Cap 1 Secured is designed for people rebuilding credit so the approval requirements are more lenient, accepting applicants with bad credit or no credit. However, besides your credit score, additional factors like income, outstanding debts and job status may be involved when your application will be considered. Best of luck!
The Capital One Secured credit card does not have a minimum credit score requirement. Applicants may be approved with a “bad” credit score (below 640) or no credit score at all (due to limited credit history).
But that does not mean the Capital One Secured card has guaranteed approval. Despite not having a specific credit score requirement, it does have some requirements for applicants’ credit history and income. For example, your application is likely to be denied if there’s an unresolved bankruptcy on your credit report. Capital One will also weigh other factors such as your employment status and monthly housing payments.
In addition, you must be at least 18 years and a U.S. citizen with a Social Security number or Tax ID number to satisfy the Capital One Secured card’s eligibility requirements. You’ll also need a checking or savings account in order to pay the card’s refundable security deposit. Capital One only accepts deposit payments by electronic bank transfer.
Your Capital One Secured Credit Card limit will be at least $200, depending on how much you deposit. You will be required to deposit $49, $99 or $200, based on your credit history and ability to pay. But any amount you deposit above what’s required will increase your minimum $200 limit by the same amount. For example, if you have to place a $200 deposit but put down $300 instead, your limit will be $300. And if you’re asked to put down $99 but give $199, your limit will also be $300. … read full answer
After you’re approved, you send in your deposit and that amount becomes your credit limit. You can also add as much as you’d like, up to $1,000 total, within the next 80 days. After that, you can’t simply add to your deposit and increase your credit limit at will. Capital One says they may increase your limit if you pay your bill on time for at least five straight months.
Here’s how the Capital One Secured Credit Card limit works:
The minimum Capital One Secured credit limit is $200, no matter what your minimum security deposit is: $200, $99 or $49.
You can increase your Capital One Secured Card’s limit by adding to your required security deposit within 80 days of opening your account. Anything you pay over the minimum increases your limit by the same amount, up to $1,000 total.
If you make your first five monthly payments on time, Capital One may give you a higher credit limit. It’s not a guarantee, though.
It’s not a credit limit increase, but you can get more out of your Capital One 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% to make sure that there’s a positive impact on your credit score.
The best Capital One credit card for rebuilding credit is the Capital One Secured Mastercard because it has a $0 annual fee. The Capital One Secured Card also reports to all 3 major credit bureaus (Experian, Equifax and TransUnion) on a monthly basis. That means it will help you rebuild your credit if you use it responsibly.… read full answer
You must make a fully refundable security deposit of $49, $99 or $200, based on creditworthiness, to open an account. The deposit minimizes Capital One’s risk and makes the card easy to get. Even people with bad credit have good approval odds with the Capital One Secured Card.
All approved applicants get a $200 starting credit limit. You can deposit additional funds to raise the limit by the same amount. You just have to do it within 36 days of being approved and before you activate the card. The maximum credit limit is $1,000.
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