Can I Have 2 Capital One Secured Credit Cards? (2024)

FAQs

Can I Have 2 Capital One Secured Credit Cards? ›

Yes, you can have 2 Capital One secured credit cards. You will not be eligible for a second secured card if you already have two or more open credit card accounts with Capital One. But why would you want to get two secured cards? You could just ask for a credit limit increase on the one you already have.

Having multiple secured credit cards is not necessary to build good credit, and there is nothing intimating that you'll achieve a good credit score faster by doing so. However, opening more than one secured credit card can help you in one important way: credit utilization.

You can have more than one Capital One credit card. How many you're approved for depends on your situation and Capital One's credit policies. You might want multiple Capital One cards to help you boost your buying power or earn you different types of rewards.

Chip Lupo, Credit Card Writer

The Capital One Platinum Secured card's credit limit is $200 to start, assuming you make the minimum deposit of $49, $99 or $200, depending on your credit standing. If you deposit more than the minimum amount required, you can get a higher limit - up to $1,000.

Yes, you can have 2 Capital One secured credit cards. You will not be eligible for a second secured card if you already have two or more open credit card accounts with Capital One. But why would you want to get two secured cards? You could just ask for a credit limit increase on the one you already have.

Secured credit cards tend to have: High fees and interest rates. Secured credit cards may charge high application, processing or annual fees. Additionally, these types of cards typically have high interest rates because credit card issuers may expect high default rates from people with lower credit scores.

You can get a Capital One Quicksilver credit limit of $10,000 if your credit score and overall creditworthiness are good enough. You will need at least good credit (a credit score of 700+). But the higher your credit score is, the better are your chances of getting a $10,000 credit limit.

To get a $10,000 credit limit on a Capital One credit card, you will need to apply for a high-end card like Capital One Venture X and meet the income requirements. Other Capital One cards may offer $10,000 starting credit limits to qualified applicants, but the odds of getting a limit that high are not as good.

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.

What credit score is needed for a Capital One secured card? ›

What credit score is needed for the Capital One Platinum Secured card? You can qualify for the Capital One Platinum Secured Credit Card with very limited or bad credit, including scores below 630. However, approval is not guaranteed. Even with secured cards, issuers will look at your income, debts and other factors.

Yes. While Capital One Secured cards don't require a credit score to apply, you must meet certain conditions for your income and existing debt in order to qualify for a Platinum Secured Credit Card. If you don't meet these conditions, your application may be declined.

Pay on time for 6+ months

After account opening, the only way to get a Capital One secured card credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7^th month.

Issues with having multiple credit cards

The biggest risk is that you can easily spend more in credit than you're able to repay in cash. Plus, keeping track of multiple credit cards — all with different interest rates, due dates, minimum payments and other fees — can become overwhelming.

Yes, assuming you use your cards responsibly. If you do, then having additional cards will generate consistent spending information for the credit bureaus each month, increasing your total credit limit and keeping your credit utilization rate low.

While it's impossible to say exactly how much your credit score will improve, using a secured card can boost your credit score relatively quickly — typically in under six months. This is especially true if you focus on the five factors that make up your credit score: Payment history.

Applying for too many credit cards at once — or doing so randomly or repeatedly — can hurt your credit scores.