Should I Go for the Costco Anywhere Visa?

[RevPolar]

Greetings,

I was wondering if now would be a good time to apply for the Costco Anywhere Visa, especially since the Citi prequalification page showed me as prequalified today. On the application, it listed a single APR instead of a range, which I’ve heard can be a good sign.

My original plan was to garden after my last hard inquiry at the end of January, but this is the first time Citi has actually prequalified me for a card. I’m trying to move away from some past decisions, like getting a Milestone card, which I now regret. I also have a bucketed Capital One card that I plan to put in the drawer soon. I do have the option to take a manual CLI of $100 on that card and PC it to the Savor or Quicksilver if I want.

Additionally, I plan to refinance my auto loan soon to lower my DTI to around 5.75% - 6.5%. My Venture One was my first card.

DPs:

Credit Scores:

TU: 732 | EX: 731 | EQ: 708

Accounts:

   Venture One: $0 / $500 (0%) – Opened 10/3/2024

   Milestone: $311 / $500 (62%) – Opened 12/13/2024

   AU Bank of America: $2,792 / $4,500 (62%) – Opened 6/24/2023

   AU Chase Freedom Unlimited: $126 / $1,400 (9%) – Opened 5/27/2019

   Auto Loan: $23,424 / $28,183 (84%) – Opened 11/16/2024, 11.93% APR

Other Factors:

   Payment History: 100%

AAoA: 1 year, 8 months

Would applying for the Costco Visa make sense in my situation, or should I stick to my original plan and continue gardening? Any advice would be appreciated!

[Gunnerboy]

I think your scores are likely good enough, but your file is thin. Probably, approval with low limit.

How often does your household shop at Costco?

How often would you buy their gas?

Just looking at it from a gas expedenture perspective, would you spend up to $1,300/year?  Trying to see how easy it would be for you to offset the basic membership cost.

[RevPolar]

Eh the appeal for me is the 4% EV cash back benefit as I believe it's only that card and the us bank Altitude Connect card that offer the reward, rest of my family would be shopping their 1-2 times a month but more often for their gas. I did eat the cost of the executive membership as the signup came with a 40$ gift card and then in approval if I get the card is another 40.

[Girl_In_The_City]

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@RevPolar wrote:

Greetings,

I was wondering if now would be a good time to apply for the Costco Anywhere Visa, especially since the Citi prequalification page showed me as prequalified today. On the application, it listed a single APR instead of a range, which I’ve heard can be a good sign.

My original plan was to garden after my last hard inquiry at the end of January, but this is the first time Citi has actually prequalified me for a card. I’m trying to move away from some past decisions, like getting a Milestone card, which I now regret. I also have a bucketed Capital One card that I plan to put in the drawer soon. I do have the option to take a manual CLI of $100 on that card and PC it to the Savor or Quicksilver if I want.

Additionally, I plan to refinance my auto loan soon to lower my DTI to around 5.75% - 6.5%. My Venture One was my first card.

DPs:

Credit Scores:

TU: 732 | EX: 731 | EQ: 708

Accounts:

   Venture One: $0 / $500 (0%) – Opened 10/3/2024

   Milestone: $311 / $500 (62%) – Opened 12/13/2024

   AU Bank of America: $2,792 / $4,500 (62%) – Opened 6/24/2023

   AU Chase Freedom Unlimited: $126 / $1,400 (9%) – Opened 5/27/2019

   Auto Loan: $23,424 / $28,183 (84%) – Opened 11/16/2024, 11.93% APR

Other Factors:

   Payment History: 100%

AAoA: 1 year, 8 months

Would applying for the Costco Visa make sense in my situation, or should I stick to my original plan and continue gardening? Any advice would be appreciated!

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In my experience the Citi prequals are pretty solid albeit your starting limit may be low with what you reflected. If it is low put a bunch of spend on it and pay it off a few times a month in about 6 months they should bump your limit up to something reasonable as long as you head back to the garden after the approval.