If you have bad credit, the Capital One Secured, while a consumer card, is still an option for small business owners. It's good for building credit, due to its $0 annual fee. The card offers a minimum credit limit of $200 and requires a security deposit of $49, $99 or $200, depending on the specifics of your credit history. You may add money to your security deposit to increase your credit limit.
But if you'd rather have a secured business credit card, there are some available from other issuers. Some of these have the added advantage of offering business-specific features such as free employee cards with individual spending limits and more. So check out our editors' picks for the best secured business credit cards.
There are several reasons why a Capital One Secured application can be denied. These include an active bankruptcy that has not been discharged, a tax lien on your credit report, no verified income or not having enough income to meet your monthly obligations. Failing to pay the Capital One Secured security deposit ($49, $99 or $200, based on the specifics of your credit) may also result in denial. While Capital One Secured is open to applicants with bad credit, these factors may contribute to rejections.… read full answer
You won’t have to guess the reasons for a denied Capital One Secured application. Issuers must provide specific reasons for why your application was denied, so make sure to review them and weigh your chances for reconsideration. If your denial was based on inaccurate information, or your financial picture has changed since you applied, you can get in touch with Capital One and ask for reconsideration.
The main Capital One Secured requirements are that an applicant must be at least 18 years old with a valid Social Security number or Individual Taxpayer Identification number. Applicants must also agree to put down a security deposit of at least $49, $99 or $200 (depending on the specifics of their credit) before they can open the account. There’s no minimum credit score requirement, as the Capital One Secured card is designed for people with bad credit and beginners with little or no borrowing history.… read full answer
Capital One Secured Card Requirements
At least 18 years old
Physical U.S. address (no P.O. boxes)
Proof of income to make the monthly minimum payment
Checking or savings account
Social Security number or ITIN
$49, $99 or $200 security deposit (based on the specifics of your credit), at a minimum.
While the Capital One Secured card has no minimum credit score requirement, Capital One may reject your application if there are serious negative entries on your credit report, such as a pending bankruptcy. Being past due or over the credit line on an existing Capital One card also makes you ineligible. The same is true if you’ve had a Capital One account charged off within the past year. And you cannot apply for a Capital One credit card 3 or more times in the last 45 days.
In addition, if you apply for the Capital One Secured card, it’s vital that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.
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