Fortiva Mastercard Credit Card Review
The Fortiva® Mastercard® is a rare find: an unsecured credit card for bad credit. It carries all the functionalities of a typical credit card in addition to the protections from Mastercard but could cause more financial harm than good if cardholders arent careful.
The card is a credit rebuilding product from the Bank of Missouri. As the card is geared towards building a good credit score with on-time payments, the card is ideal for people with bad credit or fair credit score ranges.
It has an understandable appeal to those who dont have the cash on hand to secure a credit line, but potential applicants should be wary of the high costs. In lieu of a security deposit, the Fortiva credit card has high annual and maintenance fees that will cost users upwards of $100 a year. Besides having considerably higher costs, the Fortiva card has a high APR and virtually no credit building perks.
Discover It Secured Card
The Discover it Secured Card requires a security deposit of at least $200, but you can put down more if youd like a higher credit limit.
Theres no annual fee and youll earn 2% cash back on gas stations and restaurants, up to $1,000 each quarter. Plus, Discover will match all the cash back you earn in your first year.
If you make all of your payments in full and on time, Discover will start considering you for an upgrade to an unsecured card after eight months. The cards APR is 24.74%, which is not unusual for a card designed for bad credit, but you still dont want to carry a balance if you can help it.
How To Make The Most Of Unsecured Credit Cards For Bad Credit
Here are a few pointers to make the most of the cards on this list.
- Pay your bill on time every month. One of the most important factors in your credit scores is your payment history, so make sure you always pay on time. To do this, set up a reminder each month or request automatic payments from your checking account. If you want to go an extra step and avoid interest, pay your entire bill instead of making only the minimum payment.
- Keep your balance relatively low. Another key factor in your credit scores is the amount of credit you use. One way to calculate this is through your , which is all your balances divided by your credit limits. The lower your rate, the better it can be for your credit scores. Most experts recommend keeping your overall credit card utilization below 30%.
- Avoid multiple credit applications in a short period. It may be tempting to apply for multiple credit cards, but its best to give it some time first. Each individual hard credit inquiry that accompanies an application wont do too much to your credit scores. But too many in a short period can lower your scores and signal that youre a risky borrower, which can hurt your chances of getting approved.
Once your credit scores have gone up, you can apply for more-attractive credit cards that offer better terms or rewards. If youre looking for more ideas to improve your credit scores, check out our Guide to Building Credit.
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Fortiva Credit Card Reviews
WORST CARD EVER !! YOU’VE BEEN WARNED !!!!!
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Who Is The Fortiva Credit Card For
The Fortiva credit card is most suitable for individuals who have a bad credit history. Lenders shy away from lending to individuals with subprime credit for obvious reasons, which is why products like Fortiva MasterCard exist.
However, if your issue is that you have zero credit history, we wouldnt recommend Fortiva credit card. Youd be better off building your credit to a level that allows you to take advantage of better options.
What Is The Fortiva Credit Card
Fortiva bills itself as a less-than-prime card, meaning that its intent is to provide credit cards for people with low credit scores. Its a product of Atlanticus, a holding company that invests in financial services, but the Bank of Missouri issues Fortiva credit cards. What this means is that the Bank of Missouri hands out the cards, but Atlanticus is the company that youll have to work with to manage your card. They support the Fortiva website and other product services.
The Fortiva credit card is a Mastercard. Its one of three products that Fortiva credit card offers. The other two are retail credit lines and personal financing loans. Were not going to cover those fortiva personal loans in this article.
Can I Increase My Credit Limit For Fortiva Card
Unfortunately no. The cardholder agreement specifically states that the card issuer will not accept Fortiva Credit Card limit increase requests. If you arent happy with the credit limit youre given when you sign up, your only choices are to wait until your credit score improves to apply for a different card or avoid the Fortiva Credit Card altogether.
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Acceptance Is Simple Even If Your Credit Score Is Low
Getting approved for a credit card is often difficult for people with poor credit scores. If you have a low credit score, creditors will see it as a sign that you have likely mismanaged your finances in the past.
