Having a pre approved offer from Capital One does not guarantee loan approval, but it will allow the dealership to access your prequalified terms and preferences, including cars you saved online with that specific dealership.
Pre-approval is not a guarantee, but it is also not a commitment. Just as lenders reserve the right to reject your application, you'll still be able to back away from the mortgage process without consequence.
It's possible to get the Capital One Venture with a credit score in the mid-600s. But, you may need to be a current Capital One member or have a high income to be approved with fair or good credit. For the best approval odds, you may wait until your score is at least 750.
To be approved for the best Capital One credit cards, you'll want a credit score of 700 or higher (750+ is preferable). That's not to say you can't be approved with a lower score, it's just not as common for that to happen.
It isn't common, but a credit card issuer could deny your application even after sending you a pre-approved offer of credit. The exact reason for such a denial can vary from one applicant to the next.
Your Capital One card was probably declined because of a lack of available credit, a defective card, a broken card reader, or fraud concerns. Other possible reasons are an expired card number or a new card that has yet to be activated.
Even though the odds may be in your favor, you're still not guaranteed the card. If you apply, you could get declined for a variety of reasons, like already having too many accounts with the issuer or not having enough income.
But with the Platinum Secured card from Capital One, you can get a credit limit of $200 after making a refundable deposit of as little as $49. The Platinum Secured card is another second-chance credit card with no annual fee or foreign transaction fees.
The Capital One credit score requirement is of at least 300, depending on the credit card. For example, applicants with limited or bad credit can get a secured credit card from Capital One, while the best Capital One credit cards overall require at least good credit for approval.
Almost all cardholders have credit limits between $1,000 and $10,000, with over a third at $3,000 or less. The Capital One QuicksilverOne Cash Rewards Credit Card is aimed at consumers with fair credit or worse. Top credit limits probably range from $2,000 to $5,000.
Pre-qualifying for a personal loan is a preliminary step in the loan approval process. It gives lenders a preview of your creditworthiness, and it gives you a preview of the loan you might receive. Getting pre-qualified, however, doesn't guarantee you a loan; lenders will verify your information before final approval.
Capital One is unlike other banks in that there isn't one credit bureau that it is most likely to use when looking at a credit card application. It uses Experian (36%), Equifax (32%) and TransUnion (32%) roughly equally. In some cases, it will check two or three credit bureaus when making a lending decision.
The credit limit you can get with a 750 credit score is likely in the $1,000-$15,000 range, but a higher limit is possible. The reason for the big range is that credit limits aren't solely determined by your credit score.
Capital One lets you request a credit limit increase online as often as you want, but you can only be approved once every six months. If you've received a credit limit increase or a credit limit decrease in the last six months, you won't be approved for a credit limit increase.
Capital One Application and Reconsideration Line
If you have already received a response about your application status but want to request a reconsideration of your application, you can call the application services line at (800) 625-7866 or the general customer service line at (800) 227-4825.
The Capital One Platinum maximum credit limit can be as high as $3,000 according to online cardholder reports, but it will depend entirely on the specifics of each applicant's credit and their overall financial situation. Most cardholders get credit limits of at least $300, though.
Credit reporting companies recognize that many people shop around for a mortgage, so even if a lender uses a hard credit check for your pre-approval, there won't be any further impact to your credit score if you complete multiple mortgage pre-approvals within 45 days.
Getting rejected for a loan or credit card doesn't impact your credit scores. However, creditors may review your credit report when you apply, and the resulting hard inquiry could hurt your scores a little. Learn how to wisely manage your next application and avoid unnecessary hard inquiries.
Pre-approved credit card offers invite you to consider applying for a particular credit card. Those offers are not guaranteed. In fact, since a credit card issuer doesn't know much about you, your odds of approval could be low.
Capital One, unlike some other credit card companies, doesn't let applicants check their status online. The Capital One phone number is the only currently available option for checking status. Capital One doesn't provide a contact email address to check an application status, either.
The Capital One Platinum Credit Card is a solid option for those with average credit. It has an annual fee of $0 and also charges no foreign transaction fees. But for many, its standout feature may be that it also offers the chance to earn a higher credit limit after making on-time payments in as little as six months.
But getting denied doesn't directly hurt your credit scores. Instead, applying may lower your credit scores—usually by just a few points, according to credit-scoring company FICO®—because applying for a credit card will trigger a hard inquiry.
A: The Capital One Platinum Credit Card is deshigned for fair credit, so you may need a FICO credit score of at least 580 to qualify. But it's possible you'll be approved with a lower score.