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Setting your *2022* Card Strategy

CA4Closure
Regular Contributor

Re: Setting your *2022* Card Strategy

I have met all of my goals that I set in 2011 when I lost everything to a foreclosure. 2016, I saw my FICO start to climb up from 310. My original goal was to recover from that devastating foreclosure and rebuild my life and credit history. Fast forward to 2022. 

My goal is to hit a FICO score of 850/900 or perfect FICO and attaining the highest credit lines I can. I am still playing the game of getting rewards from using my credit cards.  I do not see applying for any more credit cards as I have all that I need. I will also try and get my APR's lowered too. Lowest APR's will get my spend. Right now NFCU has the lowest APR's (American Express and Cash Rewards) at 5.99%.

Message 181 of 212
Crowhelm
Established Contributor

Re: Setting your *2022* Card Strategy


@CA4Closure wrote:

I have met all of my goals that I set in 2011 when I lost everything to a foreclosure. 2016, I saw my FICO start to climb up from 310. My original goal was to recover from that devastating foreclosure and rebuild my life and credit history. Fast forward to 2022. 

My goal is to hit a FICO score of 850/900 or perfect FICO and attaining the highest credit lines I can. I am still playing the game of getting rewards from using my credit cards.  I do not see applying for any more credit cards as I have all that I need. I will also try and get my APR's lowered too. Lowest APR's will get my spend. Right now NFCU has the lowest APR's (American Express and Cash Rewards) at 5.99%.


Glad you recovered. So did my wife and I. We are ready for another meltdown as well. This time nobody will take anything from us.







Message 182 of 212
fantic
Regular Contributor

Re: Setting your *2022* Card Strategy


@Conceptual23 wrote:

After being approved for 9-10 cards in 2020, I felt it best to give my credit a break.  My most recent approval was back in Dec 2020 so I've already been in The Garden a while but I plan to extend my stay for additional accounts seasoning.  I've also frozen all credit profiles to provide somewhat of a firewall for any impulse applications while avoiding the credit approvals section of this forum.  (It always gives me the itch to submit an app) 

 

Sadly, there are three negative items from 2015 reporting on my profiles so I'll be working on clearing them up.  Worst case scenario, they're scheduled for deletion this year so The Garden will devour those, eventually.  Coincidentally, the DOD and my "over 5/24" accounts overlap, so I'll apply for a couple of Chase products shortly after.  (biz and personal)

 

My 2022 Strategy is simple:  Stay in the garden. Keep utilization under 5%.  Work the process. 

 

 


The bolded part, so true Smiley LOL 

Basically the same, let the cards age and inquiries to fall off and hope for auto CLI for CFF and CO plat(after getting unsecured and PC for..dunno VO or Q).

That's the best scenario and if CLIs doesn't happen, maybe in a couple of months or so apply for Delta for travel to South Korea in the Summer.

Apr/21 CO Plat. SC(500->700), Aug; CITI DC(1000->1500), Sep; CFF(500), Oct; Amazon store card(2100->4000), CITI Best Buy store card(2000), Nov; Tomo(2000->3000), Jan/22; CO SO(2000), Feb/22; Disco It CB(3000)
Next cards; travel card(Delta Gold?), CITI CC? Credit Union card(PenFed?)
FICO8 EX 717 EQ 731 TU 735 util 2%(of 16700)
AAoA 8m AoOA 1y2m AoYA 4m Cards 2/6 7/12 8/24 Inq EX 10/6 24/12 EQ 1/6 3/12 TU 3/6 5/12
Message 183 of 212
madtowndrew
Member

Re: Setting your *2022* Card Strategy

As someone who is new to the points game, I have decided to get more into the credit card game as well after having basically one card for over 10 years (U.S. Bank Cash+).  Due to an upcoming international trip, I decided to get a travel-focused card that earns points and waives foreign transaction fees.  This ended up being the CSP, which I applied and got approved for in January 2022.  Since then I've been reading up on different cards out there, and now I want to further expand my credit card collection.  This will 1) earn me more points 2)expand my thin credit profile and 3) further decrease my utilization.  

I've decided to stay in the garden through at least the end of April, partly to focus on hitting my CSP SUB (which I have now done), and partly to space out inquiries.  It's possible that I will apply for the CFF by the end of this summer, as I think that is the next one I want.  Others that I want are the Bilt Rewards card and the CFU, one of them could happen in late 2022, but I'd like to have all of these by the end of 2023.

Current CCs: U.S. Bank Cash+, CSP, Bilt
Wish List: CFF, CFU
Message 184 of 212
Namaste7
Established Contributor

Re: Setting your *2022* Card Strategy


@Namaste7 wrote:

2022-23 Card Strategy

  • App for BofA PR or UCR to complete the Platinum Honors trifecta and AppleCard SP CLI to $30k | no new accounts
  • Below 4/24 | Sadly, a forced loan servicer transfer will bust this goal.

The update to the PayPal Cashback MC changed my card strategy. I recognized that I'm better served to maximize existing relationships! I hope to take advantage of a 12-month 0% purchase APR offer from Discover...perhaps increased spend will give Disco the love they so desperately demand via CLI denial letters 😂 

 

2022 Card Strategy (updated)

  • Category: BofA CCR (5.25/3.5% CB)|Disco (5% CB)|RedCard/PrimeCard (5% credit)
  • All Else: PayPal Cashback MC (3/2% CB)|AppleCard (3/2% CB)|PayPal Credit
  • New credit through CLIs only

2022-23 PF Strategy 

  • Primary goal: start business|meet monthly charitable contributions and savings goal
  • Stretch goal: earn sufficient business income to FIRE my job in 2023
~~MMXX~~
Garden Goal$: Financial Independence (FI)
Message 185 of 212
redpat
Senior Contributor

Re: Setting your *2022* Card Strategy

Haven't been around lately. 

