Your Capital One Platinum Secured credit limit will be $200 with a $200 deposit. However, this card is partially-secured, so not all applicants will have to deposit $200 to get a $200 credit limit.
Here’s how the Capital One Platinum Secured credit limit works:
It’s possible to deposit either $49, $99 or $200 to get a $200 limit. That is because Capital One Platinum Secured can be partially-secured, depending on the applicant’s creditworthiness. You’ll find out which deposit you qualify for after you’re approved for the card. The minimum credit limit for Capital One Platinum Secured is $200, no matter which minimum deposit you qualify for.
That said, you may deposit more than your minimum required security deposit before your account opens in order to receive a higher initial credit line, up to your maximum approved line.
There are two ways to increase your Capital One Platinum Secured credit limit: Depositing more money than required and consistently paying your monthly bill on time. The first option is available prior to account opening and the second after your account has been open for at least six months. I’ll walk you through both below.… read full answer
Increase Capital One Platinum Secured Credit Limit Options:
Over-deposit before getting your card
If you get approved, Capital One will require you to place a security deposit of $49, $99 or $200 to actually open your account. The deposit amount you’re assigned depends on your overall credit standing, but everyone starts with a $200 credit limit – unless you deposit more than is required, that is. Any amount you deposit above what’s required will boost your spending limit by the same amount. For example, if you’re required to place a $49 deposit and you put down $149, your credit limit will be $300 instead of $200.
Pay on time for 6+ months
After account opening, the only way to get a Capital One Platinum Secured credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7th month. By how much, though, is completely up to them. If you pay on time but other aspects of your credit get worse, you might not get an increase.
It’s also possible that Capital One will eventually return your deposit and transition you to an unsecured credit card with a higher credit limit. But that depends on how financially responsible you are.
Different secured cards have different rules regarding security deposits and spending limit increases. You can usually increase your limit by depositing more money, often at any time. But you generally can’t just call and ask for more spending power without giving the credit card company something in return.
The only absolute chance you have to get yourself more credit is at the very start when you send in extra money on top of your deposit. Otherwise, you’ll have to speak with your actions by paying on time until Capital One raises the limit themselves.
The Capital One Platinum Secured credit card credit limit is $200. Everyone who gets approved for Capital One Platinum Secured is guaranteed a credit limit of at least $200. The minimum security deposit required to open a Capital One Platinum Secured account is $49, $99 or $200, depending on your credit standing when you apply.
The Capital One Platinum Secured card credit limit that you start with isn't necessarily your credit line forever. Capital One will usually allow you to increase your security deposit for a higher credit line. In some cases, they'll also … read full answergraduate your secured card to an unsecured card if you've used it responsibly. This could get you a higher credit limit, too.
The Capital One Platinum Secured Credit Card is available to people with bad credit. That means people with credit scores below 640 have a shot at getting approved for the Capital One Platinum Secured Credit Card.
Secured cards are easier to get than unsecured cards because they require a deposit to open the account, which Capital One will use as collateral to secure the account. The amount of your deposit will be your credit limit, in most cases. That said, though approval is likely, Capital One Platinum Secured approval is never guaranteed. You can … read full answercheck your credit score for free on WalletHub.
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