What are my Capital One Platinum Secured approval odds?

There are two ways to increase your Capital One secured card's credit limit: deposit more money than required when you open the account or pay your bill on time and hope you get an automatic credit limit increase. If you make on-time payments for the first six months, you will be considered for a higher credit limit on your Capital One secured card.… read full answer

Ways to Increase Your Capital One Secured Card Limit

• 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 secured card credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7^th 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.

Final Take

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.

You cannot ask for a Capital One secured to unsecured graduation, but graduation is definitely possible. The first option when it comes to graduating is the Capital One Platinum, which is a reasonable no-annual fee credit card.

So hang in there, and keep making those payments!

Your Capital One Platinum Secured credit limit will be $200 with a $200 deposit. However, this card is partially-secured, so not all applicants will have to deposit $200 to get a $200 credit limit.

Here’s how the Capital One Platinum Secured credit limit works:

It’s possible to deposit either $49, $99 or $200 to get a $200 limit. That is because Capital One Platinum Secured can be partially-secured, depending on the applicant’s creditworthiness. 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 in order to receive a higher initial credit line, up to your maximum approved line.