Your Capital One Platinum Secured credit limit will be $200 with a $200 deposit. Not all applicants will have to deposit $200 to get a $200 credit limit, however. It’s possible to deposit either $49, $99 or $200 to get a $200 limit because Capital One Platinum Secured can be partially-secured, depending on the specifics of an applicant’s credit. 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 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.
Your Capital One Platinum Secured limit will be at least $200, depending on how much you deposit. You will be required to deposit $49, $99 or $200, based on the specifics of your credit history, to get the minimum $200 credit limit. But any amount you deposit above what’s required will increase your minimum $200 limit by the same amount.… read full answer
You will have to make your full minimum required initial deposit (either $49, $99 or $200) within 35 days of being approved. You can increase your initial credit line by adding funds, up to the maximum amount allowed, within the same time period. After that, you can’t simply add to your deposit and increase your credit limit at will. However, your account may be automatically reviewed for on-time payments and credit history and you may qualify for future credit limit increases with no additional deposits.
Here’s how the Capital One Platinum Secured limit works:
The minimum Capital One Platinum Secured credit limit is $200, no matter what your minimum security deposit is: $49, $99 or $200 (based on the specifics of your credit).
You can increase your $49, $99 or $200’s limit by adding to your required security deposit within 35 days of opening your account. Anything you pay over the minimum increases your limit by the same amount.
Capital One periodically reviews accounts for on-time payments and credit history and you get an automatic credit limit increase. It’s not a guarantee, though.
It’s not a credit limit increase, but you can get more out of your Capital One Platinum Secured card by paying it off multiple times a month. This will free up your credit line for more spending.
Just remember that it’s not the best idea to use up all of your available credit. Ideally, you’ll want to shoot for less than 30% credit utilization to make sure that there’s a positive impact on your credit score.
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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