Kathleen Cole, Member
@kathleen_cole
You don’t need a certain credit score for the Capital One 360 accounts, as the Capital One 360 Checking, 360 Performance Savings, and 360 CD accounts have no credit score requirements. Capital One does not require a certain credit score for their 360 accounts because they are deposit accounts, not lines of credit. This means you can only withdraw or spend money you’ve deposited into the account, so your creditworthiness isn’t really relevant.
Continue reading below to learn more about the requirements to open Capital One 360 accounts.
Capital One 360 Account Requirements
- 360 Checking. To open a Capital One 360 Checking account, you must be at least 18 years old with a valid Social Security number. The account does not require an initial deposit, but if you do not deposit at least a penny within 60 days, the account will be closed.
- 360 Performance Savings. To open a Capital One 360 Performance Savings account, you must be at least 12 years old with a valid Social Security number. Individuals under 12 may open a 360 Performance Savings account with a parent or guardian listed as a joint owner. In addition, a 360 Performance Savings account must be linked to a checking account, though it does not have to be a Capital One checking account. There is no minimum opening deposit required.
- 360 Certificates of Deposit (CDs). To open a Capital One 360 CD, you must be at least 12 years old with a valid Social Security number. Individuals under 12 may open a 360 CD with a parent or guardian listed as a joint owner. There is no minimum opening deposit required.
While Capital One doesn’t require a specific credit score to open a 360 account, they will likely check to see if you have an existing ChexSystems report before allowing you to open an account. ChexSystems is like the credit reporting agencies, but for bank accounts. If you’ve mishandled a bank account in the past – for example, by bouncing checks or failing to pay fees – you may have a ChexSystems report. Based on the information contained in this report, the bank may refuse to accept you as a customer.
In addition, Capital One may gather your credit history from all three credit reporting agencies as per their account disclosures. If Capital One does request a credit report in connection with your account, you will be notified of the request, as well as the name and address of the credit reporting agency. Capital One may also report information regarding your account to these agencies. Still, there is no minimum credit requirement.
People also ask
What FICO score does Capital One approve you on?
Capital One does not typically require a specific FICO score to open a checking account. Unlike credit cards or loans, checking accounts are not credit-based products, so your credit score is usually not a factor in approval.
Typically, Capital One does not perform a hard credit check for opening a Capital One 360 Checking Account. Also, the Capital One 360 Checking Account doesn't use ChexSystems to assess risk, which could make it a good option for people who have had issues with other banks.
...
read full answer by Ramses Delgado, Banking ModeratorIs Capital One hard to get approved for?
No, the Capital One 360 Checking Account is not hard to get approved for. In fact, Capital One 360 Checking Account doesn't use ChexSystems to assess risk, which could make it a good option for people who have had issues with other banks.
You'll need to provide identification documents and proof of address to open a Capital One 360 Checking Account. Two forms of ID, such as a driver's license or passport, and proof of address, such as a utility bill, are usually required. Keep in...
read full answer by Ramses Delgado, Banking ModeratorDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.