Costco Visa credit limit

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crit
Posts: 477
Joined: Mon Jan 05, 2015 12:54 pm

Costco Visa credit limit

Post by crit » Mon Jun 10, 2019 8:13 am

I have both a Citi double cash card and a Costco Visa. The latter is my main card, for its rewards. I've had them for a few years now.

But Citi is kneecapping me with their credit limits. I think I started out at $2k on the DC card! I've consistently applied (both the 'fast approval' and the credit pull) and called to beg for higher limits and most often been foiled. At $10k now on the Costco card.

My fico score is 855. Household income is $300k. We have paid off mortgages and cars over the years, never been late once, pay off the cards every month. When I was 18 and had no income or history I had two cards at at least $20k each!

My score has dipped by 20 points a few times just due to credit utilisation .... on their cards, that I then pay in full! This month, for example, I've had to book $8k of upcoming travel on top of regular expenses. $10k of a limit is just stupid.

I know there are a lot of Costco users here. Are you having the same experience with their card?

rooms222
Posts: 386
Joined: Fri Feb 22, 2013 2:12 pm

Re: Costco Visa credit limit

Post by rooms222 » Mon Jun 10, 2019 8:28 am

Citibank seems to be very tight with both initial limits and increases compared to many other issuers, especially on the two cards you mentioned, which pay out the most in rewards. My friends Double Cash card also had about a $2000 limit and has gone up by less than 50% in three or four years. My Costco has gone from around an 8,000 limit to a 9,000 limit in the three years since the card was introduced.

If you have utilization issues, you can make early payments of some of the amount due. Citibank has a very good feature on its website showing how much is left to fully pay the last statement balance, even if you have made multiple payments since the last statement. This should minimize the temporary drop to your FICO score.

creditboards.com is a good source for such information.

If you are willing to call in to request an increase on a card (and likely agree to a hard pull of your credit), Citi will probably increase the line on one of your cards with the numbers you are quoting. https://creditboards.com/forums/index.p ... ctivation/

BanquetBeer
Posts: 305
Joined: Thu Jul 13, 2017 5:57 pm

Re: Costco Visa credit limit

Post by BanquetBeer » Mon Jun 10, 2019 8:32 am

I’d call and escalate it until you get a resolution. For large purchases in the mean time, you can pay before you charge. I haven’t had any issues with their limits - we actually try to keep our limits lower to limit fraud protection but it is much higher than our needed monthly spend.

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yukonjack
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Location: Rocky Mountain West

Re: Costco Visa credit limit

Post by yukonjack » Mon Jun 10, 2019 8:33 am

I have not had a similar experience to yours. In fact Costco Visa set my credit limit so high that I’ll probably never get close to using the max amount. Although unlike you I only have one Citi card.

Horsefly
Posts: 446
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Location: Colorado, mostly

Re: Costco Visa credit limit

Post by Horsefly » Mon Jun 10, 2019 8:34 am

crit wrote:
Mon Jun 10, 2019 8:13 am
My fico score is 855.
Interesting, since the max FICO score id 850. :shock:

Quickfoot
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Re: Costco Visa credit limit

Post by Quickfoot » Mon Jun 10, 2019 8:37 am

I have both those cards and ~ 10K limits on each, which is significantly lower than most my other cards (Chase gave me >30K on both Marriott and Hyatt). There must be something else going on, if you are wanting higher limits maybe look at cards from other companies.

Jags4186
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Re: Costco Visa credit limit

Post by Jags4186 » Mon Jun 10, 2019 8:38 am

IME they are very stingy on the Double Cash and Costco cards. I think they are worried about very large defaults because the margins are razor thin on those cards.

A sneaky way to get a high limit is to apply for another Citi Card that doesn’t have stingy limits (Thankyou Preferres for the 60k bonus for example...) then after hitting the minimum spend and cashing out your points you convert it to a Double Cash or Costco card and retain your prior credit limit. That’s how I ended up with a $25k Double Cash limit.

GuyFromGeorgia
Posts: 125
Joined: Sat Dec 29, 2012 12:16 pm

Re: Costco Visa credit limit

Post by GuyFromGeorgia » Mon Jun 10, 2019 8:41 am

I have roughly $50k in available credit across 3 Citi cards. Not sure what's going on for you. My recommendation, open a Chase card. The Chase Sapphire sign-up bonus is lucrative and I value their points more than most. That said, the Fidelity Reserve Visa is my daily card as it gives 2% cash (not points, actual cash deposits) on everything I spend.

KlangFool
Posts: 12764
Joined: Sat Oct 11, 2008 12:35 pm

Re: Costco Visa credit limit

Post by KlangFool » Mon Jun 10, 2019 8:50 am

Horsefly wrote:
Mon Jun 10, 2019 8:34 am
crit wrote:
Mon Jun 10, 2019 8:13 am
My fico score is 855.
Interesting, since the max FICO score id 850. :shock:
Horsefly,

Not true. Max FICO score is 900. My FICO score is 861.

