There are several reasons why a Capital One Platinum Secured application can be denied. These include an active bankruptcy that has not been discharged, a tax lien on your credit report, no verified income or not having enough income to meet your monthly obligations. Failing to pay the Capital One Platinum Secured security deposit ($49, $99 or $200, based on the specifics of your credit) may also result in denial. While Capital One Platinum Secured is open to applicants with bad credit, these factors may contribute to rejections.
You won’t have to guess the reasons for a denied Capital One Platinum Secured application. Issuers must provide specific reasons for why your application was denied, so make sure to review them and weigh your chances for reconsideration. If your denial was based on inaccurate information, or your financial picture has changed since you applied, you can get in touch with Capital One and ask for reconsideration.
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.
Yes, applying for a secured card does count as a hard inquiry most of the time. Nearly all secured credit cards will do a hard inquiry into applicants' credit reports to assess their creditworthiness, but there are exceptions such as the OpenSky® Secured Visa® Credit Card and the Applied Bank® Secured Visa® Gold Preferred® Credit Card. These secured credit cards with no credit check will not do a hard pull on your credit when you apply.… read full answer
A hard inquiry, also known as a hard pull, will likely drop your credit score by a few points temporarily. But if you haven’t had any hard pulls conducted on your credit report over the past six months and you don’t plan on applying for a sizable loan in the next few months, this shouldn’t be a problem. Your credit score should rebound from a hard inquiry within a few months.
Also, remember that even though your credit score may drop after you apply, responsible use of a secured card will ultimately help your score much more than the inquiry will hurt it. The hard pull will likely be worth it, in other words, especially since secured cards tend to be pretty easy to get approved for. You can track your progress with free daily credit score and report updates from WalletHub.
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