topic Re: Costco Amex Card in Credit Cards

Costco Amex Card

Anonymous — Wed, 02 Mar 2011 08:19:25 GMT

Hello All,

I was hoping I could get a little insight from those of you who may be experiencing what I am and share similar goals.

I have been working on my credit now for just over a year. I have raised it from 490 (one 60 day late) to now at 611. All of my accounts are on time and none of them are close to their limits. By this time next month I will owe nothing to my revolving credit. I assume that when I pay the remaining balances on my Cap One cards within the next 30-60 days my score will increase again to around 625.

My stats: Age: 24, Income $2040 per month, spending style: cautious

At the moment I have three cards that are active:

Capital One Rewards with $1000 limit ($400 usage, dropping all the time) (Account is 2+ years old)

Capital One with $750 Limit (300 dollar usage, dropping all the time) (Account is 2+ years old)

Orchard Bank $320 Limit (0 Dollars usage) (Account was started in October 2010)

I have two closed accounts one with FIA Card services with a limit of 3000 and a balance of 1850. Another account with Paypal (GE Moneybank) also on a payment plan. That account has a balance of about 700 dollars. Both of these accounts are on payment plans. The Paypal balance will most likely be 50% or more paid by the beginning of May.

Aside from my immediate goals to pay down the remaining balances on my Capital One cards I would like to get away from using my debit card for everyday purchases, especially at CostCo where I do the majority of my month's food shopping.

My question is: When do you, the community, think would be a good time to apply for a CostCo Amex Card?

I understand that American Express is a charge card and I have done research and a lot of reading. I have come to the conclusion that either this or a ZYNC card would be best for my needs, spending and life styles.

I welcome your advice...

Re: Costco Amex Card

bvick27 — Wed, 02 Mar 2011 09:02:26 GMT

Get your utilization down below 10% and bring your scores up. An Amex Zync is more likely to get approved and even for that you should have around a 650.

Re: Costco Amex Card

Anonymous — Wed, 02 Mar 2011 09:15:35 GMT

The Costco AMEX is a credit card. The Zync, Green, Gold, Platinum are the charge cards. I would apply for the Costco when you have paid off all the accounts.

Re: Costco Amex Card

Anonymous — Wed, 02 Mar 2011 14:27:03 GMT

No. I applied for this card before I realized what their criteria are. I didn't qualify, and I have higher scores and less utilization than you do. I would save the inquiry and try in 6 months to a year when your balances are paid down and your score increases significantly. I'll probably try again next year if my scores are high enough.

Re: Costco Amex Card

Anonymous — Wed, 02 Mar 2011 15:00:19 GMT

@Anonymous wrote:
No. I applied for this card before I realized what their criteria are. I didn't qualify, and I have higher scores and less utilization than you do. I would save the inquiry and try in 6 months to a year when your balances are paid down and your score increases significantly. I'll probably try again next year if my scores are high enough.

What score would you say is high enough for this card? I want to apply for this as well one day.

Re: Costco Amex Card

Anonymous — Wed, 02 Mar 2011 16:57:35 GMT

@Anonymous wrote:

@Anonymous wrote:
No. I applied for this card before I realized what their criteria are. I didn't qualify, and I have higher scores and less utilization than you do. I would save the inquiry and try in 6 months to a year when your balances are paid down and your score increases significantly. I'll probably try again next year if my scores are high enough.
What score would you say is high enough for this card? I want to apply for this as well one day.

I would say at least 650-675 and low UTI. If you would like, go this database and put in Costco as a search tem and see what people were approved for, what their scores were, and what CRA they pulled: Edited to remove a link to a site prohibited because of the forum's Credit Repair Discussion Guidelines.

Re: Costco Amex Card

Anonymous — Mon, 11 Apr 2011 21:42:09 GMT

I would like to App for the TrueEarning card but don't really want to be a member of Costco. Can I join Costco and app for the card, then cancel the membership with Costco?

Re: Costco Amex Card

Anonymous — Mon, 11 Apr 2011 22:27:17 GMT

Hands down just get the american express znyc. 6 months to a year get util really low and then apply for the american express costco card.

Re: Costco Amex Card

haulingthescoreup — Mon, 11 Apr 2011 22:32:06 GMT

@Anonymous wrote:
I would like to App for the TrueEarning card but don't really want to be a member of Costco. Can I join Costco and app for the card, then cancel the membership with Costco?

Your Costco fee becomes your AmEx card fee. Doesn't really matter which name you want to give to it.

You can get the card and never set foot in a Costco (although approval is WAAAY quicker if you apply in-store), but you'll have to pay the fee every year. You can call it a card fee, if you like.

Re: Costco Amex Card

vish1 — Mon, 11 Apr 2011 23:35:17 GMT

@Anonymous wrote:
@Anonymous wrote:

@Anonymous wrote:
No. I applied for this card before I realized what their criteria are. I didn't qualify, and I have higher scores and less utilization than you do. I would save the inquiry and try in 6 months to a year when your balances are paid down and your score increases significantly. I'll probably try again next year if my scores are high enough.
What score would you say is high enough for this card? I want to apply for this as well one day.

I would say at least 650-675 and low UTI. If you would like, go this database and put in Costco as a search tem and see what people were approved for, what their scores were, and what CRA they pulled: Edited to remove a link to a site prohibited because of the forum's Credit Repair Discussion Guidelines.

I am sorry, but this doesn't seem to be a great piece of info. 650-675 is way too low for Costco Amex. 675 is not even borderline. I don't recall anyone getting approved for costco amex card at 675. Even if someone did, its not common.

Re: Costco Amex Card

smc733 — Tue, 12 Apr 2011 00:24:30 GMT

I would say at least a 720 for that card...

Also, have you considered getting a nice rewards Visa/MC first, then an Amex? So you can have a nice Visa rewards as a backup, and a nice Amex Rewards...

Re: Costco Amex Card

Anonymous — Tue, 12 Apr 2011 01:21:28 GMT