Costco Citi Visa Score needed?

[Anonymous]

So, 6 months ago I applied for the Costco Citi Visa and was denied. At that time I think my scores were around 670's. As of right now, My EQ 693, TransUnion 719 and Experian is 707. Do I have a shot being approved at this time? Has anyone else applied for it with similar scores as mine?

[FinStar]

Hi @Anonymous, welcome to the forums.

What were the specific reasons provided with the last denial?  An item to keep in mind, all lenders rely on a variety of factors, not just scores.  How does your profile look today vs. 6 months ago?

[Anonymous]

Well, 6 months ago, not only my score was lower, but I had a much higher credit utilization. It was I think 30% and right now is at 19%. Also I had less spending credit overall, becuase shortly after I got approved for a Chase card 

[FinStar]

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@Anonymous wrote:

Well, 6 months ago, not only my score was lower, but I had a much higher credit utilization. It was I think 30% and right now is at 19%. Also I had less spending credit overall, becuase shortly after I got approved for a Chase card 

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Does your current CRs reflect the lower utilization?   Was the utilization or higher balances the reason why the application was denied or...?   How many new accounts and inquiries have you had in the past 12 months?   

[Anonymous]

I've opened 3 new accounts last 12 months. In the email it said they couldn't approve the card at this time because I had a great revolving balance and also becuase my score was low. I think that's likely a generic response that everyone that gets rejected gets. And yes, my current reports do reflect those changes. 

[KJinNC]

It would help if you could list data points, such as age of oldest account, age of youngest account, average age of account, any history with Citi, credit limits, etc. Based on what you posted, I think you are probably on the edge, leaning toward likely to be approved. I had higher scores when I was approved for this card with a CL of $9,500, but my profile is very weird and doesn't predict anything for anybody else. Good luck!

[Anonymous]

Oldest account is 7 years, 10 mnths, and avarage is 2 years, 11 months. History with Citi, I was aprooved back in February, for a Best Buy Citi Visa with a CL of $2,000, and later got approved for an increase for $5,000

[FinStar]

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@Anonymous wrote:

I've opened 3 new accounts last 12 months. In the email it said they couldn't approve the card at this time because I had a great revolving balance and also becuase my score was low. I think that's likely a generic response that everyone that gets rejected gets. And yes, my current reports do reflect those changes. 

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Actually, it's not a 'generic' reason (or set of reasons) per se if your CRs at the time reflected such conditions.  Keep in mind that it's all relative and profile-dependent plus the reasons you were not approved would vary to other individuals who didn't meet Citi's criteria.

I would hold off for a bit until your profile is more optimized, this way your utilization is much lower, your scores climb higher and things age overall.  Your decision of course if you choose to wait it out or take the plunge.