topic Re: Amex BCE vs Citi Costco in Credit Card Applications

Amex BCE vs Citi Costco & CSP approval odds?

MrPepperoni — Sat, 01 Feb 2020 22:29:35 GMT

Hi Community,

I have a question and just want to see what do you all think..
As you can see in my signature, I am trying to get Citi Costco and Car Loan next year...
So, to be on a safe side and to be more eligible for a car loan (which will be around 15k with another maybe 5-7k down) and to get more available limit just for overall future credit file building opportunities I am thinking what is the best next move !?
I see that Amex Blue Chase Everyday is giving higher SL's in most of the cases than Citi Costco and I feel like it is easier to get approved for it. So, isn't it better decision for me at the moment? Please check my signature to see what my credit file looks like right now. Planning on applying for either of the above mentioned 2 cards in January - February 2020. Also, if you have a better suggestion, please let me know!
Thank you and happy Thanksgiving!

Re: Amex BCE vs Citi Costco

Aim_High — Fri, 29 Nov 2019 21:49:48 GMT

Either could be good. The big question is, what is your lifestyle, income, spending levels, and where do you put the majority of your spend? I would highly suggest you consider what attributes you will appreciate in a card for the long-term, not just to help you qualify for a car loan.

Both cards have a base payout of 1% on "everything else" uncategorized spend, so that is a "tie".

Costco card is great but spend is oriented much differently that BCE. First, do you already have a Costco membership and a Costco in your area that you shop at regularly?? Costco membership starts at $60 so this effectively becomes an "annual fee" card if you don't offset the fee with savings from regular Costco shopping. Highest payout is in gas at 4%. Do you drive a lot? Next highest is Dining Out/Travel at 3%. Great payout if you spend on these anyway. 2% at Costco/Costco.com. On the other hand, BCE pays 3% on groceries, which Costco doesn't have a special higher payout category for. Do you eat out more or buy groceries more?? BCE pays much less (HALF) on gasoline at 2% vs Costco 4%. BCE is a no-AF card, so it might be best if you don't already have a Costco membership.

From what I've read about credit limits with profiles such as yours, you might get a higher CL with AMEX if that is important for you. But I don't think the difference in CL between the two would make any difference on getting approved for a car loan or the terms offered.

Re: Amex BCE vs Citi Costco

MrPepperoni — Fri, 29 Nov 2019 22:02:29 GMT

Thank you for your reply!
I have Costco membership and I do shop and fuel up there all the time.
So, I consider that CC as no annual fee because I am shopping at Costco anyway.
About the CL, I thought that it makes a difference if I am asking for a 15k car loan with just let's say 6k of available credit at the moment of application (if I apply for Citi Costco and they give me let's say 2k SL) vs 10-12k available credit (if I get BCE with let's say 6-8k SL).

Re: Amex BCE vs Citi Costco

Andypanda — Fri, 29 Nov 2019 23:03:30 GMT

In the long term you can have both. I have both, and use both regulerly. Bith will grow with usage and on time payments.

Re: Amex BCE vs Citi Costco

DaveInAZ — Sat, 30 Nov 2019 13:54:27 GMT

@MrPepperoni wrote:
Thank you for your reply!
I have Costco membership and I do shop and fuel up there all the time.
So, I consider that CC as no annual fee because I am shopping at Costco anyway.
About the CL, I thought that it makes a difference if I am asking for a 15k car loan with just let's say 6k of available credit at the moment of application (if I apply for Citi Costco and they give me let's say 2k SL) vs 10-12k available credit (if I get BCE with let's say 6-8k SL).

Blue Cash Everday only gives 3% on groceries at stores that code as grocery, primarily chains like Kroger or Safeway, Costco will code as Membership/ Wholesale Club for 1%. BCE gives 2% on gas, but I'm not sure Costco codes as gas, it might also code as Membership /Wholesale Club. High CC limits won't help your car loan, high down payment & low DTI will (debt to income ratio).

Re: Amex BCE vs Citi Costco

randomguy1 — Sun, 01 Dec 2019 16:19:36 GMT

Costco Gas codes as gas not wholesale club.

Re: Amex BCE vs Citi Costco

KELSTAR — Mon, 02 Dec 2019 22:38:21 GMT

I think with your scores you would get the following credit lines if approved.

AMEX BCE 2 OR 4K

COSTCO about 4k-6500

If you change your Costco membership to the Executive Membership first, might make a difference in starting line. It also increases your rewards at Costco spend to an extra 2% to 4% for the extra 60.00 annual fee.

Also, check out the Costco car buying service when you come to it. I bought my vehicle using the service. Hassle free!

Re: Amex BCE vs Citi Costco

randomguy1 — Mon, 02 Dec 2019 23:57:04 GMT

@KELSTAR wrote:
I think with your scores you would get the following credit lines if approved.

AMEX BCE 2 OR 4K
COSTCO about 4k-6500

If you change your Costco membership to the Executive Membership first, might make a difference in starting line. It also increases your rewards at Costco spend to an extra 2% to 4% for the extra 60.00 annual fee.

Also, check out the Costco car buying service when you come to it. I bought my vehicle using the service. Hassle free!

To add on to the Executive membership, if you do not make the extra $60 in cashback at the end of the year, you can go to membership services and they will refund your $60 at the end of the year. The membership is for you to gain money, they do not want you to lose money on the Executive Membership.

