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Setting your *2022* Card Strategy

SilverSmith
Established Contributor

Re: Setting your *2022* Card Strategy

Picked up 4 recently to take advantage of DPs and promotions. No apping in 2022. Its "the year of the Seasoning". Buffing out the last couple of manageable dings. Wax on... wax off.

 

I may open a couple of Savings accounts and do some relationship building for product availability in the future.

 

CC wise... focusing on "CLI's only" until 2023. 




~Is it 2023 yet?~
Message 81 of 112
squarebasketball
Frequent Contributor

Re: Setting your *2022* Card Strategy

Credit cards aren't really my priority anymore as I've already established all the credit lines i need years ago. However, i've been on an application craze for biz credit cards lol. I'll focus mainly on biz cards from this point on

Message 82 of 112
RehabbingANDBlabbing
Frequent Contributor

Re: Setting your *2022* Card Strategy


@Sionkado wrote:

@PullingMeSoftly  Just really quick. Not a fan of the PenFed Platinum? Would you prefer the Pathfinder or the PCR? Just curious Smiley Happy.


Jumping in here, but my DH got the Pathfinder recently. The value of the points is not good. If you want to redeem them for gift cards (you can't get cash back) the redemption value of the points is about 85 cents on the dollar. So even if we were getting the full 4x per dollar on travel, it would mean we are getting closer to a 3.4% return on that category; even before facotring in the annual fee. Perhaps the Platinum Rewards is better due to no annual fee and better categories, but I still think the points valuation is an issue.

Message 83 of 112
blossom_rebuilding
Regular Contributor

Re: Setting your *2022* Card Strategy


@Aim_High wrote:

Writing down my card details and plan helps me to come up with strategies for the short term (~six months), medium term (~one year), and long term (~two years.) 


This is a great thread; I've enjoyed reading about everyone's credit lineups and goals! Since lately I have considered myself to be in a constant state of rebuilding, my main goal is also split into short-term and longer-term visions. My most important long-term goal is to pay down debt...and there is lots of it to be had. My credit card debt is slowly but surely coming down, and I want to be completely credit card debt-free by 2023, at which point I'll tackle the student loan debt (oh my).

 

Near term, however, I would like to be become a standing member of the 800 club! My scores have been in the mid-to high 700s for a couple years now, and 800 is tantalizingly close. To do that, I'll focus on the credit card debt (see long term goal above), but also getting my credit card limits more consistent. You will see from my signature that they are all over map; as low as $1,000 and as high as $24,000. For some reason, I've gotten very attached to my Chase United MileagePlus Explorer credit limit of $18,600. It's the limit I started with and I think is just perfect for my overall profile, so my goal is to get more of my existing card line-up in that neighborhood.

 

In 2022, I plan to seek CLIs on the USB Altitude Go, Capital One Quicksilver, and Blue from American Express. I don't think I can expect the Altitude Go to get especially higher since it started out so low, but that is a card I really enjoy the reward structures on and would love to get the limit closer to where my profile is. My hope is that getting the FICO 8 and 9s above 800 will help with that (my FICO 9s are consistently lower than the FICO 8s by 30 or more points). Also, I am still working from home during the pandemic; if/when I return to working in-person at the office in 2022, I would likely apply for the Chase United Gateway card to get more miles from commute spending and hopefully achieve that age old goal of spending more time traveling for fun. I am 1/24, so generally feel good about that one, but I won't need it unless I'm commuting.

 

To sum up, my goals are pretty simple...pay down debt, save some cash, spend wisely while also treating myself and loved ones every now and then, and see all that reflected in my credit scores.

>
Blue from American Express: $8,000 ~ Capital One Quicksilver: $3,500 ~ PNC Core: $24,000 ~ Comenity Ultamate Rewards Mastercard: $9,700 ~ Discover It: $21,000 ~ Synchrony Home: $5,500 ~ Citi Shop Your Way Mastercard: $8,000 ~ Capital One Venture One: $15,000 ~ Chase United MileagePlus Explorer: $18,600 ~ US Bank Altitude Go: $2,000
Message 84 of 112
calyx
Super Contributor

Re: Setting your *2022* Card Strategy

I just went back to check my 2021 plans and, well...

Strategy is the same as it was in 2020, which is to hold tight until there's a good enough reason not to.  2021 is much like 2020 in that it's still Finances > FICO, so I am not planning to do anything unless there some new card that gives better than 3% CB with an SUB.  I have a 0 based budget, so I will go for 0% cards with SUBs when unexpected spend happens to keep my couple of dollars in interest, but for 2021, I just anticipate paying off the two 0% accounts in the next couple of months (DFS & FCU) and just riding out 2021. 

 

The two 0% accounts were paid, and I got a Citi Cash (5% + SUB) and a new Disco, and holy moley, I actually only apped for two cards in 2021?  That's a miracle!

