Hey guys, Yesterday against my better judgement (lol), I applied for the Costco Citi Visa card. DH and I shop there and purchase gas quite often, so I thought it would be a good card to add. Well, got the automatic decline with the 7-10 day message. This morning, I opened my email to a letter from Citi citing bankruptcy as the reason for denial. Our bankruptcy was filed 11/17 and discharged 8/23. I called the recon line, but no help from the rep. She only said that I needed to wait for the actual letter to come in the mail and then call back for reconsideration. Apparently the letter is supposed to show a different reason than what I received in the emailed letter (?). So we wait.......for DP, they pulled Equifax. Another thing, there is no hard pull alerts anywhere for this application. Hopefully there won't be....lol! Current Scores: EQ 701 (as of 2/1/24) TU 684 (as of 1/25/24) EX 705 (as of 1/25/24)
I was going back and forth on deciding if I should apply, but figured what the heck. It was the last card I really wanted to try before gardening. So far (fingers crossed) no hard inquiry is showing, so it's fine. Like you, I will see where things are after the BK falls off and a few inquiries age. That will give time to get some good spend on my Amex cards. Hopefully we'll update with our approvals soon!!
@Jeffster1 wrote:@blkroyalT So sorry to hear about the decline.
I kinda have my sights set on the Costco Visa when:
1. Some inquiries fall off;
2. My 13 falls off (only EQ remaining; EX and TU gone);
2. I get over my angst with my local Costco's parking lot which was the main reason I dropped my membership.
I know the Citi experts on here will chime in but I do know that...as opposed to Citi retail cobranded Visas like Best Buy, Macy's and Bloomingdale's...the Citi Costco card is a core Citi card, and therefore has much more stringent standards.
I do not know how long after DC Citi makes you wait for them to seriously consider you for a core card. I'm sure it's also a bit of YMMV, and whether they were burned in the BK.
It's a good card which I would love to have, as well!
For what it's worth, I have this card and it's one of my least used cards. I purchase a lot of items as Costco, and I buy gas there pretty much exclusively.
For gas I use my Abound Visa Platinum Credit Card for 5% cash back. In the warehouse, I use my Venmo Visa for 3% cash back. This combo outperforms the Citi Costco Visa in a couple ways, it's 1% more cash back in both those categories, and both cards have no spending cap. Furthermore, the Abound card posts an automatic statement credit for the month when the statement cuts. The Venmo card allows you to redeem your rewards monthly when the statement cuts. You can direct deposit, or statement credit from there.
The Abound card will likely only give you a $2,000 credit line (unless you live in Kentucky - which I don't).
The biggest drawback of the Citi Costco Visa for me is that you can only cash out your cash back once a year.
@CreditCobra wrote:
The biggest drawback of the Citi Costco Visa for me is that you can only cash out your cash back once a year.
That is a terrible reward redemption system.
Thanks for the info!!!! That really helps....I appreciate it!!
@CreditCobra wrote:For what it's worth, I have this card and it's one of my least used cards. I purchase a lot of items as Costco, and I buy gas there pretty much exclusively.
For gas I use my Abound Visa Platinum Credit Card for 5% cash back. In the warehouse, I use my Venmo Visa for 3% cash back. This combo outperforms the Citi Costco Visa in a couple ways, it's 1% more cash back in both those categories, and both cards have no spending cap. Furthermore, the Abound card posts an automatic statement credit for the month when the statement cuts. The Venmo card allows you to redeem your rewards monthly when the statement cuts. You can direct deposit, or statement credit from there.
The Abound card will likely only give you a $2,000 credit line (unless you live in Kentucky - which I don't).
The biggest drawback of the Citi Costco Visa for me is that you can only cash out your cash back once a year.
