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Costco Amex

Established Member

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

Message 1 of 7
6 REPLIES
Super Contributor

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. 

Message 2 of 7
Contributor

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

Message 3 of 7
Established Member

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.

Message 4 of 7
Super Contributor

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. 

Message 5 of 7
Established Member

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!

Message 6 of 7
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Established Contributor

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: 763 (12/16); TU: 786 (12/16); EQ 731 (12/16)
Amex Blue Cash Preferred | Amex SimplyCash Plus | Chase Amazon Prime VS | Chase Freedom VS | Discover IT | Penfed Power Cash Rewards VS | Sams Club MC | USAA Limitless Rewards PV
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