KlangFool

bighatnohorse
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Re: Costco Visa credit limit

Post by bighatnohorse » Mon Jun 10, 2019 9:07 am

Does your Costco sell heating/AC units? Those vendors usually pitch using the Costco credit card so that you can get a huge rebate. Chat with one of them and see is they would accept your card limit. A heat pump / AC unit cost around $13,000 . . .

Jags4186
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Joined: Wed Jun 18, 2014 7:12 pm

Re: Costco Visa credit limit

Post by Jags4186 » Mon Jun 10, 2019 9:08 am

KlangFool wrote:
Mon Jun 10, 2019 8:50 am
Horsefly wrote:
Mon Jun 10, 2019 8:34 am
crit wrote:
Mon Jun 10, 2019 8:13 am
My fico score is 855.
Interesting, since the max FICO score id 850. :shock:
Horsefly,

Not true. Max FICO score is 900. My FICO score is 861.

KlangFool
You have about 40 different scores. FICO 8, which is what most people mean when they say FICO score, only goes up to 850. There are other scores that only go to 839 or 840, and others that go to 900. There are also Vantage Scores that go up to 900.

badger42
Posts: 484
Joined: Thu Apr 09, 2015 9:01 am

Re: Costco Visa credit limit

Post by badger42 » Mon Jun 10, 2019 9:12 am

Just get a different card. Seriously, Citi customer disservice is not worth fighting.

With an income and score similar to yours, Barclays gave me a $25k limit on a World Elite MasterCard right out of the gate. Good sign up bonus too, and effectively 2% back as long as you use it for the occasional travel purchase.

orlandoman
Posts: 479
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Re: Costco Visa credit limit

Post by orlandoman » Mon Jun 10, 2019 9:15 am

As you now probably know Citi Costco card allows you to request a no credit report credit increase when logged on.

But, they only allow one of these every 6 months, maybe that's the issue?
"Don't Believe Everything You Think"

Horsefly
Posts: 446
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Location: Colorado, mostly

Re: Costco Visa credit limit

Post by Horsefly » Mon Jun 10, 2019 9:20 am

KlangFool wrote:
Mon Jun 10, 2019 8:50 am
Horsefly wrote:
Mon Jun 10, 2019 8:34 am
crit wrote:
Mon Jun 10, 2019 8:13 am
My fico score is 855.
Interesting, since the max FICO score id 850. :shock:
Horsefly,

Not true. Max FICO score is 900. My FICO score is 861.

KlangFool
The FICO model used for (as far as I know) *ALL* credit cards is FICO 8, which goes from 300-850. I'm pretty sure we are talking about credit cards here. If the OP is quoting a different model, he's not focused on the score that Citi is using.

sk2101
Posts: 235
Joined: Sun Jun 02, 2013 4:54 pm

Re: Costco Visa credit limit

Post by sk2101 » Mon Jun 10, 2019 9:26 am

I was going to make a large purchase at Costco.com and wanted to take advantage of their 2% Citi Costo Visa card cashback. I requested a limit increase from $7K to $25K and it was approved on the first try. FICO score about 830.

ETA: I only use the Citi Costco to make puchases at Costco (2%) and for gas (4%). I use cards with better rewards elsewhere.
Last edited by sk2101 on Mon Jun 10, 2019 10:16 am, edited 2 times in total.

KlangFool
Posts: 12764
Joined: Sat Oct 11, 2008 12:35 pm

Re: Costco Visa credit limit

Post by KlangFool » Mon Jun 10, 2019 9:26 am

Horsefly wrote:
Mon Jun 10, 2019 9:20 am
KlangFool wrote:
Mon Jun 10, 2019 8:50 am
Horsefly wrote:
Mon Jun 10, 2019 8:34 am
crit wrote:
Mon Jun 10, 2019 8:13 am
My fico score is 855.
Interesting, since the max FICO score id 850. :shock:
Horsefly,

Not true. Max FICO score is 900. My FICO score is 861.

KlangFool
The FICO model used for (as far as I know) *ALL* credit cards is FICO 8, which goes from 300-850. I'm pretty sure we are talking about credit cards here. If the OP is quoting a different model, he's not focused on the score that Citi is using.
Horsefly,

My Costco Citi bank Visa card provides free FICO score reporting. And, my FICO score is 861 out of 900. So, I have no idea what kind of FICO score that is.

KlangFool

smitcat
Posts: 3458
Joined: Mon Nov 07, 2016 10:51 am

Re: Costco Visa credit limit

Post by smitcat » Mon Jun 10, 2019 9:30 am

KlangFool wrote:
Mon Jun 10, 2019 9:26 am
Horsefly wrote:
Mon Jun 10, 2019 9:20 am
KlangFool wrote:
Mon Jun 10, 2019 8:50 am
Horsefly wrote:
Mon Jun 10, 2019 8:34 am
crit wrote:
Mon Jun 10, 2019 8:13 am
My fico score is 855.
Interesting, since the max FICO score id 850. :shock:
Horsefly,

Not true. Max FICO score is 900. My FICO score is 861.

