Why Capital One Platinum is great for improving your credit score
Almost any credit card can help build credit, but some cards are better than others at getting you started. After all, many of the best credit cards are for people with excellent credit, a standard that’s hard to achieve when you’re starting from scratch.
If you’re hoping to improve your credit score but need a boost, a card like the Capital One Platinum credit card can help. Read on to find out why this card is great for building credit, as well as steps you can take to maximize its benefits.
Capital One Platinum credit benefits
The Capital One Platinum is light on traditional cardholder perks, but heavy on credit prowess. Here are the key card features that can help you build credit:
Get pre-qualified without impacting your credit score
The Capital One Platinum credit card allows you to be prequalified online without in-depth investigation of your credit file, which means that it will assess your chances of approval without any impact on your credit score.
Capital One Platinum Automatic Credit Limit Increase
Cardholders can benefit from a Capital One Platinum credit limit increase in as little as six months. If you make monthly payments on time and keep your debt to a minimum, you’ll likely be rewarded with more available credit in your account.
Capital One customers can set up account alerts that notify them when a purchase is made, a payment is due and more. These alerts can help you track your spending and make sure you never miss your payment due date.
Free credit score
The Capital One CreditWise program can help you monitor and track changes in your credit score over time. This program is completely free and easy to sign up for.
Additional Card Benefits
Other benefits of the Capital One Platinum credit card include no foreign transaction fees, emergency card replacement services, and 24/7 customer service. Cardholders are also eligible for security alerts and a card lock feature that allows them to “freeze” their credit card if it is lost, missing or stolen.
That being said, it’s worth noting where the Capital One Platinum falls short. This card does not offer any rewards, including ongoing spending rewards or a sign-up bonus.
Credit score required for Capital One Platinum credit card
The Capital One Platinum credit card is available to people with “fair credit,” which generally means any FICO score between 580 and 669.
However, Capital One further explains its chances of approval by saying that this card is available to consumers who have not repaid a loan in the past five years or who have a limited credit history. This card may also be available to students, newcomers to the United States, or those who have only been authorized users on someone else’s credit card.
How to improve your credit score with Capital One Platinum
To get the most out of the Capital One Platinum credit card, you’ll want to prove your credit by using your card responsibly. The steps below can help you get the best results.
- Always pay your bill on time. The most important factor that makes up your FICO score is your payment history. With this in mind, you should strive to always pay your card bill early or on time and never miss a payment.
- Keep debt to a minimum. The second most important factor that makes up your FICO score is how much you owe against your credit limits, known as your credit utilization. To score well in this category, you should strive to keep your credit utilization rate at 30% or less. If you have a credit card with a $1,000 limit, that means you’ll keep your revolving balance below $300 at all times.
- Look for line of credit increases once you qualify. Also look for a Capital One Platinum credit limit increase once you qualify, which can be as early as six months. By increasing your credit limit, you make it easier to control your credit utilization rate.
- Monitor your credit score over time. Finally, use the Capital One CreditWise program to monitor your credit score and progress over time. If there is a problem with your credit that is causing your score to drop, this tool will let you know immediately.
Capital One Platinum Frequently Asked Questions (FAQ)
How much does Capital One Platinum increase your credit limit?
Your credit limit may vary depending on your creditworthiness, income and other factors. Capital One does not state a maximum credit limit for the Capital One Platinum credit card.
What is the highest credit limit offered with Capital One Platinum?
Capital One does not disclose a Capital One Platinum credit limit cap. However, some users have reported having credit limits of $10,000 or more.
How do I request a line of credit increase from Capital One?
You can request a Capital One Platinum credit limit increase through your online account management page. This guide to credit limit increases from Capital One explains the process.
The bottom line
The Capital One Platinum credit card was designed to increase credit. If you want to embark on a journey to better credit, you should take the time to see if you are prequalified so you can decide to move forward.
In the meantime, also consider other credit cards, including credit cards for fair credit and bad credit. You can even consider other Capital One credit cards for fair credit, including the Capital One QuicksilverOne Cash Rewards Credit Card. With a few minutes of comparison shopping, you’re sure to find the right fit.