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Setting your *2022* Card Strategy

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Remedios
Credit Mentor

Re: Setting your *2022* Card Strategy


@Aim_High wrote:

@Remedios wrote:

 ... I applied for CFF a few weeks after this post because it had grocery offer and it was also grocery quarter, so lots of UR farming there.   I also have OG Freedom, so being able to max quarter on two cards works well. 

 ... This summer, ...  I finally got CFU (gas offer). 

Twas kinda anticlimactic, but I now have modified quadrifecta (Freedom, CFF, CFU, and CSR) 🤷‍♀️  


Very interesting, @Remedios.  And here I thought all along you were dedicated to US Bank and your 'precious' (Altitude Reserve) and didn't even know you still had a CSR!  Are you shifting strategies here or playing on both sides of the fence?  Smiley Tongue 


Oh, they were raised together.

CSP appoved in December 2018, decided it wanted to be CSR when she grows up, so PC in December 2019.

AR was approved in June 2019, so in a way, they were always a couple. 

They are BFFs because there is no competition, each one has it's purpose and stays in its lane. 

Freedom, CFF and CFU are there just to feed the CSR, that one is a hungry, hungry 🦛.  

 

I was just as excited about CSP as I was over AR, but AR is a little bit more special because of US Bank's hatred for new accounts. 

Chase, even though there is 5/24, out of my 5 Chase cards, I was below 5/24 for a single app, rest happened via pre-approvals, and it took 3.5 years for 5 cards 🤷‍♀️ 

Us Bank, 4 cards in 3 years 🤷‍♀️ 

 

"To The Left" ~ Gandhi
Message 241 of 259
Reithe
Valued Member

Re: Setting your *2022* Card Strategy

My goals for the rest of 2022 are much different than what I had initially planned, as I didn't think the Autograph would be as attractive an option as it is. I'm currently working on the SUB for that card and will PC my cashRewards to a More Rewards before the year's end. No more apps from me this year Smiley Tongue 

Message 242 of 259
Namaste7
Established Contributor

Re: Setting your *2022* Card Strategy


@Namaste7 wrote:

 

Previous update (click here)

Q4 Update (beginning)

2022 Card Strategy (updated)

  • Category: Disco (5% CB)|BofA CCR (5.25/3.5% CB)|RedCard & Amazon Prime (5% credit)
  • All Else: AppleCard (3/2% CB)|SDFCU Visa Sig (2% CB)

2022-23 PF Strategy 

  • Primary goal: start business (✔️ progressing)|meet monthly charitable and savings goal (✔️ progressing)
  • Stretch goal: earn sufficient business income to FIRE my job in 2023 (🚨needs improvement)
~~MMXX~~
2022 PF Goal$
2023 PF Goal$
I love five-digit credit card approvals, SP CLIs, and big rewards
Message 243 of 259
Anonymous
Not applicable

Re: Setting your *2022* Card Strategy


@Anonymous wrote:

@Anonymous wrote:

@KJinNC wrote:

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.


3 years to 800...! I salute your patience and prudence! 

It's all awry for me. 'Planned' it all wrong, in fact there was no plan lol, impulse applying in October and January(incurring tons of rejects), and applying for the wrong cards too?

 

Thought CO SO had sub, but tricked by Nerdwallet, there is no sub for just Good credit lol(CO website says 3 year history is a prerequisite aside from excellent scores), and I charged tons on that card this year since it had the biggest credit before Disco It approval on February(such as rental car; so it's 1% lol). I really overspent from December to March, and if I timed it right for those expenses to apply for CCs with good sub(and NOT applying so much in October, for example), it would've been terrific. But Disco It CB has no sub either lol(just 1st year 2x). Imagine if I applied for Delta Gold in the 1st quarter; would've satisfied 2k easily.

 

Now in retrenchment hence not so easy to satisfy those subs now. It should be prudent to apply after 6 months from Disco It CB approval, say August, but probably will still try Delta Gold next month for trip to Seoul(or not lol). Plenty of CB cards now, Citi DC/CFF/CO SO/Disco It CB, so from now on will concentrate on travel cards(applying not too often!). And also hoping for CLIs, especially for CFF and CO SO, Disco it too I guess(too early for now).


Still haven't apped, proud of myself 😅 no auto CLI though especially for CFF Smiley Sad


Still no app, but yesterday got 3400 CLIs from C1, Disco and Citi(requested it). That leaves Chase 😑 Still hoping for auto CLI.

Message 244 of 259
blossom_rebuilding
Regular Contributor

Re: Setting your *2022* Card Strategy

Seeing this thread pop back up also prompted me to do a near year-end evaluation of my original 2022 strategy!

 

Pay down CC Debt: I've decreased my credit card debt by 51% from where it started back in January! I won't make it all the way down by the end of the year, but having everything paid off by next summer is defintely possible if all goes well. This is the one I am most proud of. Finances over FICO always.

