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Why The Capital One Platinum Is Great For Improving Your Credit Score

Why The Capital One Platinum Is Great For Improving Your Credit Score
Written by Publishing Team

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 geared toward individuals with excellent credit—a standard that is hard to achieve when you’re starting from scratch.

If you’re hoping to improve your credit score but need support, a card like the Capital One Platinum credit card can help. Read on to find out why this card is ideal for building credit, as well as steps you can take to maximize its benefits.

Credit-related benefits in Capital One Platinum

Capital One Platinum is light on the traditional cardholder benefits but heavy on the credit building prowess. Here are the main card features that can help you build credit:

Get pre-qualified without affecting your credit score

The Capital One Platinum Credit Card allows for online pre-qualification without difficult inquiry about your credit report, which means it will measure your odds of approval without any impact on your credit score.

Capital One Platinum automatic credit limit increase

Cardholders can qualify for a Capital One Platinum credit limit increase in as little as six months. If you make your monthly payments on time and keep debt to a minimum, you will likely be rewarded with more credit available in your account.

Account Alerts

Capital One customers can set up account alerts to let them know when a purchase is made, payment is due and more. These alerts can help you keep track of your spending and make sure you never miss a payment due date.

Free credit score

Capital One CreditWise can help you monitor and track the progress of your credit score over time. This program is completely free to use and easy to sign up for.

Supplementary 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, lost or stolen.

With that being said, it’s worth noting where Capital One Platinum falls short. This card does not offer any rewards, including ongoing rewards for spending or a sign-up reward.

Credit score required for the Capital One Platinum credit card

The Capital One Platinum credit card is available to individuals with “fair credit,” which usually means any FICO score in the range of 580 to 669.

However, Capital One explains their approval prospects further by saying that this card is available to customers who have defaulted on a loan in the past five years or have a limited credit history. This card may also be available to students, people who are new to the United States, or those who are only authorized to use someone else’s credit card.

How to improve your credit score with Capital One Platinum

To get the most out of your Capital One Platinum credit card, you will need to prove your creditworthiness through responsible use of your card. The steps below can help you achieve 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 pay your card bill early or on time and not miss a payment.
  • Keep debts to a minimum. The second most important factor that makes up your FICO score is the amount you owe in relation to your credit limits, otherwise known as your credit usage. To get a good score in this category, you should strive to keep your credit utilization ratio at 30 percent or less. If you have a credit card with a limit of $1,000, this means that you will keep your revolving balance under $300 at all times.
  • Look for a credit limit increase once you qualify. Also, look to increase your Capital One Platinum credit limit once you become eligible, which can be up to six months. By increasing your credit limit, you make it easier to keep your credit utilization ratio under control.
  • Monitor your credit score over time. Finally, use Capital One CreditWise software 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 right away.

Frequently Asked Questions About Capital One Platinum (FAQ)

How high is Capital One Platinum to increase your credit limit?

Your credit limit can vary based on your credit eligibility, your income, and other factors. Capital One does not list 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 the credit limit of Capital One Platinum. However, some users have reported having credit limits of $10,000 or more.

How can you request a credit limit increase with Capital One?

You can apply for a Capital One Platinum credit limit increase through your online account management page. This guide to increasing your Capital One credit line explains the process.

bottom line

The Capital One Platinum Credit Card is designed to build credit. If you want to start on the journey to getting better credit, you should take the time to find out if you qualify beforehand so that you can decide whether or not to proceed.

In the meantime, also consider other credit building 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 just a few minutes of comparison shopping, you’re bound to find what works for you.

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