What are the Capital One Venture requirements for approval?

Yes, you can have two Capital One Platinum cards. Applicants can have as many Capital One credit cards as their credit situation allows. This is the case both for different Capital One cards and two or more of the same credit card, as well. However, there are some other restrictions that Capital One Platinum applicants need to be aware of.… read full answer

Here is what you need to know about having multiple Capital One Platinum cards:

• You can have as many Capital One Platinum cards as your credit situation allows. Capital One will determine whether applicants are eligible for multiple Capital One Platinum cards based on their individual credit situations. This is also true for any other Capital One credit cards.
• The Capital One Platinum card is open to applicants with limited credit (less than 3 years of credit history), but other factors such as your income, debts, and overall ability to make payments will also be taken into consideration.
• If you have applied for a Capital One credit card two or more times in the last 30 days, it would be best to wait a while before applying for the Capital One Platinum card.
• If you have a past due Capital One credit card, you may not be eligible for the Capital One Platinum card.
• If you are over your credit line on another Capital One credit card, you may not be eligible for the Capital One Platinum card.

Keep in mind that applying for a Capital One Platinum triggers a hard pull on your credit report, which can cause your score to temporarily drop by a few points. So, if you’re after more spending power, you’re better off asking for a credit limit increase.

Another way to get a second Capital One Platinum card:

You can also get access to two Capital One Platinum cards without having to submit a second application. If you’re the primary cardholder for a Capital One Platinum card, you could also sign up as an authorized user on someone else’s card account.

You would then have access to a pair of Capital One Platinum accounts, both with your name printed on the card. You will only be responsible for the charges on the account where you are the primary cardholder, but you will have access to the line of credit of the other account, while also having information reported to the credit bureaus.

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So, you’re guaranteed at least a $300 spending limit if you’re approved for the card, and if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.

Keep in mind that you aren’t stuck with your starting Capital One Platinum credit limit forever. Capital One may increase your limit if you make your first 6 payments on time. You can also request an increase yourself. Many users report their limits increasing over time.

Here are some Capital One Platinum credit limit details:

• You’re guaranteed a credit limit of at least $300 if you’re approved for Capital One Platinum.
• Capital One Platinum accepts applicants with limited. If you have good credit or a lot of income relative to your debt, you’ll likely start with a higher limit.
• Capital One may increase your credit limit after you make your first 6 monthly payments on time. After the first 6 months, they will review your account periodically to see if you deserve a higher limit. Pay more than the minimum each month, if possible, to boost your chances.
• You can request a credit limit increase yourself by calling customer service at (800) 227-4825. You can also log into your Capital One account. Just choose “Request Credit Line Increase” from the “Services” tab. You’ll have to provide information about your income and employment for Capital One to make their decision.

So, you’ll get $300+ from Capital One Platinum to start. If you use your card responsibly, you’ll provide yourself with opportunities to increase your limit. But it’s best not to ask for an increase before six months of on-time payments, as you’ll probably be denied. If you do request an increase, Capital One may generate a hard inquiry, or “hard pull,” of your credit report. This will cause a slight drop in your credit score. That’s pretty standard.

You can increase your Capital One Platinum Credit Card credit limit by making a request online, through the Capital One mobile app, or by calling customer service at the number on the back of your card. Alternatively, you may also get a Capital One Platinum credit limit increase without asking, if your account is in good standing.… read full answer

To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Capital One has on file. Capital One will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.

How to Get a Capital One Platinum Credit Limit Increase Online

1. Log in to your online account or the Capital One mobile app.
2. Choose the Capital One Platinum card from the list of account options (if you have more than one Capital One card).
3. Click on the “Services” tab, and then select “Request Credit Line Increase”.
4. Enter your total annual income, employment status, occupation, how much you will spend monthly on the card, your mortgage or rent payment amount, and your desired credit limit.
5. Confirm the information entered and click “Submit” to complete the request.

You should receive a decision in just a few seconds. If you’re approved for a Capital One Platinum credit limit increase, the new limit is effective immediately.

Impact of a Capital One Platinum Credit Limit Increase on Your Credit Score

Generally, when you request a Capital One Platinum credit limit increase, Capital One will conduct a soft pull of your credit report, which does not affect your credit score. However, some Capital One Platinum credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. Capital One cannot do a hard pull without your permission.

Alternatively, you could be eligible for a Capital One Platinum credit limit increase without even requesting one. The Capital One Platinum card may offer an automatic credit limit increase if Capital One’s regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.