KlangFool
The FICO model used for (as far as I know) *ALL* credit cards is FICO 8, which goes from 300-850. I'm pretty sure we are talking about credit cards here. If the OP is quoting a different model, he's not focused on the score that Citi is using.
Horsefly,

My Costco Citi bank Visa card provides free FICO score reporting. And, my FICO score is 861 out of 900. So, I have no idea what kind of FICO score that is.

KlangFool

The only one we know of tops out at 850....
https://www.experian.com/blogs/ask-expe ... dit-score/

atdharris
Posts: 105
Joined: Wed Jan 02, 2019 3:18 pm

Re: Costco Visa credit limit

Post by atdharris » Mon Jun 10, 2019 9:36 am

I'd just get a different card for large purchases if you are having so much trouble. I don't even use my Costco citi card at Costco (I get better rewards with the BofA Cash Rewards, but I understand that's irrelevant if you don't bank with BofA), and the Citi DC is only good for general purchases. You can get a better return using other cards for specific types of spending (gas/dining/groceries/travel/online shopping).

KlangFool
Posts: 12764
Joined: Sat Oct 11, 2008 12:35 pm

Re: Costco Visa credit limit

Post by KlangFool » Mon Jun 10, 2019 9:38 am

smitcat wrote:
Mon Jun 10, 2019 9:30 am
KlangFool wrote:
Mon Jun 10, 2019 9:26 am
Horsefly wrote:
Mon Jun 10, 2019 9:20 am
KlangFool wrote:
Mon Jun 10, 2019 8:50 am
Horsefly wrote:
Mon Jun 10, 2019 8:34 am

Interesting, since the max FICO score id 850. :shock:
Horsefly,

Not true. Max FICO score is 900. My FICO score is 861.

KlangFool
The FICO model used for (as far as I know) *ALL* credit cards is FICO 8, which goes from 300-850. I'm pretty sure we are talking about credit cards here. If the OP is quoting a different model, he's not focused on the score that Citi is using.
Horsefly,

My Costco Citi bank Visa card provides free FICO score reporting. And, my FICO score is 861 out of 900. So, I have no idea what kind of FICO score that is.

KlangFool

The only one we know of tops out at 850....
https://www.experian.com/blogs/ask-expe ... dit-score/
My FICO score is 861 now as reported.

KlangFool

fru-gal
Posts: 492
Joined: Wed Jan 02, 2019 9:48 pm

Re: Costco Visa credit limit

Post by fru-gal » Mon Jun 10, 2019 9:41 am

crit wrote:
Mon Jun 10, 2019 8:13 am
I have both a Citi double cash card and a Costco Visa. The latter is my main card, for its rewards. I've had them for a few years now.

But Citi is kneecapping me with their credit limits. I think I started out at $2k on the DC card! I've consistently applied (both the 'fast approval' and the credit pull) and called to beg for higher limits and most often been foiled. At $10k now on the Costco card.

My fico score is 855. Household income is $300k. We have paid off mortgages and cars over the years, never been late once, pay off the cards every month. When I was 18 and had no income or history I had two cards at at least $20k each!

My score has dipped by 20 points a few times just due to credit utilisation .... on their cards, that I then pay in full! This month, for example, I've had to book $8k of upcoming travel on top of regular expenses. $10k of a limit is just stupid.

I know there are a lot of Costco users here. Are you having the same experience with their card?
I'm a little confused. The Citi card which you don't use much, is a pain in the neck? But the Costco card is okay? Then why do you even have the Citi card? Dump it and get another card from another business.

My income is far less than yours. I have no debt. I pay my cards off every month, My credit score is 800something, I forget the exact number. I have two credit cards, a Capone with a limit of $13,000 and a credit union one with a limit of...almost $30,000. Yes, how can the latter be? I think it's left over from when I was working and making about $100,000 a year.

I do charge everything possible, to get the 1.5% of the Capone card and because it gives me a good idea of what I am spending monthly. I only use the credit union one periodically to keep it active.

UPDATE: check your credit reports and see if there is something bogus in there.

smitcat
Posts: 3458
Joined: Mon Nov 07, 2016 10:51 am

Re: Costco Visa credit limit

Post by smitcat » Mon Jun 10, 2019 9:53 am

KlangFool wrote:
Mon Jun 10, 2019 9:38 am
smitcat wrote:
Mon Jun 10, 2019 9:30 am
KlangFool wrote:
Mon Jun 10, 2019 9:26 am
Horsefly wrote:
Mon Jun 10, 2019 9:20 am
KlangFool wrote:
Mon Jun 10, 2019 8:50 am


Horsefly,

Not true. Max FICO score is 900. My FICO score is 861.

