Your Capital One Platinum Secured approval odds are pretty good as long as you aren't carrying too much debt and you don't have major red flags such as an ongoing bankruptcy on your credit report. You'll need enough income to pay your bills each month, too. Applicants can get approved with a bad credit score of 639 or below, however, so even a low credit score shouldn't hold you back. Keep in mind that you will need to provide a security deposit of at least $49, $99 or $200 to open a Capital One Platinum Secured account.
The Capital One Platinum Secured Card can help cardholders build or rebuild their credit scores. But before applying for the Capital One Platinum Secured Card, you should compare it to the other credit cards for bad credit that are currently on the market, to make sure you find the right fit. If you end up getting denied for the Capital One Platinum Secured Card, consider applying for a credit card with no credit check.
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.
Yes, you can convert the Capital One Platinum Secured to unsecured. Capital One will periodically review your account for possible graduation. If your account is eligible, you will be notified by email. You can maximize your chances of converting your Capital One Platinum Secured to unsecured by using your credit card responsibly.… read full answer
Here’s how to increase your chances of converting your Capital One Platinum Secured to unsecured:
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 due 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 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.
When your Capital One Platinum Secured graduates to unsecured, your credit line no longer needs to be secured with collateral. So, when you graduate, the initial deposit you made to open the secured card will be refunded. And you’ll also keep the good credit history you’ve earned with your Capital One Platinum Secured.
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.… read full answer
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.
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