This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Get a co-signer or joint applicant who meets the card’s requirements if your income is insufficient. And if you’re under 21, you may be required to prove that you earn enough to make the minimum credit card payments. If you’re under 18, you’re not old enough to get a credit card. Pay the charge-off before the seven-year period to improve your credit score. It negatively affects your credit score and might signal to Capital One that you’ll default on another payment in the future. Charge-OffĪ charge-off is added to a credit report if you don’t make a required payment for 180 days. But you must provide a security deposit or pay high fees and interest. You can get a secured credit card to build your credit. And even if your bankruptcy has been discharged, you’ll still need some positive credit history to qualify for certain cards. Recent Bankruptcy FilingĪn open bankruptcy can prevent you from getting approved for a new credit card. If you don’t, you might not get approved. Lift the freeze before applying for a new credit card. If you’ve frozen your credit reports to protect yourself against potential identity theft, Capital One won’t be able to access them. If the rejection was due to an application error, ask about reapplying. If you’re not approved, find out the reason. You risk being denied if your application has the wrong Social Security number or physical address. Be sure to list all your sources of income. Your application may be rejected if you don’t. Insufficient Incomeīefore issuing a credit card, Capital One will check whether you earn enough to make the minimum payments. Preapproval is a soft inquiry that won’t affect your credit score. And before you apply for a credit card, check whether you’re preapproved. Consider waiting a few months between applications. Hard credit inquiries indicate you’re applying for new debt, such as a personal loan or mortgage. Too many hard inquiries on your credit report over a short period can make issuers hesitate to grant you credit. Pay down your loans before reapplying for a credit card. Too much debt can decrease your odds of getting a new credit card.

If you carry a hefty balance month-to-month, Capital One may consider you at a higher risk for default. If you’re not there yet you can consider getting a secured credit card to build your credit score. Each lender has their own criteria for determining good credit, but according to Experian, a 670 FICO Score is considered good. A high credit score can help increase your approval odds. Low Credit ScoreĪfter you submit your application, Capital One will check your credit score to determine your creditworthiness. In such cases, consider a secured card or a credit-builder loan to build your credit.

There are many reasons your application could be denied, here are some of the common ones: Insufficient Credit HistoryĪ short or non-existent credit history may disqualify you from getting a credit card because Capital One will review your credit history to assess your creditworthiness. If the application was denied because of incorrect or incomplete information, fix the error and ask for reconsideration. If your credit score has increased significantly or you’ve gotten a raise, you could argue that you’re now more creditworthy. Make your case and explain why they should reconsider approving your application. If the application is denied, you can request reconsideration by calling 1-80. If approved, Capital One will typically send your card within seven to 10 business days. For example, if you moved recently your credit reports might not reflect your new address. Capital One may delay approval to review your application further or to get more information from you before deciding. You’ll be prompted to enter your Social Security number, after which point you will receive an application status update. The good news is that it typically doesn’t take long-online and phone applications often get a response in 60 seconds.īut if you don’t receive a rapid answer, you can easily check your application status by calling customer service 1 (800) 903-9177. You may be wondering how long it takes to get approved. If you’ve applied for a Capital One credit card-or any credit card for that matter-you know that there’s nothing left to do but wait for a decision.

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