KlangFool
The FICO model used for (as far as I know) *ALL* credit cards is FICO 8, which goes from 300-850. I'm pretty sure we are talking about credit cards here. If the OP is quoting a different model, he's not focused on the score that Citi is using.
Horsefly,

My Costco Citi bank Visa card provides free FICO score reporting. And, my FICO score is 861 out of 900. So, I have no idea what kind of FICO score that is.

KlangFool

The only one we know of tops out at 850....
https://www.experian.com/blogs/ask-expe ... dit-score/
My FICO score is 861 now as reported.

KlangFool

Hello KlangFool

I did not write the article for Experian -I just posted the link.
Not sure what you have then I guess.

MnD
Posts: 4281
Joined: Mon Jan 14, 2008 12:41 pm

Re: Costco Visa credit limit

Post by MnD » Mon Jun 10, 2019 9:54 am

Our Costco Citi is plenty high given our utilization, but interestingly is about 1/2 what Chase routinely assigns on their cards.

smitcat
Posts: 3458
Joined: Mon Nov 07, 2016 10:51 am

Re: Costco Visa credit limit

Post by smitcat » Mon Jun 10, 2019 9:59 am

smitcat wrote:
Mon Jun 10, 2019 9:53 am
KlangFool wrote:
Mon Jun 10, 2019 9:38 am
smitcat wrote:
Mon Jun 10, 2019 9:30 am
KlangFool wrote:
Mon Jun 10, 2019 9:26 am
Horsefly wrote:
Mon Jun 10, 2019 9:20 am

The FICO model used for (as far as I know) *ALL* credit cards is FICO 8, which goes from 300-850. I'm pretty sure we are talking about credit cards here. If the OP is quoting a different model, he's not focused on the score that Citi is using.
Horsefly,

My Costco Citi bank Visa card provides free FICO score reporting. And, my FICO score is 861 out of 900. So, I have no idea what kind of FICO score that is.

KlangFool

The only one we know of tops out at 850....
https://www.experian.com/blogs/ask-expe ... dit-score/
My FICO score is 861 now as reported.

KlangFool

Hello KlangFool

I did not write the article for Experian -I just posted the link.
Not sure what you have then I guess.

Costco / Citi utilizes the Equifax system - a different base, maximum and rating....
https://www.cardbenefits.citi.com/Products/FICO-Score

r3t1r3
Posts: 12
Joined: Wed Mar 06, 2019 12:00 pm

Re: Costco Visa credit limit

Post by r3t1r3 » Mon Jun 10, 2019 10:00 am

I have the same cards and have had the exact same experience recently. Booked a summer trip and events unfolded exactly like yours.

Have not reached out and asked for a credit increase as yet. Will do and report outcome....

crit wrote:
Mon Jun 10, 2019 8:13 am
I have both a Citi double cash card and a Costco Visa. The latter is my main card, for its rewards. I've had them for a few years now.

But Citi is kneecapping me with their credit limits. I think I started out at $2k on the DC card! I've consistently applied (both the 'fast approval' and the credit pull) and called to beg for higher limits and most often been foiled. At $10k now on the Costco card.

My fico score is 855. Household income is $300k. We have paid off mortgages and cars over the years, never been late once, pay off the cards every month. When I was 18 and had no income or history I had two cards at at least $20k each!

My score has dipped by 20 points a few times just due to credit utilisation .... on their cards, that I then pay in full! This month, for example, I've had to book $8k of upcoming travel on top of regular expenses. $10k of a limit is just stupid.

I know there are a lot of Costco users here. Are you having the same experience with their card?

Broken Man 1999
Posts: 2521
Joined: Wed Apr 08, 2015 11:31 am

Re: Costco Visa credit limit

Post by Broken Man 1999 » Mon Jun 10, 2019 10:25 am

My Costco Visa card started out with the same amount as was on my Costco American Express card, $25,100. So, I acquired another $25,100 amount to not use. So clearly one can get a higher limit card at Citi.

I am perplexed why credit card companies seem to mindlessly continue to jack up the limits, unasked, when a simple look would show them such limits were so far out of balance with our credit card spending.Then, a customer experiences what you are seeing, also perplexing.

OP, do you have a lot of spending on other cards? Are you bumping up to your total lines across all the cards?

Does your income vary a lot year to year? Any active civil suits against you? Large loans/mortgages?

Credit utilization is strange. They offer you a limit of $X based on your credit scores, but then they lower your credit scores if you use it. :oops:

Still, the limit you have been given seems very stingy.

Does your income vary a lot year to year? Any active civil suits against you? Large loans/mortgages?

Your best bet might be to get another brand card. The Priceline card (Barclays) I have gives me 2% on everything, but new card owners only receive 1.5%. Would 1.5 % equal what your Citi double-cash card earns you? Me, I would just move on.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

David Althaus
Posts: 56
Joined: Wed Feb 14, 2018 8:05 pm

Re: Costco Visa credit limit

Post by David Althaus » Mon Jun 10, 2019 10:32 am

Maybe a phone call could prove useful. I had a airline reward card from Citi, found it having close to 0 real value, and called to cancel that card. At the same time I asked to increase limit on Costco card as I wanted to use it exclusively. They immediately raised the limit. It accommodates just about any contingency.

