Is a Credit Score Needed for the Costco Anywhere Visa® Card by Citi?

Key insights:

• You may be more likely to get approved for the Costco Anywhere Visa^® Card by Citi with a higher credit score
• Your credit score is one of several factors Citi considers, along with income and credit history, when reviewing an application
• Pre-qualifying before applying may help you better understand your approval chances

The Costco Anywhere Visa^® Card by Citi is a cash back rewards card available only to Costco members. This card allows you to earn cash back rewards on purchases at Costco and wherever Visa^® is accepted, all with no annual fee¹ with your active and paid Costco membership.¹

Eligibility for the Costco Anywhere Visa^® Card depends on several factors. A higher credit score could improve your chances of getting approved for the Costco Anywhere Visa^® Card. Factors like income, creditworthiness and recent credit applications may also play a role in whether or not you’ll be approved. Here’s what you need to know:

What factors are considered when you apply for a Costco Anywhere Visa^® Card? 

Here are a few factors that could be considered to determine eligibility:

• Credit score: A higher credit score could improve your chances of getting approved. If you’re not sure whether your credit score might prevent you from qualifying for a Costco Anywhere Visa^® Card, you may want to explore pre-qualification. You can see which credit card offers you may be eligible for without triggering a hard inquiry on your credit report. If you pre-qualify, you’ll still be subject to the credit approval process when you officially apply.
• Payment history: Your credit report tracks your payment history, which can indicate to credit card issuers your ability to pay debt. A track record of missed or late payments could make you appear to be a riskier borrower.
• Credit utilization: Credit utilization shows how much credit you’re currently using compared to your total available credit limit. Keeping your credit utilization low can show card issuers that you can manage debt responsibly.
• Credit mix: Credit mix is the combination of credit and loans you’re currently managing. Your credit mix might include student loans, a mortgage, an auto loan or a home equity line of credit (HELOC). A more robust credit mix can show that you’re a responsible borrower, capable of handling several types of debt.
• Income: Card issuers will ask you to provide your income when you apply for a card so they can ensure you’ll have money coming in to cover monthly payments. They may also calculate your debt-to-income (DTI) ratio, which reflects how much of your pre-tax monthly income goes toward debt payments.
• Recent credit card applications: Submitting many credit applications at once could signal risk to a credit card issuer. Each application triggers a hard inquiry that can cause a temporary dip in your credit score.

Before you apply for a Costco Anywhere Visa^® Card, you’ll need an active Costco membership. You can visit the membership counter at a Costco warehouse, become a member online at Costco.com or sign up over the phone by calling Costco’s Member Service Center at 1-800-774-2678.

Improving your credit

If you have a limited credit history or are interested in improving your credit score before you apply, here are a few ways to help build your credit.

• Make payments on time: Payment history is generally the largest factor in calculating your credit score, so consistently making payments on time may help improve your credit score.
• Limit credit card applications: Applying for too much credit at once could signal more risk to credit card issuers and make it more difficult to get approved for a credit card. Instead of applying for many credit cards, consider pre-qualification to see what cards you might be approved for. Pre-qualification triggers a soft inquiry that won’t impact your score.
• Keep credit utilization low: You may be able to improve your score by keeping your utilization low. A good target is to keep utilization under 30% of available credit. To do this, try to consistently pay your credit card bills in full each month.
• Consider becoming an authorized user: If a partner, parent or friend has good credit habits, you may be able to benefit from them by becoming an authorized user on their card. However, things like missed or late payments or a high card balance could negatively impact your credit score.
• Check your credit report: Errors on your credit report can impact your score. You may be able to request a free credit report every 12 months from each of the 3 major credit bureaus.

¹Important Pricing & Information

Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.