The Fortiva Mastercard is a unique credit card option designed specifically for individuals with poor credit. While many credit cards require applicants to have good or excellent credit, the Fortiva Mastercard aims to help those with lower credit scores rebuild their financial history. This card can be a valuable tool for those who want to get back on track and improve their creditworthiness.
Credit Score Range for Fortiva Mastercard Applicants
The Fortiva Mastercard is an unsecured credit card for people with bad credit, which means there is no minimum credit score required and no security deposit needed. This makes it an accessible option for those who have struggled with their credit in the past. However, understanding the typical credit score range for applicants can help you set realistic expectations:
Subprime Credit Scores
Most applicants for the Fortiva Mastercard have credit scores in the subprime range, which typically falls between 300 and 669. Within this range:
- 300-579: Considered very poor credit. Applicants in this range often face higher interest rates and fees but can still be approved for the Fortiva Mastercard as a way to rebuild credit.
- 580-669: Considered fair credit. Applicants with scores in this range may receive more favorable terms compared to those with very poor credit.
Why Choose the Fortiva Mastercard?
The Fortiva Mastercard offers several advantages for those with poor credit who are looking to rebuild their financial standing. Here are some key reasons why this card might be the right choice for you:
No Security Deposit Required
Unlike secured credit cards, the Fortiva Mastercard does not require a security deposit, making it a more accessible option for individuals who may not have the extra funds available for collateral.
Credit Building Opportunities
The Fortiva Mastercard reports to all three major credit bureaus – Equifax, Experian, and TransUnion. This regular reporting can help you build a positive credit history, provided you make your payments on time.
Flexible Credit Limits
Although starting credit limits may be lower for those with very poor credit, responsible use of the Fortiva Mastercard can lead to potential credit limit increases over time.
Cash Back Rewards
Despite being aimed at those with poor credit, the Fortiva Mastercard offers cash back rewards on eligible purchases, adding value while you work on improving your credit score.
Steps to Improve Your Chances of Approval
Taking steps to improve your credit before applying for the Fortiva Mastercard can increase your chances of approval and help you secure better terms. Here are some actionable strategies:
1. Monitor Your Credit Regularly
Regularly checking your credit score can help you understand where you stand and identify areas for improvement. Use free credit monitoring services to stay informed about changes to your score.
2. Address Any Negative Items
If you have negative items on your credit report, such as late payments or collections, work on addressing these issues. This might include negotiating with creditors or seeking assistance from a credit repair service.
3. Maintain Low Balances
Keeping your credit card balances low relative to your credit limits can positively impact your credit utilization ratio. Aim to pay off your balances in full each month to avoid interest charges and improve your score.
4. Establish a Budget
Creating and sticking to a budget can help you manage your finances more effectively. This can prevent overspending and ensure that you have funds available to pay your bills on time.
5. Build a Positive Payment History
One of the most effective ways to improve your credit score is to build a positive payment history. Make all your payments on time and consider setting up automatic payments to avoid missing due dates.
How a Credit Repair Service Can Help
If you need assistance with improving your credit score, consider reaching out to Credit Saint. As a reputable credit repair company, they help clients dispute and potentially remove negative items from their credit reports.
They have extensive experience dealing with late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies. Visit their website and fill out the form for a free consultation to discuss your unique situation and determine the best course of action.
Final Thoughts
While the Fortiva Mastercard doesn’t have a minimum recommended credit score, improving your credit before applying can increase your chances of approval. By taking proactive steps to address any issues on your credit report and adopting responsible financial habits, you can improve your credit score and enhance your overall financial health. With patience, diligence, and the right tools, you’ll be on your way to a brighter financial future.