All the best

MindTheGAAP
Posts: 289
Joined: Fri Jan 31, 2014 12:44 am

Re: Costco Visa credit limit

Post by MindTheGAAP » Mon Jun 10, 2019 10:41 am

I have not had the same issue with Citi Costco as our limit on that card is now at $58k. I just go into the app periodically and request an increase and bump it up twice a year or so. I just figure it helps with utilisation for the credit score and acts as a buffer in an absolute emergency.

I believe we’re about to move most of our spending to the Chase Sapphire Preferred Card that I just got to improve the rewards output versus Costco card. We’ll use Costco for fuel and Costco but otherwise, it’ll likely serve us better to go with the CSP.
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute" - William Feather

mpnret
Posts: 159
Joined: Sun May 20, 2018 9:16 am

Re: Costco Visa credit limit

Post by mpnret » Mon Jun 10, 2019 10:41 am

I just checked my Costco Visa and the limit is 20k. I assume that limit came over from my Costco amex but don't remember. I also noticed they lowered my FICO down to 800 due to lack of recent installment loan info and proportion of credit of balances to limits. I can't remember when the last time I borrowed money was and if I did it was interest free. Credit card balances don't go anywhere near limits and are always paid in full. Retired. House paid for.

Topic Author
crit
Posts: 477
Joined: Mon Jan 05, 2015 12:54 pm

Re: Costco Visa credit limit

Post by crit » Mon Jun 10, 2019 10:53 am

OP, do you have a lot of spending on other cards? Are you bumping up to your total lines across all the cards?
Does your income vary a lot year to year? Any active civil suits against you? Large loans/mortgages?


No spending on other cards -- this is my daily spender. I have a handful of other dormant accounts, with no changes in them over years.
Income has been at this level since 4 years or so. No other unusual things, and we live in a low COLA so our mortgage is $200k-something, with a house worth probably $350k or so. I'm as boring as I sound.

I'll call soon to bug them. The online version said I'd used the online bump-up within 6 months. I'll definitely play it more aggressive on the phone.

Also open to other card ideas, if you can specify how they beat the Costco card. I spend maybe $2k/mo on usual things like lunch/restaurants, groceries, books, gas but not a ton; and then when travel happens (business mostly) it's for bigger amounts, so that 3% + the 2% on restaurants is why I think the Costco is good (enough) for me. I'm not a hyper-optimizer, and with credit locked down it will be a PITA to open a new card (we failed at switching banks recently due to this, and yes I am aware of how to unlock, it just got more complicated). Our bread/butter banking is BofA (but I'd like to switch to Amalgamated for ethics reasons) and we have some level of preference there, but I haven't looked at their cards specifically. Other investments are at Vanguard, so not Fidelity. So that said -- recs appreciated, I know people like their Chase Sapphire.

I do find the mismatch between actual use and limits to be crazy, and they have years of use history to see for me.

decapod10
Posts: 157
Joined: Thu Dec 28, 2017 6:46 pm

Re: Costco Visa credit limit

Post by decapod10 » Mon Jun 10, 2019 11:53 am

crit wrote:
Mon Jun 10, 2019 10:53 am
OP, do you have a lot of spending on other cards? Are you bumping up to your total lines across all the cards?
Does your income vary a lot year to year? Any active civil suits against you? Large loans/mortgages?


No spending on other cards -- this is my daily spender. I have a handful of other dormant accounts, with no changes in them over years.
Income has been at this level since 4 years or so. No other unusual things, and we live in a low COLA so our mortgage is $200k-something, with a house worth probably $350k or so. I'm as boring as I sound.

I'll call soon to bug them. The online version said I'd used the online bump-up within 6 months. I'll definitely play it more aggressive on the phone.

Also open to other card ideas, if you can specify how they beat the Costco card. I spend maybe $2k/mo on usual things like lunch/restaurants, groceries, books, gas but not a ton; and then when travel happens (business mostly) it's for bigger amounts, so that 3% + the 2% on restaurants is why I think the Costco is good (enough) for me. I'm not a hyper-optimizer, and with credit locked down it will be a PITA to open a new card (we failed at switching banks recently due to this, and yes I am aware of how to unlock, it just got more complicated). Our bread/butter banking is BofA (but I'd like to switch to Amalgamated for ethics reasons) and we have some level of preference there, but I haven't looked at their cards specifically. Other investments are at Vanguard, so not Fidelity. So that said -- recs appreciated, I know people like their Chase Sapphire.

I do find the mismatch between actual use and limits to be crazy, and they have years of use history to see for me.
Maybe threaten to dump them?