 

In Jan, I plan on apping for the Affinity card (since we'll be past the Disco 10% CB quarter for Amazon) and just paying down balances (got a new bed and threw it on the 0% promo new Disco, and I could pay off my Synch card a year early).   My only uncovered sizeable cat spend is vet/pet since Comenity cancelled their AKC card - I would be on a new AKC style card like white on rice if that were to appear again.     Won't be 4/24 until Sept, so green star or bust for the CFF, and I'm OK with that.

F8 EQ: 804 | EX: 781 | TU: 782 | Accounts: 2/6 3/12 7/24 | Reporting: AZE10
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 85 of 112
PullingMeSoftly
Established Contributor

Re: Setting your *2022* Card Strategy


@Sionkado wrote:

@PullingMeSoftly  Just really quick. Not a fan of the PenFed Platinum? Would you prefer the Pathfinder or the PCR? Just curious Smiley Happy.


Great question @Sionkado, for me it's an issue of redemption value. Ever since i built a rotating cash back setup, I've become less fond of point systems that don't have a cash out option. The PenFed Plat Rewards is good example of this, as the closest cash equivalent is to redeem for Visa gift cards at .85 cent per point. Would be great if PenFed did PC's, but sadly no.









Message 86 of 112
ByrdMan
Moderator Emeritus

Re: Setting your *2022* Card Strategy

I don't have a great CC strategy--never have. That said, there are a couple of things that I'd like to accomplish CC wise. I want my TCL >$150K for util purposes. I don't really chase cat spending, as I have my favorite driver card (Southwest Rapid Rewards Priority Card). DW and I actually like flying SW. We are A-List and she is my "companion" flyer. This past summer, we flew to Maui and back for a grand total of $44.80. For those reasons, SW gets the majority of the love to keep my A-List and companion statuses.

 

I'm going to app for CSP and CFF to get above $150K TCL. I'm going to ask for SP CLI on SWPC and CFU. I'm also toying with the idea of closing my CapOne Venture. The problem is it's my oldest card (pretty much SD too) at 14 years. It started off as a Platinum with a $700 CL and hasn't done much growing since. It currently sits at $5,100. I think I'm on their fecal list or one of those bad buckets. Last time I asked for a CLI, I was flat out denied. They asked why I wanted an increase, I replied with greater TCL and potentially putting some larger purchases on there. While I'd hate to lose that longstanding card age, I think this card should not have such a puny limit. I will ask for another CLI increase after the baddie falls off in December or January. If I don't get a significant increase, it might be time to part ways with CapOne.






Starting Score: 469
Current Score: 803
Goal Score: 825


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Message 87 of 112
Sionkado
Regular Contributor

Re: Setting your *2022* Card Strategy

@PullingMeSoftly @RehabbingANDBlabbing  Thank you both! Good points for consideration. I don't want to distract from the awesome thread of 2022 planning, was just minorly curious.

Message 88 of 112
FinStar
Moderator

Re: Setting your *2022* Card Strategy


@ByrdMan wrote:

I'm going to app for CSP and CFF to get above $150K TCL. I'm going to ask for SP CLI on SWPC and CFU. I'm also toying with the idea of closing my CapOne Venture. The problem is it's my oldest card (pretty much SD too) at 14 years. It started off as a Platinum with a $700 CL and hasn't done much growing since. It currently sits at $5,100. I think I'm on their fecal list or one of those bad buckets. Last time I asked for a CLI, I was flat out denied. They asked why I wanted an increase, I replied with greater TCL and potentially putting some larger purchases on there.


Just a bit of a sidebar on your TCL growth strategy @ByrdMan, Chase doesn't offer SP CLIs, they're always HP. However, you can reallocate your Chase limits without SP/HP as you wish. For SP CLIs, you can request them on your AmEx ED, Discover and Citi cards.

Message 89 of 112
ByrdMan
Moderator Emeritus

Re: Setting your *2022* Card Strategy


@FinStar wrote:

@ByrdMan wrote:

I'm going to app for CSP and CFF to get above $150K TCL. I'm going to ask for SP CLI on SWPC and CFU. I'm also toying with the idea of closing my CapOne Venture. The problem is it's my oldest card (pretty much SD too) at 14 years. It started off as a Platinum with a $700 CL and hasn't done much growing since. It currently sits at $5,100. I think I'm on their fecal list or one of those bad buckets. Last time I asked for a CLI, I was flat out denied. They asked why I wanted an increase, I replied with greater TCL and potentially putting some larger purchases on there.


Just a bit of a sidebar on your TCL growth strategy @ByrdMan, Chase doesn't offer SP CLIs, they're always HP. However, you can reallocate your Chase limits without SP/HP as you wish. For SP CLIs, you can request them on your AmEx ED, Discover and Citi cards.


*#^%*(@ Chase. Of course they don't! What about CapOne? Are they SP? Hey gang, any thoughts on my desire to close if they don't play ball?






Starting Score: 469
Current Score: 803
Goal Score: 825


Take the myFICO Fitness Challenge
Message 90 of 112
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