The main Capital One VentureOne 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 have a physical U.S. address, enough income to make monthly minimum payments, and at least good credit.
Capital One VentureOne Requirements
At least 18 years old
Physical U.S. address (no P.O. boxes)
Proof of enough income to make the monthly minimum payment
Social Security number or ITIN
Good credit or better
Checking or savings account
If you apply for the Capital One VentureOne card, it’s important that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.
The Capital One VentureOne credit limit will be based on your creditworthiness once your application has been approved. However, there's no surefire way of knowing your credit limit beforehand as Capital One does not disclose this information on their website.
Capital One VentureOne Credit Limit Info
There's no surefire way of knowing your Capital One VentureOne credit limit before applying and getting approved.… read full answer
When determining credit limits, factors such as your debt-to-income ratio, repayment history and the length of your credit history will play a significant role.
If you are not happy with the Capital One VentureOne credit limit you have received, you may request an increase after you’ve had the card for at least 6 months. However, there’s no guarantee you’ll be approved.
Capital One may also automatically consider you for a higher credit limit after you’ve made your first 6 payments on time.
To get a credit card for the first time, you must be at least 18 years old and have enough income to afford monthly credit card payments, in addition to your other expenses. The minimum payments on a starter credit card usually are around $15 per month.
The two basic steps involved in getting a credit card for the first time are to: 1) compare credit card offers designed specifically for people with limited or no credit history; and 2) apply for one with no annual fee, if available – rewards and APRs can be the tiebreaker.… read full answer
There are plenty of other things about the process of picking, applying for and getting your first credit that are important to learn, too. We’ll walk you through them below, step by step.
How to Get a Credit Card for the First Time
1. See if you have a credit report and score.
You could have more credit history than you think, perhaps from being an authorized user on a family member’s credit card. This will help you determine how good of a credit card you should shoot for. Check your latest credit score and credit report for free on WalletHub.
2. Determine whether student credit cards are an option.
College students can usually get better first credit cards than other people with no credit. Their youth and above-average expected income make them attractive to banks and credit unions. If you’re enrolled in school, check out the best student credit cards.
3. Compare secured and unsecured starter cards.
Secured credit cards have the highest approval odds, but they require you to place a refundable security deposit. The amount of that deposit becomes your spending limit. Unsecured cards are harder to get but have no deposit.
4. Limit your search to cards with the lowest fees.
Focus on weeding out cards with expensive non-refundable fees. A no annual fee credit card with no security deposit is best. But a low-fee secured card isn’t bad, either. You can get back your deposit when you close your account.
5. Choose the best remaining offer for your needs.
If several credit cards are tied for the lowest fees and highest approval odds, consider the terms that are next most important to you. If you plan to pay your bill in full every month, that will probably be rewards. If not, you may want to focus on interest rates.
6. Confirm you have enough income
If you’re at least 21 years old, you can list household income and assets that you have reasonable access to on your credit card application. Applicants who are 18-20 years old can only list independent income and assets, but even having a part-time job should provide enough income to get a credit card for the first time.
7. Submit your credit card application.
Apply online for the fastest decision. You may even be approved instantly if you clearly meet the issuer’s criteria. You should receive your card within 7-10 business days of being approved.
Learning how to get a credit card for the first time is a rite of passage for young adults after turning 18 years old. And it’s a lot easier than you might think. The key is to choose wisely, by focusing on offers for people with limited credit and secured credit cards, which provide nearly guaranteed approval.
Key Things to Know About Choosing Your First Credit Card
High approval odds are among the most important things to look for in your first credit card.
The sooner you get approved, the sooner you can begin building your credit standing. Getting rejected for a credit card sets you back, both in terms of time and possible damage to your limited credit.
Low fees are another key feature to seek out when getting a credit card for the first time.
Starter credit cards generally don’t offer rewards or interest rates worth paying high annual or monthly fees for. So it’s best to make your first credit card one with a $0 annual fee and always pay your monthly bill in full to avoid interest charges.
It’s really important to remember that learning how to get a credit card for the first time and getting approved are only the beginning.
If you can avoid racking up costly credit card debt and hurting your credit score with missed payments, your first credit card will be a huge asset. It will add positive information to your major credit reports each month. That will gradually improve your credit standing. And better credit will make it easier to rent an apartment, buy or lease a car, find a job, get approved for good loans and lines of credit and save on car insurance premiums, among other things.
A good annual income for a credit card is more than $39,000 per annum for a single individual or $63,000 per year for a household. Anything lower than that is below the median yearly earnings for Americans. However, there’s no official minimum income amount required for credit card approval in general. It varies by credit card company and from individual card to card.… read full answer
For example, the Capital One Venture Rewards Credit Card requires at least $425 more in income per month than you spend on rent or mortgage payments. Generally, the top 10 issuers either have no minimum income requirements or do not publicly disclose that information.
Reasons Why Income Is Required
By law, credit card companies are required to ask for your income. Lenders can only issue you a credit card if they’re confident you can make at least the minimum monthly payments and that you have the ability to repay any balance you may incur. In addition to employment income, you should also report any alternative sources of income. This includes alimony, Social Security or pension payments, and investment income, among other sources.
Applicants under 21 years old can only report “personal income.” This may include money earned from a job, of course, as well as things like investment income, inheritance distributions, or even an allowance that someone regularly deposits into your bank account. You cannot include your parents’ income unless they co-sign for your card, and major issuers don’t allow co-signers anymore. If you’re over the age of 21, you can add in someone else’s income that you may have reasonable access to, such as the salary of a working spouse.
There’s still another part of the equation, and that’s how much debt you have. Issuers will review your debt in relation to your income to determine how much more you can afford to borrow and how risky you would be as a borrower. Issuers set your credit limit based on this information and other factors like your credit history. There’s no specific cutoff for credit cards, but you’ll want to maintain as low of a debt-to-income ratio as possible.
Finally, you should always be honest and accurate when reporting income on a credit card application. Knowingly entering false info is illegal.
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