Since you're a BofA customer, if you qualify for the Platinum Honors Level of Preferred rewards, the Cash rewards card actually gives higher % back at Costco than the Costco card. You get 2% back for Groceries and Wholesale Clubs, then +75% for Platinum Honors = 3.5%. You can also choose 1 category that gives you 3% (with Platinum Honors = 5.25%).

Edit to add: Another option would be the BofA Premium Rewards card (again if you qualify for Platinum Honors).

1.5% cashback on all purchases = 2.6% after bonus
2% on travel and dining = 3.5% on bonus

The only issue with the Premium Rewards card is there is a $95 annual fee, but you can make it back if you can use the $100 travel credit.

KlangFool
Posts: 12764
Joined: Sat Oct 11, 2008 12:35 pm

Re: Costco Visa credit limit

Post by KlangFool » Mon Jun 10, 2019 12:35 pm

smitcat wrote:
Mon Jun 10, 2019 9:53 am
KlangFool wrote:
Mon Jun 10, 2019 9:38 am
smitcat wrote:
Mon Jun 10, 2019 9:30 am
KlangFool wrote:
Mon Jun 10, 2019 9:26 am
Horsefly wrote:
Mon Jun 10, 2019 9:20 am

The FICO model used for (as far as I know) *ALL* credit cards is FICO 8, which goes from 300-850. I'm pretty sure we are talking about credit cards here. If the OP is quoting a different model, he's not focused on the score that Citi is using.
Horsefly,

My Costco Citi bank Visa card provides free FICO score reporting. And, my FICO score is 861 out of 900. So, I have no idea what kind of FICO score that is.

KlangFool

The only one we know of tops out at 850....
https://www.experian.com/blogs/ask-expe ... dit-score/
My FICO score is 861 now as reported.

KlangFool

Hello KlangFool

I did not write the article for Experian -I just posted the link.
Not sure what you have then I guess.
smitcat,

From my Citi Bank credit card web site.

<< Where did Citi get my FICO® Score from?
Citi partners with FICO and Equifax, one of the major credit reporting agencies, to be able to provide you with your FICO® Score.>>

<<What score model was used to calculate my score?
Your FICO® Score is calculated based on data from Equifax using the FICO® Bankcard Score 8 model and is the same score we use, among other information, to manage your account. This model has a FICO® Score range from 250 through 900.>>

KlangFool

smitcat
Posts: 3458
Joined: Mon Nov 07, 2016 10:51 am

Re: Costco Visa credit limit

Post by smitcat » Mon Jun 10, 2019 12:40 pm

KlangFool wrote:
Mon Jun 10, 2019 12:35 pm
smitcat wrote:
Mon Jun 10, 2019 9:53 am
KlangFool wrote:
Mon Jun 10, 2019 9:38 am
smitcat wrote:
Mon Jun 10, 2019 9:30 am
KlangFool wrote:
Mon Jun 10, 2019 9:26 am


Horsefly,

My Costco Citi bank Visa card provides free FICO score reporting. And, my FICO score is 861 out of 900. So, I have no idea what kind of FICO score that is.

KlangFool

The only one we know of tops out at 850....
https://www.experian.com/blogs/ask-expe ... dit-score/
My FICO score is 861 now as reported.

KlangFool

Hello KlangFool

I did not write the article for Experian -I just posted the link.
Not sure what you have then I guess.
smitcat,

From my Citi Bank credit card web site.

<< Where did Citi get my FICO® Score from?
Citi partners with FICO and Equifax, one of the major credit reporting agencies, to be able to provide you with your FICO® Score.>>

<<What score model was used to calculate my score?
Your FICO® Score is calculated based on data from Equifax using the FICO® Bankcard Score 8 model and is the same score we use, among other information, to manage your account. This model has a FICO® Score range from 250 through 900.>>

KlangFool
As posted above I think….
Costco / Citi utilizes the Equifax system - a different base, maximum and rating....
https://www.cardbenefits.citi.com/Products/FICO-Score

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Stinky
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Re: Costco Visa credit limit

Post by Stinky » Mon Jun 10, 2019 2:29 pm

crit wrote:
Mon Jun 10, 2019 8:13 am
I have both a Citi double cash card and a Costco Visa. The latter is my main card, for its rewards. I've had them for a few years now.

But Citi is kneecapping me with their credit limits. I think I started out at $2k on the DC card! I've consistently applied (both the 'fast approval' and the credit pull) and called to beg for higher limits and most often been foiled. At $10k now on the Costco card.

My fico score is 855. Household income is $300k. We have paid off mortgages and cars over the years, never been late once, pay off the cards every month. When I was 18 and had no income or history I had two cards at at least $20k each!

My score has dipped by 20 points a few times just due to credit utilisation .... on their cards, that I then pay in full! This month, for example, I've had to book $8k of upcoming travel on top of regular expenses. $10k of a limit is just stupid.

I know there are a lot of Costco users here. Are you having the same experience with their card?
Very odd, and sorry for your bad experience.

