Costco Citi Card approval odds are best for Costco members who have a credit score of 750+ and a steady income – enough to make payments on the card, which has a minimum credit limit of $500. To get a better idea of your Costco Citi Card approval odds, try putting your information into Citi’s credit card pre-qualification tool. This tool will use a soft credit pull, along with information about your income, to show you a list of Citi cards you would likely be approved for. There are reports that the Costco Anywhere Visa can show up in the results.
If you’re pre-qualified for a Costco Citi Card, your approval odds are very good. There is still a chance you could be rejected when you apply, though. Also, keep in mind that you must be a Costco member to apply for this card, so your approval odds are zero without a membership.
The Costco credit score requirement is “good”. And that’s the case for both the Costco Anywhere Visa® Card by Citi and the version for small business owners. But the definition of excellent credit depends on whom you’re asking. So, while some people might consider the Costco Anywhere Visa® Card by Citi credit score requirement to be 720+, you should think of it as 750+ just to be safe.… read full answer
Having a high enough credit score doesn’t guarantee approval, of course. And it’s possible to get approved with a lower score. That’s because your ability to pay – income and assets compared to debts and liabilities – matters, too.
Here’s what you should know about Costco’s credit card credit score requirement:
Personal credit always is the key. Whether you’re interested in the Costco Anywhere Visa® Card by Citi or the Costco Anywhere Visa® Business Card by Citi, your personal credit standing will largely dictate your odds of approval. All business credit cards base approval decisions on applicants’ personal credit history because it tends to be longer and more predictive. They don’t ask for your Social Security number for nothing!
Income & assets are your friends. Income and assets speak to your ability to pay a new credit card’s bills. The more money and valuable items you have to your name, the less risky you’re generally considered to be. But these factors aren’t viewed in a vacuum. They’re compared to your existing debt obligations.
Existing debt counts against you. Lenders want to know they’ll get paid. And the more debt you have relative to your income, the less confident they’ll be about that happening.
Take anecdotal evidence with a grain of salt. Some members of the community report getting approved for a Costco Anywhere Visa® Card by Citi with a credit score in the low 700’s. But since a lot of other factors are in play, you shouldn’t assume that you will be approved just because they were. Plus, getting turned down for a credit card can lead to temporary credit score damage.
If your credit score is already 750+, you have a steady income and few debts, and your financial situation is in order, you’ll have a better chance of approval. If not, you could dramatically increase your chances of being approved for a Costco credit card by delaying your application and spending some time focusing on credit improvement. This includes things like catching up on your current payments, utilizing less of your current credit lines, and building a longer history.
Finally, don’t forget that you have to be a Costco member to apply. That will cost you $60+ per year in membership dues.
You need a credit score of at least 700 for a Citi credit card in most cases. That means applicants for Citi credit cards need at least good credit to be approved. But it really depends on which card you’re after. Some Citi credit cards require higher scores, and one has no minimum score at all.… read full answer
Below, you can see what Citi cards your credit score will allow you to pursue, along with other information about approval.
Here’s what else you should know about the credit score you need for a Citi credit card:
Limited History: For those with little or no credit history, the Citi® Secured Mastercard® is a good option. A refundable security deposit of $200 is required. It doesn’t give any rewards, but it does offer a $0 annual fee and can help you rebuild your credit.
Fair credit (640-699): With fair credit, you have a good shot at getting one of Citi’s various store cards. These cards can only be used at their associated store. Some examples of store cards issued by Citi that require at least fair credit are Staples® Credit Card, Best Buy® Store Card and Goodyear Credit Card.
Excellent credit (750 and up): You’ll be eligible for all of Citi’s cards with a score in this range, assuming your income and other information check out. Some excellent-credit-only offerings include Citi Prestige (5 points / $1 spent on purchases at airlines, travel agencies and restaurants and 50,000 bonus points for spending $4,000 in the first 3 months) and Costco Credit Card (cash back oriented, offering 1 - 4% cash back on different spending categories).
Other requirements: It takes more than just a good enough credit score to get Citi credit card approval. In particular, you need enough income to pay the monthly bills, along with your existing debts. You’ll also need a valid Social Security number (or ITIN) and U.S. mailing address.
Citi might send a pre-qualified credit card offer to potential customers, but while this increases your chances for approval, it does not guarantee it. If you have received such an offer, visit Citi’s web page and enter your invitation code and last name to apply. Also, keep in mind that applying for a Citi or any other credit card triggers hard inquiries and can temporarily lower your score - the more inquiries over a short period of time, the more damage to your score. So it’s best to know where you stand before applying for any credit card. You can check your credit score and track your progress for free, right here on WalletHub.
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