If you are approved for a new Capital One credit card and you already have a card from the issuer, you may be able to begin using the card before it arrives in your mailbox. Unconfirmed reports suggest Capital One applies the two-card rule only to the unsecured cards covered in this review. Co-branded cards, such as the GM BuyPower Business Card from Capital One.Cards obtained from banks that were bought by Capital One, including HSBC.
Cards owned before the two-card limit went into effect in 2011.The Capital One Platinum Secured Credit Card.However, certain credit cards are not counted in this quota, including: More stringent than the Chase credit card 5/24 Rule, you cannot own more than two Capital One credit cards at the same time. If you are applying for a student credit card, you must be a full- or part-time student at an eligible higher education institution.īy submitting an application (as opposed to prequalification), you authorize Capital One to perform a hard credit check and agree to use the card primarily for consumer spending.Are not undergoing bankruptcy proceedings.Haven’t had a Capital One credit card charged off within the last year.Are not over the credit limit on any Capital One credit card.Haven’t applied more than twice for a Capital One credit card in the last 30 days.Are not past due on any Capital One credit card account.Have a Social Security number or individual Taxpayer Identification Number.The issuer may use other methods to determine whether you can afford the monthly card payments. Your annual income divided by 12 must exceed your monthly mortgage or rent payment by at least $425.You cannot use a correctional institution as your address.Residence in the United States or a U.S.Submitting all the required information completely and accurately.Before you attempt to prequalify, you should be aware of the issuer’s minimum requirements, including:
You are not obligated to accept an offer from Capital One or to pay any fee unless you use the card. Normally, you will immediately receive a final decision and your initial credit limit if approved. If you do decide to apply after receiving preapproval, Capital One will prepopulate the online form, and it may ask you for additional information. After a soft inquiry, it may preapprove you for the card you want, another card, or a set of cards from which you can apply. When you attempt to prequalify for a Capital One credit card, the issuer will not pull a hard inquiry, instead relying on the information you submit on the preapproval form, including:Ĭapital One will give you an instant approval decision for your preapproval application. All other inquiries are soft, meaning they don’t impact your credit score. FICO reduces your score by five to 10 points when you apply for new credit and authorize the creditor to perform a hard inquiry on your credit report.
Your FICO score is based on five major factors, including new credit, which accounts for 10% of your score. The reason is simple: You’ll find out whether you are eligible without harming your credit score. While you could fill out the card application form at the Capital One website, we think it’s a better idea to first prequalify for credit cards. It may also increase your credit limit after six months of on-time payments without requiring an additional deposit. If you are upgraded, Capital One will refund your security deposit as a statement credit. The issuer may offer to upgrade you to one of its other cards after you demonstrate creditworthy behavior by paying your bills on time.
Depending on your credit, you may be asked to deposit $49, $99, or $200, something no other major credit card offers.Ĭapital One looks upon the Secured Card as a gateway to its unsecured credit cards. The Secured Card from Capital One is also easy to get because you may not have to deposit the full $200 credit line initially. If the issuer has to dip into the security account to cover a missed payment, your credit line is likewise reduced until you deposit more money. The issuer controls the security account, prohibiting cardholders from withdrawing any funds from it unless the secured credit card account is closed. The account balance is available to the bank if you miss a payment or exceed your credit limit, which substantially reduces the issuer’s loss risk. Secured cards rely on cardholders to deposit cash collateral in a locked account at the issuing bank.
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