I have both of the same cards. I've had the DC card for about 4 years now. When I first applied, they gave me a low credit limit. I called and told them that I wanted to replace the Fidelity cash card with Citi DC, if they would match the Fidelity limit of $40k. And Citi did that, on the spot.

We have $26.4k on the Costco, rolled in from the limit on the Costco Amex.

BTW, I like the Citi cards (and app) better than any other card that I have. I find the Citi app to be extremely user-friendly.
It's a GREAT day to be alive - Travis Tritt

themesrob
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Re: Costco Visa credit limit

Post by themesrob » Mon Jun 10, 2019 2:34 pm

I have the exact same issue with the Costco Visa. When I got the card, they gave me a $1200 limit, which seemed extremely low considering our 800+ credit scores, but since it was not long after we bought a house, I assumed it was simply related to all the recent hard pulls and new credit. But when I tried to apply online to get the limit increased ~12 months later, it was denied. I called in and tried to escalate, and they said there was nothing they could do.

I am probably going to cancel the card -- if we make a couple big runs to Costco in a single month, it has actually dinged our credit scores *twice* because of how high the credit usage is on that card. Not worth the extra % rewards for that. Citi just seems kind of incompetent.

Jon
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Re: Costco Visa credit limit

Post by Jon » Mon Jun 10, 2019 2:56 pm

Strange.

I have both these cards. Combined credit limit is $25.5K, and neither card has a credit limit below $10K.

I've never asked for a limit increase. Credit score is around 830.

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BolderBoy
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Re: Costco Visa credit limit

Post by BolderBoy » Mon Jun 10, 2019 3:19 pm

crit wrote:
Mon Jun 10, 2019 8:13 am
I have both a Citi double cash card and a Costco Visa. The latter is my main card, for its rewards. I've had them for a few years now.

But Citi is kneecapping me with their credit limits. I think I started out at $2k on the DC card! I've consistently applied (both the 'fast approval' and the credit pull) and called to beg for higher limits and most often been foiled. At $10k now on the Costco card.
I've got both these cards and both started out at $10k limit (and I'm retired). Both cards continue to offer me (unsolicited) limit increases, which I decline.

Somewhere I read that you can only request a limit increase every X amount of time, else they use it against you. Could that be your issue?

Although I don't understand the initial, $2k limit on the DC card. Weird.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

rooms222
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Re: Costco Visa credit limit

Post by rooms222 » Mon Jun 10, 2019 3:33 pm

themesrob wrote:
Mon Jun 10, 2019 2:34 pm
I have the exact same issue with the Costco Visa. When I got the card, they gave me a $1200 limit, which seemed extremely low considering our 800+ credit scores, but since it was not long after we bought a house, I assumed it was simply related to all the recent hard pulls and new credit. But when I tried to apply online to get the limit increased ~12 months later, it was denied. I called in and tried to escalate, and they said there was nothing they could do.

I am probably going to cancel the card -- if we make a couple big runs to Costco in a single month, it has actually dinged our credit scores *twice* because of how high the credit usage is on that card. Not worth the extra % rewards for that. Citi just seems kind of incompetent.
OP. was your Costco card transferred from Amex? Reading the thread there seems to be a common link that those with lower limits are those that applied fresh for the card from Citi. That is what I did as well. I think those that had Amex were treated differently by Citi, and had much higher limits from Amex. An Amex is my other main credit card, and its limit is many times higher than my Citi.

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crit
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Re: Costco Visa credit limit

Post by crit » Mon Jun 10, 2019 3:51 pm

Yes, I had Costco Amex before it became the Citi Visa. I can't remember what my limit was there.

While I'm winging away at things that annoy me: when I ask for a credit increase they ask what my income is. I tell them. But they never ask for it to be substantiated (and it doesn't appear on credit/fico reports) -- so I feel like they're treating me as if I'm making it up.

miles monroe
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Re: Costco Visa credit limit

Post by miles monroe » Mon Jun 10, 2019 4:07 pm

i had the costco amex which was transferred to costco visa.

my credit limit is 15,200. i've never asked for an increase.

this is the only account i have with citi; that may be the reason it is higher than some of the others mentioned.

rooms222
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Re: Costco Visa credit limit

Post by rooms222 » Mon Jun 10, 2019 4:51 pm

crit wrote:
Mon Jun 10, 2019 3:51 pm
Yes, I had Costco Amex before it became the Citi Visa. I can't remember what my limit was there.

While I'm winging away at things that annoy me: when I ask for a credit increase they ask what my income is. I tell them. But they never ask for it to be substantiated (and it doesn't appear on credit/fico reports) -- so I feel like they're treating me as if I'm making it up.
Asking for income frequently and when asking for a credit line increase is due to Federal Legislation, The Credit Card act of 2009. https://www.usatoday.com/story/money/pe ... 351211002/

Erwin007
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Re: Costco Visa credit limit

Post by Erwin007 » Mon Jun 10, 2019 5:09 pm

BanquetBeer wrote:
Mon Jun 10, 2019 8:32 am
I’d call and escalate it until you get a resolution. For large purchases in the mean time, you can pay before you charge. I haven’t had any issues with their limits - we actually try to keep our limits lower to limit fraud protection but it is much higher than our needed monthly spend.
Any evidence that a higher limit increases likelihood of fraud? And why would you want to “limit fraud protection”? Seems like you would want to increase it, no?

