quikj9]

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@quikj9 wrote:

2021 has promise. I'm looking forward to it. My Discover should unsecure in Jan and I'm gardening until at least April. I need to continue to age my reports, allow a couple of inquiries to fall off and see if I can finish my rebuild a little early. 

My CC plan can take two different paths:

1) If I'm able to get my only collection (already paid) removed from my reports, I'd really like to get my hands on my first Chase card, specifically the Freedom Flex. Towards the end of next year, it would be ideal to add a UR business card. 

2) If my collection remains, I'll probably try for the SECU MD Visa Signature or a card from CCU.

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@Curious_George2 

My secured Discover IT graduated on time with a $1600 CLI, then things took an unexpected turn. 

In February, I saw that I was preapproved for the United Explorer, so I hopped on that and was approved for 5k. Four months later, I had an in branch preapproval for the CFF. After multiple recon attempts, I was approved for 3.5k. This was all with my paid collection and charge off still on my report. 

Considering I added not just one but two of my goal Chase cards without being able to remove the two negatives from my reports, I'd say I'm pretty pleased with how 2021 turned out. 

[Namaste7]

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  @Namaste7 wrote:
  

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  @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?

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  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.

  • Original plan: Pick up my final goals cards -- BofA Premium Rewards, CS AMEX Plat & BECU 0% BT card | close 2 AF cards
  • Best plan: Zero apps for 2021 and ride out my 0% APR through August 2021 | close 2 AF cards
  • Alternate plan: Pick up 0% card (BofA CR, Discover Miles or Fidelity Visa) with the best offer | close 2 AF cards

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Reflecting on my response from last year, it was fairly accurate: accounts are aging, INQs are dropping, closed 2 AF cards, and I picked the BofA CCR to maintain a 0% APR through late 2022. The biggest credit change for the year was transitioning from AMEX to BofA as a daily driver.

[Kforce]

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@Anonymous wrote:

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@AndySoCal wrote:

Right now I am planning not to apply for any new credit cards. I am also not planning to apply for any credit Limit increases either.

Same here, I have the cards that I need.

With the caveat: if some of the key cards got nerfed, I might want to apply for an alternative. 

And if my friend's cousin's landlord's friend is right about the 8% cashback card that's coming really soon, well, might go for that.

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This ^^^

My last two cards have been because of nerfing

I still have two more cards to close this coming year on my CC diet plan.

[Remedios]

Well, 2021 is almost done, so we need 2022 Plotting'n'Scheming thread, aka Planning 

[difringe]

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@Remedios wrote:

Well, 2021 is almost done, so we need 2022 Plotting'n'Scheming thread, aka Planning 

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i'm definitely well on the path of conniving and conspiring for 2022

[Kforce]

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@Remedios wrote:

Well, 2021 is almost done, so we need 2022 Plotting'n'Scheming thread, aka Planning 

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I miss read the post.

Just answered for 2022

[CreditAggie]

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@Curious_George2 wrote:

How did everyone do?

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When 2021 started, this was my credit profile:

• Apple Card $3000

• Discover $2350

• BofA $1000

My goals going into this year were to get SP CLIs with my (then) three cards and get in with Chase. I ended up doing so much more than that with four new cards, two CU memberships, and almost $50K TCL! I could not have done all of this without these forums!