What credit score do you need for the Costco Credit Card?
You need an excellent credit score of 750 or higher to qualify for the Costco Credit Card. You will also need a Costco membership if you don't already have one and enough income to afford monthly bill payments on the Costco Credit Card.
Costco Credit Card Approval Requirements
A high personal credit score
Whether you're interested in the Costco Credit Card or the Costco Business Credit Card, your personal credit standing will largely dictate your odds of approval. Most business credit cards base approval decisions on applicants' personal credit history because it tends to be longer and more predictive.
Enough income & assets
Income and assets shows your ability to pay a new credit card's bills. The more money and valuable items you have to your name, the less risky you're generally considered to be. But these factors are compared to your existing debt obligations.
Low existing debt
Lenders want to make sure you'll be able to make your credit card payment each month. Also, the more debt you have relative to your income, the less confident they'll be about that happening.
Other Things to Keep in Mind
Some online reports mention that people are getting approved for a Costco Credit Card with a credit score lower than 750. But since a lot of other factors are in play, you shouldn't assume that you will be approved just because they were. Plus, getting turned down for a credit card can lead to temporary credit score damage.
You can check your credit score for free on WalletHub. If your credit score is already 750 or higher and you have a good debt-to income ratio, you'll have a better chance of approval. If not, you will need to improve your credit standing first, so make sure to catch up on your current payments, keep your credit utilization below 30%, and build a longer credit history.
Finally, don't forget that you have to be a Costco member to apply. That will cost you $60+ per year in membership dues.