For the highest Capital One Platinum approval odds, you will need at least a “fair” credit score and $425 or more in monthly income left over after you pay your rent or mortgage each month. Potential applicants can get a sense of their Capital One Platinum approval odds by checking for pre-qualification online before submitting an actual application. The Capital One pre-qualification tool will show you all of their cards that you’d likely be approved for if you apply. Pre-qualification is based on a soft pull of your credit, which does not affect your credit score.
If you read through the reviews you will see that it is very hit and miss. I was denied and have better credit than the requirements but others with less credit were approved. There may be some variables that helped with their approval such as other credit cards owned but that would mean that this wouldn’t be so much a starter card for building credit as it would be something to help rebuild credit after credit was established.
The Capital One Platinum credit score requirement is fair or higher, for people who already have an established credit history. Capital One will also consider applicants with little or no credit history for the Platinum card. People with bad credit are unlikely to qualify.
It’s important to note that Capital One Platinum’s credit score requirement isn’t the only factor involved in approval. The card’s requirements also include a steady income – at least $800 more than your monthly housing payment, for one thing. You’ll need to be at least 18 years old, too. Capital One will also consider things like your total debts, number of open credit accounts, recent credit inquiries and more. You can use Capital One’s … read full answerpre-qualification tool to see which Capital One cards give you a good chance of approval.
The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So as long as you’re approved for the card, you’re guaranteed at least a $300 spending limit. But if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.… read full answer
Keep in mind that you aren’t stuck with your starting Capital One Platinum credit limit forever. Capital One may increase your limit if you make your first 6 payments on time. You can also request an increase yourself. Many users report their limits increasing over time.
Here are some Capital One Platinum credit limit details:
You’re guaranteed a credit limit of at least $300 if you’re approved for Capital One Platinum.
Capital One Platinum accepts applicants with limited. If you have good credit or a lot of income relative to your debt, you’ll likely start with a higher limit.
Capital One may increase your credit limit after you make your first 6 monthly payments on time. After the first 6 months, they will review your account periodically to see if you deserve a higher limit. Pay more than the minimum each month, if possible, to boost your chances.
You can request a credit limit increase yourself by calling customer service at (800) 227-4825. You can also log into your Capital One account. Just choose “Request Credit Line Increase” from the “Services” tab. You’ll have to provide information about your income and employment for Capital One to make their decision.
So, you’ll get $300+ from Capital One Platinum to start. If you use your card responsibly, you’ll provide yourself with opportunities to increase your limit. But it’s best not to ask for an increase before six months of on-time payments, as you’ll probably be denied. If you do request an increase, Capital One may generate a hard inquiry, or “hard pull,” of your credit report. This will cause a slight drop in your credit score. That’s pretty standard.
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