The only time my credit card has been compromised was when I had a very low limit. Didn’t use it hardly at all, but paid for a Little Caesar’s pizza in the drivethru on Hard Scrabble Road in Columbia, SC and a few days later my card was used to pay for some subscription service for some business in Florida. Hadn’t used the card for months before that.

Erwin007
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Re: Costco Visa credit limit

Post by Erwin007 » Mon Jun 10, 2019 5:13 pm

miles monroe wrote:
Mon Jun 10, 2019 4:07 pm
i had the costco amex which was transferred to costco visa.

my credit limit is 15,200. i've never asked for an increase.

this is the only account i have with citi; that may be the reason it is higher than some of the others mentioned.
Same with me.

I had a $9,000 limit with AmEx, and that transferred over to Citi Visa. I’ve asked for two increases since then (we occasionally make relatively large travel purchases on our card) and the limit is now at $28,000. I also don’t have any other Citi credit accounts.

Edit: wrong credit limit amount.
Last edited by Erwin007 on Mon Jun 10, 2019 11:48 pm, edited 1 time in total.

MJS
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Re: Costco Visa credit limit

Post by MJS » Mon Jun 10, 2019 8:26 pm

Horsefly wrote:
Mon Jun 10, 2019 8:34 am
crit wrote:
Mon Jun 10, 2019 8:13 am
My fico score is 855.
Interesting, since the max FICO score id 850. :shock:
CITI uses and reports "FICO Bankcard Score 8" which goes from 250 to 900; it puts a higher premium on credit card factors. Creditcard insider compares the range of credit scores.

Cyanide123
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Re: Costco Visa credit limit

Post by Cyanide123 » Mon Jun 10, 2019 8:33 pm

PayPal MasterCard has 2 percent cash back on everything of you want something to replace the Citi double cash without an annual fee.

My combined Citi credit limit is around 17-18k which is split between the double cash and the Costco visa.

My credit limit is only in the 760s right now, just 30 years old with a significantly shorter credit history. The last card I got was for my sole owner LLC, and I received a credit limit of 38k on that, despite having another 15k on my personal chase freedom. Chase seems very liberal with their credit limits.

The PayPal MasterCard (sponsored by synchrony) I found was much more stingy with credit limits, but with your score you might get a good credit limit.

Bacchus01
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Re: Costco Visa credit limit

Post by Bacchus01 » Tue Jun 11, 2019 7:12 am

Odd. We have the Costco card. We actually overspent it once (due to putting a vacation on it). They didn't stop allowing charges.

When I noticed it, I called and told them I wanted it increased from $15K to $35K. They did it on the phone. Done.

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lthenderson
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Re: Costco Visa credit limit

Post by lthenderson » Tue Jun 11, 2019 7:57 am

crit wrote:
Mon Jun 10, 2019 8:13 am
I have both a Citi double cash card and a Costco Visa. The latter is my main card, for its rewards. I've had them for a few years now.

But Citi is kneecapping me with their credit limits. I think I started out at $2k on the DC card! I've consistently applied (both the 'fast approval' and the credit pull) and called to beg for higher limits and most often been foiled. At $10k now on the Costco card.
I think the limit on your double cash card may be a reflection on how little you use it. It is our main card and they automatically give us increases fairly regularly. I think our limit is around 20k. On another card that we only have as a backup, I can't remember the last time they raised the limit.

Topic Author
crit
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Re: Costco Visa credit limit

Post by crit » Tue Jun 11, 2019 3:21 pm

Update:

I had done the online "request" (no credit pull) before I posted this thread, and was turned down b/c I'd requested it within 6 months.

I called just now. The first person gave me a $2k increase just for calling (no credit pull). I told them: no, this is ridiculous, I will take my transactions somewhere else if you can't at least do $20k. They escalated, pulled credit (I had to unlock while on the phone with them), and the agent came back 20 seconds later and said "Congratulations, I am able to increase it to your requested level".

I hate calling and phone trees and having to throw entitlement around, but at least that's done for the day.

JanzelO
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Re: Costco Visa credit limit

Post by JanzelO » Tue Jun 11, 2019 5:56 pm

It's funny - they gave me an under <$15000 credit limit as well after the transition from AMEX. I started using the card for my primary spending and I asked for a credit line increase and was declined for nebulous reasons. I have several cards with over $20K limits and a spotless credit score so I really did not understand.

Gray
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Re: Costco Visa credit limit

Post by Gray » Tue Jun 11, 2019 7:30 pm

My credit score is probably around 790-800 and my Double Cash limit is $50K. I’ve had this credit line for 10 years. Interest rate is 8.99% APR.

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