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Citi Costco Denial

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chdo2023
New Member

Citi Costco Denial

Hello all, 

So I recently joined Costco and they push the Costco Rewards Visa heavly. I was denied for too many inquries. I understand Citi really only looks at the past 6 months of credit inquries. So going abck 6 months I have 6 dings but yet Citi said nope but yes a month ago to the Citi/AA Mastercard with a $6,300 dollar limit. I did try to recon with the CSR/UW but was shot down a few times already. Should I contact the EO? My fico sccores are in the 700s acorss the board.  few new accounts over the past year. totatl credit across all of them is over 25K. 

Message 1 of 14
13 REPLIES 13
wasCB14
Super Contributor

Re: Citi Costco Denial

I wouldn't bother to escalate it. I'd just let it go.

 

1. Getting a card a month ago might not mean an automatic denial with Citi, but they are not fans of seeing recent credit-seeking behavior.

 

2. The card is pretty mediocre these days, with the loss of price rewind, extended warranties, etc. There are other cards with better rewards for Costco shopping. I just keep mine for gas and because I have a lot of old purchases on it that do have extended warranties I want to keep active.

 

3. The bonus for getting the card is little or nothing. You could always get something with a decent bonus and convert it to a Costco card after a year. I PCed to Costco from an AA card (and just got another AA card for a fresh bonus a few years later).

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 2 of 14
GatoradeZeroGuy
Valued Contributor

Re: Citi Costco Denial


@wasCB14 wrote:

2. The card is pretty mediocre these days


Isn't Venmo Visa 3% on wholesale clubs? 

Are there other 3-5% wholesale club cards?

Starting FICO 8:

Current FICO 8:

1/6, 5/12, 12/24

Message 3 of 14
CreditCuriosity
Moderator Emeritus

Re: Citi Costco Denial

Doubt you will make any process with the EO sure you got approved a month ago, but likely have more inquiries and account since?  They have rules in place for a reason and EO won't overrule those unless your CR is reporting something incorrectly.  I havent been so happy with Citi recently as denied BestBuy Visa(recent accounts/inquiries reason) a few times with 800+ scores, but understand I have been a bad kid in the last 6 months and am paying the price now for it.  If I still want the card in 6 months as if you want the same card in 6 months apply for it and if you credit and profile merit it, it will be approved at that time.  Sorry about the denial, but if you been doing credit long enough they happen especially in bad economic conditions we overall are in now and particularly some banks.

Message 4 of 14
chdo2023
New Member

Re: Citi Costco Denial

Thank you for your reply. The encomic state of the counrty is in very off the beat path. I understand all banks are tighting lending stanards to reduce risk. However in my case with Citi recently approving the AA Card not even a month ago an that was 5 recent inquires Citi denield me for the the Costco one . I will take a shot at the EO as I also would like this card as Costco Travel when paid with the Citi card is a better deal.  Alsdo worst case wait 6 months and apply again and maybe get approved. I have never ran to the EO as you also dont want to be tag a pest . Even when Citi denied my Best Buy CLI more then a few times I let it go but I really want the Costco Visa. I been doing credit for over 10 years now so yes I know the ins and outs pretty well . Sure I made mistakes. 

Message 5 of 14
wasCB14
Super Contributor

Re: Citi Costco Denial


@GatoradeZeroGuy wrote:

@wasCB14 wrote:

2. The card is pretty mediocre these days


Isn't Venmo Visa 3% on wholesale clubs? 

Are there other 3-5% wholesale club cards?


US Bank Altitude Reserve gives 4.5% on mobile wallet spend AFAIK.

BofA CCR gives up to 3.5% (capped, $100k+ asset requirement).

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 6 of 14
Aim_High
Senior Contributor

Re: Citi Costco Denial

Welcome to My FICO forums, @chdo2023Smiley Happy

 

I totally understand your frustration and desire to influence the decision, but I agree with others that contacting EO is unlikely to yield results in this case.  Let us know how it works out if you decide to call.  Generally speaking, though, underwriting criteria are not negotiable unless you have some inaccurate or highly unusual information to report.   CITI is known for being sensitive to new accounts and inquiries, and this actually extends farther back than just six months from my understanding.  But they don't have a known policy such as Chase's 5/24.  They seem to be more profile-dependent on where they draw the line. 

