What is the Capital One Platinum interest rate?

The credit score needed for the Capital One Platinum Credit Card is at least 640. The Capital One Platinum Credit Card is also available to people with limited credit history, which means you may be able to get approved even without a credit score.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Capital One Platinum Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Capital One Platinum credit score requirement. You can check your credit score for free on WalletHub.

You can request a Capital One Platinum Credit Card credit limit increase online, through the Capital One mobile app, or by calling customer service at the number on the back of your card. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Capital One has on file. Capital One will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.… read full answer

How To Get a Capital One Platinum Credit Limit Increase Online

1. Log in to your online account or the Capital One mobile app.
2. Choose the Capital One Platinum card from the list of account options (if you have more than one Capital One card).
3. Click “I Want To...,” and then “Request Credit Line Increase.”
4. Enter your total annual income, employment status, occupation, how much you will spend monthly on the card, your mortgage or rent payment amount, and your desired credit limit.
5. Confirm the information entered and click “Submit” to complete the request.

You should receive a decision in just a few seconds. If you’re approved for a Capital One Platinum credit limit increase, the new limit is effective immediately.

Impact of a Capital One Platinum Credit Limit Increase on Your Credit Score

When you request a Capital One Platinum credit limit increase, Capital One will conduct a soft pull of your credit report, which does not affect your credit score. However, some Capital One Platinum credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. Capital One cannot do a hard pull without your permission.

Alternatively, you could be eligible for a Capital One Platinum credit limit increase without even requesting one. The Capital One Platinum card may offer an automatic credit limit increase if Capital One’s regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So, you’re guaranteed at least a $300 spending limit if you’re approved for the card, and if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.

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.