 

0/36+ , Amex marriott personal and 2 business cards, Delt Res amd Amex Biz Marriott. 

Nice SUBS and get another companion pass and another 15 nights with a crappy certificate night, making it easy for Marriott plat status for ever....Plus I get to deduct the annual fees. 

 

It's a beautiful thing to get 2 cards, no pulls and don't show on reports, luv u amex.

Personal Cards: Amex Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 186 of 212
TheRedHat
Regular Contributor

Re: Setting your *2022* Card Strategy

I could be on my deathbed and my one last dying wish would be for a Discover CLI, and they would still say "no." Smiley Very Happy

 

Gardening and growing my credit limits are the game now. I have a credit card to cover every category of spending . I don't need nor want anymore "builders" at this point. If there is one more credit card that I want this year, it would be the Bank of America Customized Cash Rewards for their 3% Online Shopping. I'll consider it in about 6 or 7 months. I'll graduate my two secured U.S. Bank cards in about 14-15 months from now, so those will be 2023 goals. Other than that, smooth sailing until next year. 

Last updated: 6/26/2022

FICO 8

Inquiries last 12 months (Last inquiry: 6/6/2022)     New Accounts
     
Message 187 of 212
hellohum
Valued Member

Re: Setting your *2022* Card Strategy

Little late to the game but my plans this year...

 

-garden the rest of 2022

-pay off qs1 and doublecash 

-request cli on all cards according to the appropriate timelines, every 31 days for some and every 6 months for others 
-use discover as my daily and keep under 20% utilization max

-use apple for all online/ Apple Pay shopping

-use walmart card for groceries and pif 

-use target red card as inspiration to no longer shop on amazon, use monthly and carry small balance (seems to be ideal for potential cli), using it for diapers and formula alone this should be easy 

-keep all other cards sock drawered except to use in august/september just to keep active and pif 


TU: 702 EQ: 698 EX: 678
Apple $3000 / Citi Doublecash $3000 / Capital One QuicksilverOne $2350 / Nordstrom Visa $2200 / Discover It $2000 / Amazon Prime Visa $1500 // Macy’s $5300 / Saks $2500 / Target $1500 / Ulta $1500 / Kohls $1500 / Victoria’s Secret $1500 / Sephora $1000 / Meijer $900 / Walmart $600 / TJX $200
Message 188 of 212
fantic
Regular Contributor

Re: Setting your *2022* Card Strategy


@TheRedHat wrote:

I could be on my deathbed and my one last dying wish would be for a Discover CLI, and they would still say "no." Smiley Very Happy

 

Gardening and growing my credit limits are the game now. I have a credit card to cover every category of spending . I don't need nor want anymore "builders" at this point. If there is one more credit card that I want this year, it would be the Bank of America Customized Cash Rewards for their 3% Online Shopping. I'll consider it in about 6 or 7 months. I'll graduate my two secured U.S. Bank cards in about 14-15 months from now, so those will be 2023 goals. Other than that, smooth sailing until next year. 


You really have a perfect lineup, comprising of all major banks lol. Oh why oh why did I cancel USB Cash+ Secured(like you 300) 😭

Apr/21 CO Plat. SC(500->700), Aug; CITI DC(1000->1500), Sep; CFF(500), Oct; Amazon store card(2100->4000), CITI Best Buy store card(2000), Nov; Tomo(2000->3000), Jan/22; CO SO(2000), Feb/22; Disco It CB(3000)
Next cards; travel card(Delta Gold?), CITI CC? Credit Union card(PenFed?)
FICO8 EX 717 EQ 731 TU 735 util 2%(of 16700)
AAoA 8m AoOA 1y2m AoYA 4m Cards 2/6 7/12 8/24 Inq EX 10/6 24/12 EQ 1/6 3/12 TU 3/6 5/12
Message 189 of 212
KJinNC
Valued Contributor

Re: Setting your *2022* Card Strategy

Three years ago, I had a couple of small secured cards and I might have had the Amazon Store Card at $1500 unsecured, not sure about exact dates but that was a major achievement around that time. Made my day that it was unsecured.

At this point, I have pretty much everything I need covered, plus some things I don't really need. I just downgraded my Delta card today from Delta Platinum, because it is just over two years old and I'm not really flying again post-covid so far. I will upgrade it back to at least Gold if I do start traveling again.

I am seriously considering downgrading my Amex Platinum for similar reasons. I do have the CAP statement credit. But still, not sure it adds up for me right now. It did last year with all of the covid statement credits they gave, but this year it's tougher to make the value add up. But I don't know ... undecided.

One of my goal cards has been the Chase Amazon Visa, which I recently got (and how - cannot believe and cannot fully explain the CL). I closed my Amazon Store Card.

It's been an amazing three years for me in terms of credit, starting with essentially blank credit reports with a few derogatory items. For 2022, I'm at a point of optimizing, probably closing as much as I open. I am interested in a Chase core card - might need to wait a month or two to get back under 5/24 - and a USAA card. Both more for the accomplishment than anything else, which probably isn't the best reason to open credit cards ... I'm wishy-washy on them.



FICO Resilience Index: 65. Cards: 5/24, 3/12, 2/6. Accounts including loans: 8/24, 4/12, 2/6. Card CLs total $204,900, or $231,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 190 of 212
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