Reply
Established Member
acguy
Posts: 14
Registered: ‎08-11-2009

Costco Amex

I am interested in applying for the Costco Amex card. I do all my shopping @ Costco so it makes sense. However, my experian credit report (score 745 ) has 2 - 30 day lates on one account that are 5 yrs. old and a paid chargeoff that is also 3 yrs. old. I have 7 inq. that are 20 months old. I currently have the follwing cards:

 

Discover Cl $6600 Balance 0

Citicard Cl $6760 Balance 0

Discover direct rewards Cl $2800 balance $2300

Union Bank Cl $4100 Balance 0

Bestbuy Mastercard Cl $3000 Balance 500

Bofa Cl $2800 Balance 0

Ge Moneybank Cl $15000 Balance 0

 

Would it be safe to app with Costco or not. I really dont like apping if there is a high chance of me getting denied

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Costco Amex


acguy wrote:

I am interested in applying for the Costco Amex card. I do all my shopping @ Costco so it makes sense. However, my experian credit report (score 745 ) has 2 - 30 day lates on one account that are 5 yrs. old and a paid chargeoff that is also 3 yrs. old. I have 7 inq. that are 20 months old. I currently have the follwing cards:

 

Discover Cl $6600 Balance 0

Citicard Cl $6760 Balance 0

Discover direct rewards Cl $2800 balance $2300

Union Bank Cl $4100 Balance 0

Bestbuy Mastercard Cl $3000 Balance 500

Bofa Cl $2800 Balance 0

Ge Moneybank Cl $15000 Balance 0

 

Would it be safe to app with Costco or not. I really dont like apping if there is a high chance of me getting denied


If I were you, I'd start writing GW letters to get those late payments and charge off removed.  After that, you should apply for the Costco AMEX.  AMEX do not like charge off accounts no matter how old they are. 

Contributor
Amnesia87
Posts: 128
Registered: ‎12-07-2010

Re: Costco Amex

That card is losing value, they lowered the rewards rate for restaurants:

 

http://www.nerdwallet.com/blog/2011/costco-american-express-rewards-rate/


Starting Score: EX FICO: Unknown EQ FICO: 717 TU (CreditKarma): 713
Current Score: EX FICO: 737 EQ FICO: 752 TU (CreditKarma): 717
Goal Score: EX FICO: 760 EQ FICO: 760 TU (CreditKarma): 760


Take the FICO Fitness Challenge

Established Member
acguy
Posts: 14
Registered: ‎08-11-2009

Re: Costco Amex

Do those Goodwill letters really work. Ive thought about it and i have called and asked the creditor to remove but they said no.

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Costco Amex


acguy wrote:

Do those Goodwill letters really work. Ive thought about it and i have called and asked the creditor to remove but they said no.



Yes they work.  But you have to be consistent and persistent.  If one letter doesn't work, send another.  Try to get it to the right person.  Look for emails. 

Established Member
DJH87
Posts: 20
Registered: ‎07-09-2009

Re: Costco Amex

I think you have a chance. I had a similar profile and was approved for the Delta Skymiles card which is supposed to be easier to get. I love the card and I am planning on expanding my membership for the Costco card after a year of relationship with Amex. You can try, if denied, apply the same day for an Amex charge card(counts as one pull), build a relationship, and reapply after 6 to 12 months for the revolver. Amex considers the total picture. Keep the good work!

Established Contributor
UFGuy2006
Posts: 712
Registered: ‎08-02-2008

Re: Costco Amex


Amnesia87 wrote:

That card is losing value, they lowered the rewards rate for restaurants:

 

http://www.nerdwallet.com/blog/2011/costco-american-express-rewards-rate/


Hrm, this would be a shame if its true. I am keeping fingers crossed its just for new applicants but I doubt it.

FICO: EX: 735 (5/14); TU: 776 (5/14); EQ 711 (5/14)

In My Wallet: Amex X 5 | Barclays X 2 | BOA X 1 | CapOne X 3 | Chase X 3 | Citi X 5 | DCU X 1 | Discover X 1| Fidelity X 1 | Fifth Third X 1 | PenFed X 1 | PSECU X 1 | USAA X 2 | US Bank X 1 | Walmart X 1 | Wells Fargo X 1

Holding off apps for the next 6 months! Last inq 5/27/2014.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+