You need an excellent credit score for Costco credit card approval. And that’s the case for both the Costco Anywhere Visa 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 credit card credit score requirement to be 720+, you should think of it as 750+ just to be safe.
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.
Still, if you don’t know how your credit is doing these days, you should definitely check your latest credit score for free on WalletHub before applying.
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 or the Costco Anywhere Business Visa, 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 credit card 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 $55+ per year in membership dues.