Citi Costco / Chase Sapphire Preferred Approval Odds

MrPepperoni — Fri, 31 Jan 2020 19:21:41 GMT

Hi Community,

So far fellow members were very helpful and I got where I am right now with my credit
Just wanted to see what you guys think on my approval odds for the for Citi Costco / CSP at the moment.
I have a thin file and a perfect but short history.
You can see all the details in my signature. The plan is to have a chase trifecta and I was planning to get citi costco first but Credit Carma shows "Fair Approval Odds" for Citi Costco and "Good Approval Odds" for CSP...so this is why I started thinking maybe it makes sense to go with CSP now and later Citi Costco !?
What do you think?
Also, I just found out that Citi Costco cashback is redeemable only once a year...which makes it less attractive now...so maybe I should get another card instead? But yes I shop and fuel up at costco.
Thank you!

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

FinStar — Fri, 31 Jan 2020 19:51:23 GMT

Based on your last posts and previous feedback given by other members on your other threads, the odds may not seem favorable yet.

Also, keep in mind that any recommendations from sites like Credit Karma, Card Match, etc., are generally unreliable unless your profile is solid and can support an approval.

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

Anonymous — Fri, 31 Jan 2020 19:55:49 GMT

I'm not sure how reliable Credit Karma is for approval rates as they probably receive incentives for promoting certain cards, no? Good luck on whichever card!

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

FinStar — Fri, 31 Jan 2020 20:02:17 GMT

@Anonymous wrote:
I'm not sure how reliable Credit Karma is for approval rates as they probably receive incentives for promoting certain cards, no? Good luck on whichever card!

Correct. @Remedios can confirm how sites like such ~~paddle~~ peddle cards 😁

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

Remedios — Fri, 31 Jan 2020 20:19:19 GMT

@FinStar wrote:
@Anonymous wrote:
I'm not sure how reliable Credit Karma is for approval rates as they probably receive incentives for promoting certain cards, no? Good luck on whichever card!
Correct. @Remedios can confirm how sites like such ~~paddle~~ peddle cards 😁

@FinStar if you get attacked by a bunch of battle 🦦🦦🦦, this is why!

😂

@MrPepperoni you'd get better and more reliable odds by reading tea leaves.

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

Anonymous — Fri, 31 Jan 2020 20:58:22 GMT

IMO, I wouldn’t use third party sites such as CK to evaluate approval odds. I’d just visit Citi and Chase’s prequal page and see if you’re pre-approved for those cards and go from there. Best of luck!

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

CreditInspired — Fri, 31 Jan 2020 22:58:45 GMT

@FinStar wrote:
Based on your last posts and previous feedback given by other members on your other threads, the odds may not seem favorable yet.

Also, keep in mind that any recommendations from sites like Credit Karma, Card Match, etc., are generally unreliable unless your profile is solid and can support an approval.

+100

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

CreditInspired — Fri, 31 Jan 2020 23:06:54 GMT

@MrPepperoni wrote:
Hi Community,

So far fellow members were very helpful and I got where I am right now with my credit
Just wanted to see what you guys think on my approval odds for the for Citi Costco / CSP at the moment.
I have a thin file and a perfect but short history.
You can see all the details in my signature. The plan is to have a chase trifecta and I was planning to get citi costco first but Credit Carma shows "Fair Approval Odds" for Citi Costco and "Good Approval Odds" for CSP...so this is why I started thinking maybe it makes sense to go with CSP now and later Citi Costco !?
What do you think?
Also, I just found out that Citi Costco cashback is redeemable only once a year...which makes it less attractive now...so maybe I should get another card instead? But yes I shop and fuel up at costco.
Thank you!

Hi. IMHO I think it would be a good idea if you do not apply for any new cards until your AAOA is 1 year.

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

seattletravels — Sat, 01 Feb 2020 14:58:32 GMT

Agreed. Garden for a bit and work on getting CLI.

Re: Citi Costco / Chase Sapphire Preferred Approval Odds

Anonymous — Sat, 01 Feb 2020 21:18:31 GMT

Go citi.com and use the prequalify feature

Re: Amex BCE vs Citi Costco

MrPepperoni — Sat, 01 Feb 2020 22:22:28 GMT

Hi

I actually just made some math over here and I do not spend at Costco that much. Maybe like 1500$ in fuel annually and 2000$ in other purchases. So if I have Citi Costco then it will save me 60+40=100$ annually, not more.
I am also considering Amex BCE, which will save me 2% on costco fuel (30$) + I can use my 1.5% at Costco with CFU (30$)...which totals at 60$ annually saved at my expenses at Costco. BUT Amex BCE has a 200$ sign up bonus, which places Citi kind of behind because now I will need 5 years of use to make cash back equal (with current spendings at costco I get 100$ cash back per year, but with Ame BCE I get 200$ sign up and 60$ cash back in mix with CFU...which will make them equal just at 500$ in 5 years.)
So, the question is what do you think is the smartest decision?

Re: Amex BCE vs Citi Costco & CSP approval odds?

FinStar — Sat, 01 Feb 2020 22:38:08 GMT

@MrPepperoni,

I merged the other thread that you had started on the same discussion into this one as the premise of your application questions and product comparisons are the same. Please refrain from cross-posting or start multiple threads on basically the same subject. It is confusing to other members trying to help you and is against forum rules.

Thank you for your understanding and cooperation.