2023 will be a year of gardening for me.
This year I was forced to close my 30 year old Discover card and then opened an Apple Card and an AmEx BCE. The short term goal is to earn the SUB on the BCE, then garden my fruit and try for a CLI mid-year. With all of the automatic CLIs from Discover over the years, my TCL took a big hit with that closure.
I don't really have any other cards on my wish list at this point, and it'll take until January '25 for those new HPs to fall off anyway.
As we approach the new year, and with the goal of making credit changes a premeditated and mindful decision, what are the planned changes for your card lineup in 2023?
I start this analysis on the personal finance side. I'm ending the year with clarity after drafting a personal finance and investment policy, calculating my FI number, and setting actionable goals for the next 36 months.. I'm blessed to be in a position to just do it and my goal is to be courageous enough to step up to the moment.
As my credit profile matures, there is less of a need to have a detailed plan. My cards grew significantly through SP CLIs in 2022, so much so that my average CL is over $20k. With the CL growth and promos offered from my current creditors, I don't see a need to change my strategy for 2023.
2023 Card Strategy
2022 Strategy was... non existent, and I only ended up with 1 new card, so I feel like that was a winner.
I should probably move limits around with Chase, because the Freedom's $1200 hurts during useful quarters and the day I spend 25k at Amazon is the day my card number was stolen (no shade on Amazon, I just don't spend that much there).
And if travel looks to be back on the agenda, PC my CSP to a CFU and then apply for another CSP since I'm at the 4 year bonus mark.
But I probably won't do any of that out of pure laziness. Also because 90% of my time and spend is doggo events (flyball, agility, FastCAT, dock diving, etc...) which is not covered by any cat spend (except gas), my 2023 agenda is wishing I still had any AKC card to apply for. I'll pour a dog water bowl out for Comenity's AKC card.
So, I guess my real strategy is to keep up with my Shoppers card spreadsheet and then request a PC to Cash+ when I discover it's not actually worth the AF, but at least I'll have the data.
2022 was an app spree year and the last of my chargeoffs will drop off late in 2023 so my goal is to stay in the garden and let everything marinate in order to be under 5/24 in 2024 (my 2024 goal is to get the Chase trifecta).
So I REALLY need to keep my butt in the garden for 2023 unless DW wants me on her car loan which she probably won't and that is fine, I have a revolving installment loan on my file (thanks to mortgage and student loans)
New Year's Eve so I'm running out of time to decide.
1) Close AMEX Marriott Biz card. Not worth the $125 AF for a card I haven't used in a calendar year.
2) Close AMEX Green. $150 AF for a card I use for a once in a while parking charge.
Have 0% on my AMEX BBC to 11/23 and may ride that for business debt as far as what I can.
That is more my question how much debt do I want to take on in the New Year more than anything else.
Been down the last few nights with COVID but off to a good start already: a collection account randomly fell off for a good 10 points! I'm hoping to get above 700 in the first half of 2023!
Have P2 open a Citi Custom Cash card (possibly sooner, depends on upcoming spend?) This would be used for drugstores most likely, since that's a hole in the line-up (albeit a small one), or possibly groceries depending on what the cards-for-groceries landscape looks like and whether or not I decide to upgrade the BCE at a year to a BCP.
This stage of the grand scheme has been implemented. Waiting for Custom Cash to arrive, so can hook it up to P2's Curve Card for an effective 6% as Gas to earn the SUB (since Discover is covering Drugstores at 6% via Curve, and sharing duty with AmEx BCP on Groceries for this quarter.)
Involved some explaining to P2 why they/we needed a new card... the extra SUB money was apparently the tipping point 🤣 (being able to link things through Curve and use it for Gas now too definitely helped.)
Y'all need to stop making me eyeball other things like the Redstone Visa and the SYW, since I think we've reached number-of-cards saturation and QOL will go down if I add much more in the way of "different places need to be logged into" 🤣
I've been waiting for 2023 for a long time now, My bk7 is scheduled to drop off. Granted I have to wait until December but I'm looking forward to having a clean file! I don't really have any other plans, Possibly app for my first Chase card since I'll be under 5/24 in February then garden for awhile