Why Was My Capital One Platinum Application Denied? (2024)

FAQs

Why Was My Capital One Platinum Application Denied? ›

Your Capital One Platinum application may have been denied for various reasons. Having too much existing debt or too low disposable income, or even having too many hard inquiries on your credit report could result in a denial. But if you were denied for a Capital One Platinum card, you still have options.

You'll have a good chance of being approved if you have a steady income, an SSN or taxpayer ID, and either no credit score or a score of 640+, among others. Keep in mind that even though it's not hard to get the Capital One Platinum Credit Card (see Rates & Fees), you're still not guaranteed to be approved.

The credit score that you need for the Capital One Platinum Credit Card is at least 640, which is usually considered fair credit. The Capital One Platinum Credit Card is also available to people with limited credit history, which means you may be able to get approved even without a credit score.

An online purchase can be declined if you enter the wrong card information, such as billing address, expiration date, or CVV number. Declines can also happen during in-person transactions because of a malfunctioning chip reader or your card's magnetic stripe not reading correctly when swiped.

Your approval odds for the Capital One Venture X Card are best if your credit score is 740 or higher. Keep in mind, that other factors go into your application as well, including your income and relationship with Capital One.

Capital One Venture X Rewards Credit Card

A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The Capital One Venture X Rewards Credit Card is hard to get because it requires excellent credit for approval and charges an annual fee of $395. You get a lot in return, though.

The Capital One Platinum 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.

If you can get approved for both, the Capital One Quicksilver card is better than the Platinum card. The Quicksilver card will give you a welcome bonus, 0% APR for the first 15 months and 1.5% cash back. The Platinum card offers no rewards or bonuses, but it also comes with no annual fee.

The Capital One Platinum Credit Card is a solid choice for people looking to build credit. You won't earn rewards or have access to many perks, but it will help you learn to manage your credit effectively.

Why am I always declined in credit card application? ›

Having too many credit accounts: Having too many accounts in a short period is a common reason for the rejection of credit card applications. If you have had multiple credit accounts in the past 24 months, it's often a reason for automatic rejection.

If you were denied for a credit card, you still have options. You can wait a few months and apply for a card with a lower credit score requirement, or you can continue to work on your score and reapply down the line.

A hard inquiry from a card application can cause a small, temporary drop in credit scores. A denial or approval won't hurt your credit scores, because decisions aren't reflected in credit reports. When making lending decisions, card issuers use credit reports and credit scores to determine creditworthiness.

The Capital One Platinum Secured Credit Card (see rates and fees) is easier to qualify for because it's a secured card, which means you'll need a security deposit to open the card.

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. It's quick, easy and won't hurt your score.

Your monthly income needs to be at least $425 more than your monthly rent or mortgage payment to get the Capital One Platinum Secured Credit Card, according to Capital One. The higher your income is above the minimum, the more likely you are to be approved.

THE WINNER. Capital One Quicksilver is better than Capital One Platinum because it offers attractive rewards and a 0% introductory APR. Capital One Platinum doesn't offer low introductory rates or any kind of rewards – just the ability to build credit without paying an annual fee.

We will notify you in writing of our decision within 7 to 10 days of your application.

Capital One Platinum Secured Credit Card: Basics

Deposit requirement: Get a $200 credit line with an initial deposit of $49, $99 or $200, for those who qualify. You can deposit more money before your account opens to increase your credit limit up to a maximum of $1,000. Rewards: None.