 

When CITI took over the Costco accounts in 2016, this was really a great rewards program.  There weren't many uncategorized 2% cards yet and getting at least 4% on gas and 3% on travel/dining was highly unusual also.   However, times change.  While it's still good, this is no longer such an exceptional card.  

 

The mostly appreciate mine today for being able to do a single contactless swipe at the gas pumps to login my membership and to use the card for the 4% on gas.  However, there are many threads about "Best Gas Cards" and 4% on gas isn't as special these days.  See my list of best gas cards at >this 2020 thread<  which is still pretty inclusive or >comments from a more recent Dec 2022 thread.<  If choosing an alternative card to Costco, you just need to make sure it's a VISA since that is the only card accepted in-store.  One of the best newer gas cards since my 2020 list would be the CITI Custom Cash (5% on up to $500 monthly in one highest category, gas included) but it is only issued as a Mastercard.

 

There are many cards that offer at least 3% uncapped on dining and travel with no AF.  For one examples: the Wells Fargo Autograph and it's a Visa Signature.  

 

Another option would be the Navy Federal Flagship Rewards Visa Signature.  You would earn the 3% on travel and 2% on everything else.  There is a $49 AF but it reimburses TSA Global Entry which makes the effective AF $24. 

 

It sounds like you exceed Chase's 5/24, but when you qualify there is another option.  If travel is heavier, one of the other travel cards such as Chase Sapphire Preferred could be a viable contender.  The $95 AF is offset by a $50 annual hotel credit so effective AF is $45.  It earns 3x on dining, 5x on travel purchased through Chase, 2x on other travel.  (One point is worth at least 1 cent (1%) but can be leveraged up to 2 cpp if transferred to airline/hotel partners, which can make this card more rewarding than the Costco card, depending on how it it used.

 

In-warehouse, there are several options that earn better than 2% and many other general-purpose 2% cards that could be used at Costco.  I mainly use my Bank of America Customized Cash Rewards Visa now inside warehouse.  With my Platinum Honors status in Preferred Rewards, I earn 3.5% on warehouse/grocery, up to $2500 per quarter on those plus selected custom category.  At lower levels in Preferred Rewards, that card could earn 3% or 2.5% (Gold or Platinum status.)   >Here is a link<  to a thread discussing most rewarding cards for Costco.

 

In terms of the "1% everything else," I think you know how common that rewards return.  There are many threads with best uncapped and uncategorized cards. >HERE<  is a link to one pretty inclusive thread for other options.

 

Good luck exploring your options. 

 


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 7 of 14
Tcal
Regular Contributor

Re: Citi Costco Denial


@GatoradeZeroGuy wrote:

@wasCB14 wrote:

2. The card is pretty mediocre these days


Isn't Venmo Visa 3% on wholesale clubs? 

Are there other 3-5% wholesale club cards?


There's a handful of cards I can think of: Comenity AAA Visa (3%), Venmo (3%), Vantage West (5%!!!), Altitude Reserve (3% on mobile pay), NIH rewards (3%) to name a few



Message 8 of 14
Tacoloco
Member

Re: Citi Costco Denial


@GatoradeZeroGuy wrote:

@wasCB14 wrote:

2. The card is pretty mediocre these days


Isn't Venmo Visa 3% on wholesale clubs? 

Are there other 3-5% wholesale club cards?


its 3-2-1 so yea you can get 3% back on Costco. Thats pretty all i use that card for. 

Message 9 of 14
SwarthyOgre
Regular Contributor

Re: Citi Costco Denial

You might consider letting this cool down a bit and trying again when some of those inquiries drop off. Below is a snip of my Chase inquiry data...note they think anything 6+ is "poor" so that might be the case with Citi as well. The people here have a huge depth of credit knowledge, it would be wise to accept any nuggets of wisdom they offer. GL

 

Screenshot 2023-05-01 130136.jpg




Starting scores: 5/15 - EQ: 546 | TU: 580 | EX: 554
Current scores: 4/23 - EQ: 750 | TU: 750 | EX: 750
Message 10 of 14
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