Setting your 2021 Card Strategy

[FinStar]

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@Remedios wrote:

@FinStar That's one anticlimactic answer. Edit please (with juicy details). 

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[simplynoir]

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@FinStar wrote:

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@Remedios wrote:

@FinStar That's one anticlimactic answer. Edit please (with juicy details). 

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[FinStar]

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@Remedios wrote:

And this is how I got the ban hammer🤕

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Yes.

I will see you in the 🧹closet later ❤️

[Remedios]

If that's a threat, you're doing it wrong ❤️

[JNA1]

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@FinStar wrote:

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@Aim_High wrote:

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@JNA1 wrote:

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@FinStar wrote:

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@CreditCuriosity wrote:

I will opt of of this topic and no strategy other than if a lender I don't have then game on.  I really didnt get alot of cards this year compared to others although still a decent amount, but cv-19 put lenders alot more conservative.  Now that a vaccine is on the horizon, be interesting to see how lenders react next years as people start to live a normal life again.

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Nothing much to add either 😁 pretty much 'ditto' to @CreditCuriosity's comments.  Seems like we're on similar paths when it comes to gardening...or lack thereof.  

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Out of curiousity, do you consider yourself a card collector or do you do it to chase SUBs? Try to have the highest possible CLs or a combination of all?  My strategy to this point is to get cards that maximize cash back rewards primarily, while trying to diversify with numerous lenders secondly. 

I'm just curious of the motivation of the people with tons of cards. 

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Same here, @JNA1.  But the answer is probably all over the map with a lot of different aims. 

There are some on My Fico with such high spending, whether personal or business, that they actually may need those multitude of cards and high limits to support their normal and reasonable spending.    That may not be so obvious to those of us with more modest means who just charge everyday household expenses and live on a smaller budget.

• Some keep tweaking their credit profile for better rewards.
• Some just want to experience different cards and lenders to "test drive" them.  
• Some chase strategically pursue and optimize SUB opportunities.

I'm guessing it can even be a mixture of motives...   I think there are points, though, where most everyone decides it's enough for now and it's time to take a break or reassess.  I doubt few of us are striving to enter the Guiness Book of World Records.

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@JNA1 - above are some key points that @Aim_High was nice enough to expand with some of my inputs. It is not all encompassing, but it is the gist of it.  That said, it is definitely not a "card collector" pursuit nor striving to be in the Guinness Book of World Records.

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I see. I feel like after I achieve my goal cards I will continue to strategically pursue SUBs and I know there are several more FIs that I'd like to get a CC with, even if their cards aren't any better from a rewards standpoint than I have now. 

[FinStar]

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@Remedios wrote:

If that's a threat, you're doing it wrong ❤️

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No, no threat.  I needed your help with organizing things alphabetically in 🧹 closet.  Might have to test 🧹 later to see if it's having aerodynamic issues.  It might be a bumpy ride, but I make no promises 😄❤️

She's saucy, I love it.

@Aim_High - Apologies for the...

[Remedios]

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@FinStar wrote:

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@Remedios wrote:

If that's a threat, you're doing it wrong ❤️

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No, no threat.  I needed your help with organizing things alphabetically in 🧹 closet.  Might have to test 🧹 later to see if it's having aerodynamic issues.  It might be a bumpy ride, but I make no promises 😄❤️

She's saucy, I love it.

@Aim_High - Apologies for the...

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No, we stayed on topic. Gold digging is part of my strategy 

[longtimelurker]

A lot of the perceived need is pretty subjective!    Some will go after a card which MIGHT give them an extra $10 the first year (FREE MONEY!), others will pretend to be more discerning, but will gladly go after CLIs to increase their util padding, even once there is no real benefit.    And as I have (from my 0.0001 percenter position) commented before, even "great" SUBS, like $500-1000, don't end up making a lot of difference in the scheme of things, but people will argue that it is effortless, even though they spend 4 hours a day pursuing credit card forums, keeping spreadsheets etc, leading to a low hourly rate.

But it keeps them off the streets, off my lawn, and away from asking pesky questions about where all the wealth comes from, and what's that strange chemical smell and why are all those cars coming day and night with some frankly strange looking people .......

[Anonymous]

Relatively calm here. My 2020 accomplishments were pretty good:

•Five new cards (one charge, four revolvers)

•$67,800 in new credit between cards and CLIs (from $32,600 to $100,400), plus the flexible spending on the charge card

•Car loan for a 2017 Audi A6

•Membership in two great CUs (Navy and PenFed) and one bank (Key Bank who holds my car loan)

I'm going to work on growing the accounts I'm able to grow, bank some money, refinance the car through one of the CUs and close out Key Bank since I only have accounts there so I can direct deposit money to pay the car loan, and work on the cards. Ideally I will close the worthless CapOne, convert the Disco Chrome to another ITCash and combine the two, and possibly close Target since I have the debit Redcard as well. Likely will close my Delta Gold and one of the Hilton cards too, and maybe replace them with a different Amex revolver.

Beyond that, we'll see. I have no doubt I'll be tempted by something to app but I'm unsure now what that'll be other than the obvious (and hopefully big) second card from Navy.

[sourpuss29]

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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?  We're in the last three weeks of 2020.  As it draws to a close, what are your credit goals for 2021?

Since my views on credit cards differ GREATLY from others, certain behaviours (read: churning, obtaining credit for the purposes of "padding", etc.) never held any interest for me.  I view credit as a tool; and my being granted access to it is a privilege that I do not take for granted.

I started rebuilding in August of last year.  Going into it, I knew that I would never have more than three, which is why, over the past 17 months, I have only applied for cards that I felt would serve a purpose/that I had a good chance of being approved for.  I currently have Discover IT Cashback, BCE and Freedom Flex; and aside from not having a flat-rate cash back card, I'm completely satisfied with my lineup.

With all that said, my strategy for 2021 is that I won't be seeking any more credit and will instead just kick back and give my existing lines time to grow.