The Fortiva Mastercard is a relatively uncommon unsecured credit card that accepts applicants with credit scores on the low end of the scale. There are, however, a number of secured credit cards that accept people with lower credit scores without the high fees associated with the Fortiva card.
Hard And Soft Inquiries
When you apply for new credit, the financial institution usually looks into your credit history to determine whether it wants to lend to you. This can lead to a hard inquiry being placed on your credit reports. If you applied for a new line of credit recently, that could explain why TBOM is showing up on your credit reports.
If you havent applied for new credit, but TBOM is still showing up as a hard inquiry, this could be a sign of identity theft and indicate that someone else is applying for accounts in your name. Heres what you can do if you spot an unauthorized credit inquiry.
If The Bank of Missouri conducted a review of your accounts through your credit reports to determine whether to send you a prequalified credit offer, this could lead to a soft inquiry showing up on your credit reports.
The difference between a hard inquiry and soft inquiry is that while the former can have a small, negative impact on your credit scores, the latter does not.
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How Long Do Hard Inquiries Stay On Your Credit Report
Whether or not you get approved for a Fortiva Credit Card or Fortiva Retail Credit account makes no difference. The hard inquiry will remain on your credit report for up to 2 years. Each time an inquiry is made, it is recorded by one or all of the three major credit reporting agencies Equifax, Experian, and TransUnion.
Best For Unlimited Cash Back: Capital One Quicksilverone Cash Rewards Credit Card
Heres why: With the Capital One® QuicksilverOne® Cash Rewards Credit Card, youll earn unlimited 1.5% cash back on all purchases.
Thats right: With the Capital One® QuicksilverOne® Cash Rewards Credit Card, there are no reward caps. You simply get 1.5% back on everything that you buy with the card. Thats impressive for a card that considers applicants who have what Capital One considers fair credit.
This card has a $39 annual fee. But with a 1.5% cash back return, youll need to spend only $2,600 to earn that much in rewards with this card, which comes out to spending about $217 a month for a year. If you plan on spending more than that each month, then this card could be a good option.
Get more details about the Capital One® QuicksilverOne® Cash Rewards Credit Card in our full editorial review.
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Its Available To Those With Low Credit Scores
The Fortiva Credit Card accepts borrowers with poor credit, and unlike secured cards, it doesnt require you to put down a security deposit in order to get approved. This makes it a viable option for those who are looking to build credit, but are having trouble getting approved for other credit cards because they are short on cash.
If Your Credit Isnt Great It Might Be Difficult To Qualify For Unsecured Credit Cards And That In Turn Can Make It Difficult To Build Credit So What Are Your Options For A New Credit Card
You may be able to qualify for a secured credit card.
But by their very nature, secured credit cards require a deposit as collateral to secure the card in case you dont make your payments. It makes sense, then, that theres no such thing as a secured credit card with no deposit.
And many secured cards require a security deposit of $200 or more. What if you dont have that kind of money sitting around to fork over to a credit card issuer?
The good news is that there are unsecured credit cards designed specifically for people with bad credit or limited credit histories. But youll need to be careful. Some unsecured credit cards for bad credit are better than others.
Before you apply for a card, check the terms carefully to make sure the card makes sense for your situation. To help you narrow your search, weve put together a list of our picks for some of the best options out there.
Read our take on the best unsecured cards for bad credit to help you find the right one for your situation.
Heres why: The Petal® 2 Visa® Credit Card doesnt charge any fees. None.
Petal has kicked annual fees, late-payment fees, returned-payment fees, and every other fee to the curb. Thats impressive for any card, but especially for an unsecured card that considers consumers who have limited credit. Important note: There might not be any fees, but the card still charges interest.
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Best For Prequalification: Credit One Bank Platinum Visa For Rebuilding Credit
Heres why: If you shop for the Credit One Bank® Platinum Visa® for Rebuilding Credit card directly through the Credit One Bank website, the issuer offers the chance to see if you prequalify for the card before you apply. This is a soft credit check meaning it wont affect your scores and you can find out if you prequalify in less than a minute. Just keep in mind that prequalification doesnt guarantee the terms and eventual approval.
