Secured Credit Card to Build Credit | Capital One (2024)

FAQs

Is Capital One secured credit card good for building credit? ›

If you're working to build your credit, the Capital One Platinum Secured Credit Card is one of the better choices available. Its flexible security deposit requirements, low fees and upgrade potential make it a solid starter card.

While Capital One Secured cards don't require a credit score to apply, you must meet certain conditions for your income and existing debt in order to qualify for a Platinum Secured Credit Card. If you don't meet these conditions, your application may be declined.

With deposits starting as low as $49 (for the Capital One Platinum Secured Credit Card), they are meant to be accessible. However, that doesn't mean that it's guaranteed you'll be approved for a secured card. A card issuer can still deny your application if you don't meet the underwriting requirements.

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.

It can take up to six months for people with no credit histories to establish their credit scores. If you have poor credit, you may notice a change in your credit score after using a secured credit card for a month or two. Make your payments on time and keep your outstanding balances low to improve your credit score.

You will receive a written decision from Capital One by mail within 7 to 10 days of your application. If you're approved, your card will arrive 7 to 10 business days after Capital One gets your security deposit. You can also check the status of your deposit, whether it's a payment or a pending refund.

Reasons why you might get denied for a secured credit card

Currently being unemployed or having insufficient income history from a new job that has only started in the last few weeks. A series of missed payments or defaults on previous credit cards and a bankruptcy filed in the past few months.

Capital One credit cards for fair credit include QuicksilverOne, Quicksilver Secured, and the Platinum Mastercard. Your credit score is only one of the many factors that determine your credit approval odds. The best way to know if you'll qualify is to get pre-approved.

A credit card issuer has to make sure you have enough income to make the required payments for your card. If you don't have enough income to make the minimum payments, you might not be approved.

Secured credit cards tend to have: High fees and interest rates. Secured credit cards may charge high application, processing or annual fees. Additionally, these types of cards typically have high interest rates because credit card issuers may expect high default rates from people with lower credit scores.

What credit card has $5000 limit with bad credit? ›

The Fortiva® Mastercard® Credit Card stands out as a top choice for individuals seeking an unsecured no credit check credit cards instant approval no deposit with a credit limit ranging from $350 to $1,000, offering various benefits including 3% cash back rewards on gas, groceries, and utility bill payments.

The Capital One Platinum Credit Card will increase your credit limit no more than once every six months generally. This time frame applies whether you request a credit limit increase yourself or wait for Capital One to offer you an automatic increase.

Capital One Venture Rewards Credit Card

Highest reported credit limit: $58,000, according to a member on the myFICO forums. Sign-up bonus: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening. Rewards: Earn 2 miles per dollar on every purchase.

Yes, you can have 2 Capital One secured credit cards. You will not be eligible for a second secured card if you already have two or more open credit card accounts with Capital One. But why would you want to get two secured cards? You could just ask for a credit limit increase on the one you already have.

One of the best reasons to use a secured card is the positive impact it can have on your credit score when used responsibly. For example, making your monthly payments on time could help improve your credit score, especially when you're hitting the deadline month after month after month.

It's impossible to say for sure how much a secured credit card will raise your credit score or, indeed, whether the account will improve your credit at all. Everyone's credit situation is unique.

It generally takes three to six months to get your first credit score, although the time it takes to build good credit is different for everyone. It depends on factors like what your credit scores are now, how you're managing debt and more.

The key to building credit with a secured credit card is to use a small percentage of your credit line each month and then pay it off when your statement arrives. This demonstrates to your card issuer, and in turn the credit bureaus that you can responsibly manage credit.