Capital One Credit Steps Program 2015

What Credit Score is Required for a Capital One Platinum Card?

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Q: After reading a few reviews, I am thinking about applying for the Capital One Platinum Card. Unfortunately, I cannot remember what credit score is required for this card. Could you remind me?

A: The Capital One Classic Platinum card requires a credit score that is in the “fair” range. This will be a credit score of about 580 and up.

Don’t forget that, as always, other factors influence whether or not you will qualify. Someone with a credit score of 580 who is making 70,000 a year may qualify while someone with a credit score of 600 but only making 30,000 a year may not.

Other factors such as job stability and amount of other debt also affect the equation.

Capital One states that those who meet the following characteristics fall within the requirements of this card: having made a payment more than 60 but less than 90 days late in the past year, having declared bankruptcy or defaulting on a loan in the past 5 years, or having limited credit history.

Limited credit history is defined as being less than 3 years of credit history.

Benefits of this card include a $0 balance transfer fee, a fairly generous 25 day grace period, and a 0% introductory APR. Drawbacks include a $39 annual fee, and a fairly high APR. The regular APR is currently 17.9%-22.9%, depending on credit score or other factors. This APR varies with the market rate, and may change by the time you receive the card.

To learn more about your credit score, including how to get a free credit report and score, check out our page dedicated to helping you improve your credit. It includes more than just advice on improving your credit. You can also find product reviews for credit products aimed at you that come without hidden fees and limitations.

Hopefully, though, you just might find yourself addicted to saving money, improving your credit, and enjoying the perks of a prudent lifestyle.

If you can’t get this specific card, we recommend applying for the Milestone credit card. This is a great card to have if you have a lower credit score, even bad credit. Be sure to check out our Milestone review.

 

Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.

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