 

Become a standing member of the 800 club: *Almost* achieved. Although all three scores hit 800 in Q2, I'm not confident it will stick. I've taken out new loans in the last couple months that will surely cause quite the score drop when they report by the end of October. Those new loans were unanticipated to finance home projects, but I decided that better to take out loans at a low interest rate (thank you AmEx 5.98% preapproval) than pay with credit cards at ever increasing rates and carry cc balances for even longer. I want out of credit card debt, period.  I'm not getting attached to those 800+ scores; my gut feeling is that I'll be back around 750 for the foreseeable future.

 

Get CLIs:

So, I've had a pretty decent year financially and stand to make a bit more progress by the end of the year, even with those unanticipated financial projects.  I have a few ideas for 2023 that I'm mulling over, especially on what to do with that bucketed Quicksilver; looking forward to sharing more ideas when next year's thread opens Smiley Wink





Message 245 of 259
AndySoCal
Valued Contributor

Re: Setting your *2022* Card Strategy

This what I wrote for 2022

My 2022 Card Strategy remains the same as my 2021 strategy.

No new credit card applications and no credit limit increases

My guidelines for credit limit increases is simple. A card must utilize over 10% of credit limit month after month. At this point my spending comes no where near that guideline. I have sufficent credit limits on my existing cards to meet my needs and keep my utilization low 1 to 2%

 

The year in review

The first statement about no new credit applications is a complete joke. I have added $13,000 in credit limits this year.  The first app was due to switching grocers from Ralph's Market (a Kroger company) to Walmart. Walmart card is saving 5% in cash back + $10 to $15  per order.  The second app was due to the product change of Citi Double Cash to  Citi Custom Cash. This left me with no non category spend credit card. So I apped was approved to Synchrony 2% cash back credit card. If I was politician I would say it is not my fault and cast the blame elsewhere.  I am not a politician so I wont.  So now I am honing my gardening skills will see how that goes.

FICO Scores XPN 802 TUC 798 v8 EFX 819 (12/2022) FICO 8 Bankcard
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Double Cash 5/2015 11,100 Chase Freedom 09/2021 10,500 Capital One/Walmart 3/2022 3,000 Synchrony Bank MC 05/2022 10000 Banking relationships Discover Bank and Lafayette FCU

Message 246 of 259
notmyrealname23
Established Contributor

Re: Setting your *2022* Card Strategy

Basically unchanged from getting the Bilt card in Q2 (which has turned into something like 30k Hyatt points and $1k worth of upcoming hotel stays , oooooowheee, this is a seriously underrated card IMO, I have no regrets burning a 5/24 slot on it).


Have played/will play the upgrade/downgrade game with AMEX. Next is upgrading a Green to Gold and downgrading a Vanilla Plat to Green, and picking up 15k MR.


Going to 4/24 happens next year. I will probably start structuring my AMEX card renewals in a way that I can start shedding AFs in Q3/Q4 2023 if that is what I desire. May go from this:

 

AMEX Plat/VentureX/AMEX Gold/AMEX Green/Bilt/C1 SavorOne/AMEX Marriott Brilliant/AMEX Hilton Aspire/Citi AA Mileup

 

to this by Q4 2023:

 

CSP with SUB/Citi Premier with SUB/Citi Custom Cash/VentureX/Bilt/SavorOne/Aspire/AMEX Green

 

(Stretch goal: 2x Custom Cash for dining/groceries, one signup and one PC.)

 

Trade out $755 in annual fees for two cards with 150k or so in transferrable points. Then 2024 can be spent on acquiring some Chase Hyatt/Marriott/Southwest and Citi AA cards, lightly churning as I go along.

 

(If you're wondering "why AMEX Green?"- my use cases work well with a low AF card that covers rental cars + insurance + rideshare + transit earning 3x plus I dig CLEAR a lot. YMMV.)

 

First Tech FCU Choice Rewards World MC 35k | AMEX Marriott Bonvoy Brilliant 15k | Bilt Rewards MC 14k | Capital One Venture X 12k | Fidelity VISA Signature 11.5k | AMEX Hilton Aspire 9.8k | Charles Schwab AMEX Platinum NPSL | Amex Rose Gold NPSL | Amex Green NPSL | Citi Premier 8.9k | SoFi MC World Elite 8k | Petal2 VISA 7.8k | PayPal Synchrony MC 6.4k | Citi AA Mileup 6.9k | Capital One SavorOne 5.5k | DiscoverIt Cashback 5k | Amazon/Synchrony 5k | Hotels.com 5k | AMEX Delta Blue 3k | Target 800 | Ch 13 filed 12/13 discharged as paid 1/19
Message 247 of 259
MySunset271
Established Contributor

Re: Setting your *2022* Card Strategy


@MySunset271 wrote:

I'm pleased with how my financial picture has improved and with the two new 2% CB cards I recently received, I'll go into 2022 with a solid 3-5 card cash back stable. Somewhere around August or September (an inquiry will be dropping off) I may look into the U.S. Bank products. They are local to me and I'm continuing to hear good things. I'll also be coming up on the end of my Amex BCP 1 year fee waiver so will have to evaluate if I'll want to downgrade. 


