A 580 credit score falls within the “fair” credit range, which means you may face some limitations when applying for credit cards, but you definitely have options with Capital One.
Capital One Cards Available for 580 Credit Scores
Secured Credit Card Options:
- Capital One Platinum Secured Credit Card: This is your best option with a 580 score. It requires a security deposit (typically $49, $99, or $200) that serves as collateral. The initial credit limit typically ranges from $200-$1,000.
- Capital One Quicksilver Secured Cash Rewards: Another secured option that offers 1.5% cash back on all purchases.
Unsecured Card Possibilities:
- Capital One Platinum Credit Card: While typically recommended for scores of 600+, some applicants with 580 scores have reported approvals, especially if other factors in their application are strong.
Factors Capital One Considers Beyond Credit Score
- Income and debt-to-income ratio: Higher income and lower existing debt improve your chances
- Recent credit history: Recent late payments, collections, or bankruptcy will reduce approval odds
- Employment stability: Longer employment history increases approval chances
- Banking relationship: Existing Capital One accounts in good standing may help
How to Improve Approval Chances
- Apply for a secured card first to build credit history with Capital One
- Make sure your income information is accurate and complete
- Pay down existing debt before applying
- Check for pre-approval on Capital One’s website before submitting a formal application
What to Expect if Approved
- Initial credit limits are typically low ($300-$500)
- Higher interest rates (25%+ APR)
- Potential for credit limit increases after 6 months of on-time payments