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.
Understand Your Credit Score
Before you apply for any credit card, it’s crucial to understand your credit score and how it impacts your chances of approval. Your credit score is a numerical representation of your creditworthiness, typically ranging from 300 to 850. Higher scores indicate lower risk, while lower scores signal higher risk to lenders. The factors that influence your credit score include:
- Payment history
- Amounts owed
- Length of credit history
- Credit mix
- New credit
Knowing where you stand will help you determine if the Fortiva credit card is a suitable option for you and enable you to take the necessary steps to improve your credit before applying.
Tips for Improving Your Credit Score Before Applying for a Fortiva Mastercard
1. Check Your Credit Reports for Errors
Obtain a free copy of your credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion – at AnnualCreditReport.com. Review your reports carefully and dispute any inaccuracies. Correcting errors can have a significant impact on your credit score.
2. Pay Your Bills on Time
Your payment history accounts for 35% of your credit score. Make sure to pay all your bills on time, as even a single late payment can negatively affect your score. Set up automatic payments or reminders to help you stay on track.
3. Keep Your Credit Utilization Low
Credit utilization – the percentage of your available credit that you’re using – makes up 30% of your credit score. Aim to keep your utilization below 30% to show lenders that you’re responsible with credit.
4. Build a Positive Credit History
Establishing a diverse and lengthy credit history can help boost your credit score. Consider opening a secured credit card, which requires a cash deposit as collateral, or becoming an authorized user on someone else’s account to help build your credit.
5. Limit New Credit Applications
Each time you apply for new credit, a hard inquiry is added to your credit report. Multiple hard inquiries in a short period can negatively affect your credit score. Only apply for credit when necessary and space out your applications.
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 on the Fortiva Mastercard
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.