We also like that the Credit One Bank® Platinum Visa® for Rebuilding Credit lets you earn rewards while you build your credit. Youll earn 1% cash back rewards on gas and grocery purchases, as well as internet, mobile phone, cable and satellite TV services. Cash back is automatically applied as a statement credit.
In addition, the card comes with regular, automatic reviews of your account to see if youre eligible for a credit line increase.
While credit prequalification, rewards and automatic credit line reviews are the shining features of the Credit One Bank® Platinum Visa® with Cash Back Rewards, it does lag in other areas. Youll pay an annual fee of $75 for the first year, $99 thereafter. And it comes with other expensive fees as well as a high variable purchase APR of 23.99%.
Fortiva Credit Card Review: How And Why To Apply
Reviews–April 10, 2020
If youve been looking for funding options for bad credit, youve probably come across Fortiva MasterCard. According to their website, this MasterCard is what you need. They say it will help you improve your credit or access funds without any hassle despite your less-than-perfect credit. But is it worth it? Only a Fortiva credit card review can answer that question.
You see, service providers will go to great lengths to market their products and make them as attractive as possible to their target audience. Fortiva is no different.
So dont just take their word for it. Go through a Fortiva credit card review or two to understand what youre getting yourself into. Youll be glad you did.
Build credit to save money over the long-term.
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Re: Anyone Ever Hear Of Fortiva Credit Card
Run and Run fast.. Never heard of them, but can save it for saving a fire as it is starting to get chilly out.
Got a pre-approval from a card company by the name of Fortiva in the mail today, never heard of them before.
Looks like they try to copy Merrick Bank’s double your credit limit after 9 months versus Merrick’s 6 to 7 months of on time payments.
BUT, with Fortiva, the apr is 36%, the annual fee is $175, the account maintenance fee is $150 per year broken down in monthly payments of $12.50.…..INSANE!!!
This would be coming out of a starting limit of $700.
Look out CreditOne, you may no longer be the bad apple in the basket.
I got the Fortiva invite recently, too. I laughed hysterically at the APR and fees. It should be illegal to prey upon those down on their luck.
A Bad Option For Carrying A Balance
When it comes to actually using this card, potential applicants will want to ensure they can pay their card balance in full each and every month. Some credit cards are specifically designed to help their owners handle large purchases but the Fortiva credit card is not one of them. Having an APR thats more than double the national average, this card is not shopper-friendly and could significantly add to the already steep list of fees.
These rates are also mirrored in the balance transfer and cash advance rates which should not be undertaken lightly.
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Active Or Closed Lines Of Credit
Its also possible The Bank of Missouri recently acquired your credit account from another financial services company. That could explain why TBOM started showing up on your credit reports out of nowhere.
Even though your account history wont change, the name of the bank on your credit reports and your account number could. Learn more about how to read your credit report.
No Security Deposit Required
In some cases, credit card issuers protect themselves by providing secured credit cards to people with bad credit. A secured credit card requires you to pay a cash security deposit as a down payment before you start using the card.
The downpayment is often equal to your credit limit. If you dont pay your credit, the credit card issuer can get back their money by taking your deposit.
However, if you manage to make all payments and close your account, you get to keep your deposit.
Fortiva credit card is different they dont require any security deposit. As soon as youve qualified for the card and received it, you can start spending a feature that sets it apart from other bad credit funding options.
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Menards Big Credit Card
Menards has been one of the leading stores for home improvements for over five decades now. Many people rely on this store for their home improvement needs where they spend thousands of dollars. The Menards Big Card is designed to help all the Menards loyalists to get more rewards from making their purchases in the store and a few other selected gas stations. The card offers different types of rewards from cash back to in-store financing making it a very valuable tool especially if you tend to do a lot of home improvement.
How To Obtain A Fortiva Mastercard
Only if youve received an offer in the mail can you apply for the Fortiva Mastercard online. Filling out the online application after receiving an offer is simple.
1. Visit the Fortiva website, which is located at myfortiva.com.
2. Select respond to your mail offer from the mail offer section to enter the code from the mailer.
3. Enter your offer acceptance code To access the online application, enter your acceptance code in the appropriate box.
4. Complete the application After clicking submit code, youll be taken to the online application. Youll have to provide some personal information, such as your full name, address, and income.
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