8/6/2023
In the U.S. market there is a wide variety of credit cards for all types of consumers. However, the best options have requirements that not everyone can meet, but there are options for any customer profile, even those with bad credit.
Today we will see how to apply for a Capital One card and the requirements of the different options offered by the bank.
You may be interested in: Capital One customer service phone number
What are the requirements for Capital One cards?
Although Capital One offers potential customers the opportunity to get a credit card through pre-approval, this does not mean that there is no evaluation process. To the best of our knowledge, there are a few key points to look out for:
Good credit score
When you apply for a loan or credit card, your FICO or Vantage score is your calling card. While a score of 700 is good for most applications, having a score of 740+ increases the likelihood of approval.
However, with Capital One you can also have a card even if your credit score is low or you do not yet have a credit history. This is its secured card, which can be guaranteed by a cash deposit at the bank itself.
Income and creditworthiness
What you earn as an individual or as a family also counts. Your income tells the bank that you have sufficient creditworthiness to take on the responsibility of having a credit card. In this regard, they note the following about the customer they prefer:
'Qualified applicant has never defaulted on a loan, has not filed for bankruptcy or been delinquent for more than 60 days in the past year.'
ITIN or SSN
To apply for a Capital One credit card, you must be a U.S. citizen or have an Individual Taxpayer Identification Number. Capital One is one of the banks that allows you to sign up for credit cards with ITIN, without social security.
In addition to this, you must be of legal age (18+) and have an address that this institution can verify.
How to apply for a Capital One credit card?
Nowadays, applying for a credit card or opening an account is very simple because you can do everything online. The ease of filling out a form, sending digitized documents and receiving a response in a short time has made the process more accessible.
The process of applying for a Capital One card is summarized in 3 basic steps:
Check out the cards offered by this bank
Capital One is one of the financial institutions that offers the largest number of credit cards. Many of them linked to chain stores, such as the Walmart Rewards or the Williams Sonoma Key Rewards.
At Busconómico we have analyzed most of the credit and debit cards offered by Capital One bank for individual customers. Here is a list of the reviews in Spanish by our experts:
- APR: 30.74%
- Annuity: $ 0
- Credit limit: $ 1,000
- APR: 19.99%
- Annuity: $ 0
- Credit limit: $ 10,000
- APR: 30.49%
- Annuity: $ 0
- Credit limit: Ask
- APR: 20.99%
- Annuity: $ 0
- Credit limit: Ask
- APR: 20.99%
- Annuity: $ 0
- Credit limit: $ 10,000
- APR: 19.99%
- Annuity: $ 0
- Credit limit: $ 10,000
- APR: 19.99%
- Annuity: $ 0
- Credit limit: Ask
- APR: 30.49%
- Annuity: $ 0
- Credit limit: $ 1,000
Fill out the application
Once you know which one might be right for you, you should proceed to fill out the online application form. Generally, the data will depend on the issuing company, but the requirements are part of a standardized questionnaire that includes:
- Full name.
- Proof of identity (valid ID).
- Proof of residency (utility bills).
- Employment status (whether you work for a company or are self-employed).
- Income and expenses (bank statements, credit and other financial data).
Wait for approval
After completing the form and agreeing to the terms, all that's left is to wait for approval. Although the law says they should get back to you within 30 calendar days, Capital One claims to process these requests in 7-10 days.
Difference between pre-approval and pre-qualification
Often, credit card offers you receive in the mail have words like 'pre-approved' or 'pre-qualified' as an invitation to apply. Since this financial language can be confusing, we want to clarify both concepts.
What is pre-approval?
Pre-approval for a card or other banking product is an evaluation by the company in charge of offering it. In this case, Capital One works closely with the credit bureaus to find the most suitable people. It is a condition that has a higher certainty of approval than pre-qualification.
What is pre-qualification?
Unlike pre-approval, this process involves a basic review of your credit history, the result of which makes you a potential customer. If you are interested in the credit card in question, you can provide more information to support your credibility. You may be approved, but there is no guarantee.
Understanding how to apply for a Capital One bank card can be helpful to your personal finances or in establishing a profitable business relationship. If this is not your bank, you can review other highly rated credit cards on Busconomico.
Español: ¿Cómo aplicar para una tarjeta de crédito del Capital One?