Q4 Update
Wallet

  • Grocery/streaming AMEX BCP
  • Gas/Costco/dining Citi Costco
  • Utilities/internet Elan MCP
  • Drugsores Citi CC
  • PayPal Chase FF
  • Misc. Fidelity Rewards
  •  Enjoying  my Amex BCP and the renewal fee was just $19.15😳 I was prepared to pay more as this is a longterm keeper card for me.
  • The inquiry from Chase dropped off only to have another one added from joining a credit union, which I closed due to it not being the fit I expected. 😞
  • I didn't add any new cards (other than PCd AMEX ED>EDP) but was excited to consolidated debt from 8 credit cards with a 60 month personal loan from PenFed ($35k@8.49%). Gladly accepted that hard inquiry ☺️
  • Grew my TCL 27% with auto CLIs and SP requests--including the two new cards (Fidelity Rewards & FNBO) added at the end of 2021🎉 (I think I may be eligible for one more 3x CLI request with Amex EDP before the end of the year)🤔
  • Activated 0% promotional offers for 6 months no fee, 12 months w/3% fee, and 14 months w/3%🙂




Message 248 of 259
Anonymous
Not applicable

Re: Setting your *2022* Card Strategy


@notmyrealname23 wrote:

Basically unchanged from getting the Bilt card in Q2 (which has turned into something like 30k Hyatt points and $1k worth of upcoming hotel stays , oooooowheee, this is a seriously underrated card IMO, I have no regrets burning a 5/24 slot on it).


Have played/will play the upgrade/downgrade game with AMEX. Next is upgrading a Green to Gold and downgrading a Vanilla Plat to Green, and picking up 15k MR.


Going to 4/24 happens next year. I will probably start structuring my AMEX card renewals in a way that I can start shedding AFs in Q3/Q4 2023 if that is what I desire. May go from this:

 

AMEX Plat/VentureX/AMEX Gold/AMEX Green/Bilt/C1 SavorOne/AMEX Marriott Brilliant/AMEX Hilton Aspire/Citi AA Mileup

 

to this by Q4 2023:

 

CSP with SUB/Citi Premier with SUB/Citi Custom Cash/VentureX/Bilt/SavorOne/Aspire/AMEX Green

 

(Stretch goal: 2x Custom Cash for dining/groceries, one signup and one PC.)

 

Trade out $755 in annual fees for two cards with 150k or so in transferrable points. Then 2024 can be spent on acquiring some Chase Hyatt/Marriott/Southwest and Citi AA cards, lightly churning as I go along.

 

(If you're wondering "why AMEX Green?"- my use cases work well with a low AF card that covers rental cars + insurance + rideshare + transit earning 3x plus I dig CLEAR a lot. YMMV.)

 


Bilt??! You mean this?

'Travel
Transfer your points 1:1 to one of our many world-class partners.'

 

Which partners I wonder.

 

'Partners include IHG Hotels, American Airlines AAdvantage, Aeroplan, Cathay Pacific Asia Miles, Emirates Skywards, Flying Blue, Turkish Miles&Smiles, Virgin Points, Hawaiian Airlines HawaiianMiles, United MileagePlus and World of Hyatt.'

 

Too bad I can't pay rent via cc: but huh??!

 

'Even if your property only accepts checks, you can still pay with your card through the Bilt Rewards app and we'll send a check on your behalf'

 

How does that even work? Mine is not a commercial property..if it works it'll be great.

 

It can be used with virtually any landlords...!! AND primary CDW??!  Why did I find this out now 😆

 

Are you ditching other cards too on your sig? Fintech, Delta, Disco etc.

 

Message 249 of 259
Anonymous
Not applicable

Re: Setting your *2022* Card Strategy

I'm gonna app for Bilt after some inqs wear off(1yr not 2yrs) on the 17th. Did know it when it came out but it was March, so wouldn't have been approved anyway(recent card additions). Rent, primary CDW with no AF and FTF, this card might not last long lol. Now might be a good time to waste EX HP.

 

After that probably gonna gun for Barclays Aviator Red(TU). If I get it, that'll be it, but if not, might consider Citi MileUp(20k offer, fixed APR, EX, pity it's not EQ like Citi BB store card), and if thsose 2 fails, Amex Delta Gold(EX, TU). It's only HP so doing it for science lol. Already got 5400 CLIs across 4 cards, so..

Message 250 of 259
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