@Anonymous wrote:
Yes, I am done with my app spree and not applying, but I was curious about this card after seeing it mentioned a few times. Is it like a normal Amex where it becomes eligible for backdating, etc? How hard to get is it? I am a Costco member and frequent shopper and one of the downsides is that they don't take my CCs, so I can't get rewards on my purchases there. The last card I want to add to my portfolio for a while is an Amex (to start the backdating clock). I was going to reapp for Zync at the end of the year, but perhaps I could apply fo this one instead if it is better. What do you all think?
I've wanted the Costco Amex ever since they came out with it, and I finally got it last month! It is a harder card to get. I apped 1 1/2 yrs ago and was denied. I've since worked on rebuilding and the 2 baddies fell off. Even so, I apped for Zync first because I didn't know if I would be approved for the Costco card, and I knew Zync would be easier based on everyone's experience here. Then after Zync was approved, I went ahead and apped for Costco. (If you app and are denied, you cannot app for any other Amex for 30 days, which is why I tried for Zync first. I figured if I didn't get Costco, at least I'd be in with Zync.)
The backdating works exactly the same. It's a revolver w/rewards: 3% gas, 2% restaruants, 1% everything else, incl Costco. You only get your rewards once a year, in Feb, I believe.
I don't know what my EX FICO is, but based on my other scores and what's on my EX CR, I'm estimating it's in the low to mid 700s. Ideally, you should have at least 1 year with 2 positive TLs and no baddies and VERY low inq. (I had 3: from last Feb, March and April on my EX CR.)
If you're not sure you'll be approved, I would recommend you do what I did, and app for a charge first. Then if you're not approved for the Costco, at least you'll have a foot in the door w/ a charge.
@BTW, I also apped for Costco during their Amex promotion week, which I do think may have helped me. They told me that nearly everyone who apped had been approved. If you ask your local Costco, they may be able to tell you when they're planning it. I'm not entirely sure what it's called, but basically they just have a table set up @ Costco w/Costco employees and promo gifts for apping (coffee cups or tote bags). It's better to app in the store, because that way you find out right away if you're approved. Otherwise, you have to wait several days for Amex to confirm your Costco m'ship and you'll have to wait to find out if you're approved or not.
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+
Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!
My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)