How can you upgrade a Capital One Platinum Secured credit card?

Yes, the Capital One Platinum Secured card can graduate to unsecured. Capital One will periodically review your account for possible graduation. If your account is eligible, you will be notified by email.

How to increase your chances of graduating with the Capital One Platinum Secured Card:

• Make on-time payments. This is probably the most important part of the process. If you don’t pay your Capital One Platinum Secured bills by the … read full answerdue date, you won’t even be considered for graduation.
• Use your card responsibly. Maintaining low credit utilization will indicate to Capital One that you can handle an unsecured card. So, aim to use only 30% or less of your Capital One Platinum Secured’s credit limit.
• Improve your other finances. Adding to your income and paying down debt will improve your creditworthiness as a whole, making you a better candidate for an unsecured card.

It’s worth noting that graduating to an unsecured credit card is not considered a new account. That means no hard pull is required and your credit score will not be affected. Plus, you’ll get to keep the good credit history you’ve earned with your Capital One Platinum Secured.

In addition, when your Capital One Platinum Secured graduates to an unsecured card, your credit limit no longer needs to be secured with collateral. So, when you graduate, the security deposit you made to open the Capital One Platinum Secured card will be refunded.

The Capital One Platinum Secured credit card works like a regular credit card, except that the customer must put down a security deposit to open the account. The minimum deposit amounts are $49, $99 or $200, based on your credit.

Typically, the amount of a secured credit card’s security deposit determines its credit limit. However, the two amounts don’t always match with the Capital One Platinum Secured card. Regardless the security deposit amount, you’re guaranteed at least a $200 credit limit. Not everyone is approved for one of the card’s lower security deposits, though.… read full answer

What you should know about the Capital One Platinum Secured:

• After you pay the security deposit in full, you can use the Capital One Platinum Secured card for purchases, just like a regular credit card.
• You won’t earn rewards on your purchases, as this card’s primary purpose is to help you establish or rebuild credit. Capital One Platinum Secured reports to the major credit bureaus every month.
• Capital One may also increase your credit limit with no increases to the security deposit. You become eligible after making your first six payments on time.
• Once you’ve built a solid credit profile with the Capital One Platinum Secured credit card, the issuer may graduate the card to an unsecured account. You will receive your deposit refund as a statement credit which will be applied to the unsecured account balance.

It is worth noting that you may also close the Capital One Platinum Secured card account and apply for an unsecured card on your own once you’ve built a solid credit profile.

The main Capital One Platinum Secured requirements are that an applicant must be at least 18 years old with a valid Social Security number or Individual Taxpayer Identification number. Applicants must also agree to put down a security deposit of at least $49, $99 or $200 (depending on the specifics of their credit) before they can open the account. There’s no minimum credit score requirement, as the Capital One Platinum Secured card is designed for people with bad credit and beginners with little or no borrowing history.… read full answer

Capital One Platinum Secured Card Requirements

• At least 18 years old
• Physical U.S. address (no P.O. boxes)
• Proof of income to make the monthly minimum payment
• Checking or savings account
• Social Security number or ITIN
• $49, $99 or $200 security deposit (based on the specifics of your credit), at a minimum.

While the Capital One Platinum Secured card has no minimum credit score requirement, Capital One may reject your application if there are serious negative entries on your credit report, such as a pending bankruptcy. Being past due or over the credit line on an existing Capital One card also makes you ineligible. The same is true if you’ve had a Capital One account charged off within the past year. And you cannot apply for a Capital One credit card 3 or more times in the last 45 days.

In addition, if you apply for the Capital One Platinum Secured card, it’s vital that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.