I actually have this card. I've had it for over a year (got it in May 2017). I was approved for a $1500 limit (OOOH! GOLDMINE! ), which they increased to $1529 after about 6 months (Rollin' in the dough, y'all! ). I mainly used it to travel back to Chicago, and I usually paid the balance off in the entirety every other month; I would deliberately leave, like, $20 or so on balance months to show utilization since no utilization is just as bad as high. No rewards or no miles or anything like that, but it served its purpose in leading me to obtain credit from more reputable companies like Chase and AMEX. I paid the balance off in full again about a month ago, so I will likely shelve this card and pop it out occasionally to buy a pack of gum or something to keep it alive.
In the past I used to say everytime a Credit One card or other predatory card is closed a Credit Angel gets their wings.... When you close this account and cut this Albatross off your neck a flock of Credit Angels get their wings... it has a MONTHLY fee ... No. No. Do not pass GO do not collect 200$.. Get on the phone and close that up... It will stay on your report as a positive tradeline even when you close it for some time...
Please I implore you, for the love of MyFICO... cut this albatross off your neck before you strangle yourself in useless fees for NO GAIN...
Has anyone heard of this outfit?
I'm not sure why but I recieved a *pre approved offer!* in the mail from Fortiva
1000 Dollar limit selected just for me
175 Dollar Annual Fee in the first year, 49 dollars thereafter
150 Dollar "Account Maintenance Fee" per year billed at 12.50/Mo
Zero card benefits of any kind
If anyone gets an offer from this predatory outfit please just put it directly in the shredder... Makes Credit One look like a tier 4 prime lender!
PS. Mods please move if in the wrong section, thank you
That is freaking rediculus, talk about bleeding someone dry.
Whenever I get one of these predatory mailings and they have a self addressed envelope, I always send it back with a note admonishing them for preying the consumers who need the most help. One time I sent the application back as Mickey Mouse with social 012-34-5678, employer Walt Disney, aged 75, but I feel a kid, and income stated as I work for smiles on the kids’ faces
I got this offer yesterday too only I'm not struggling (at least in my mind and those of the ones that I have cards with). Lol. That thing didn't last 30 seconds when I opened the offer.
Here's some hilarity: I got an offer in the mail...for the same **bleep** card I already have.
Actually Fortiva is an excellent way of building credit in the rare situation in which your given $500.00 credit line.
It's when you want more that Fortiva costs more.
I still have a Fortiva card, I read everything. And accepted.
It has costed me $22.30 so far this year in interest fees, even carrying a high balance on avaerage month to month of about $375.00 (recently paid it down to $175.00 a week ago).
Yet when I make a comparison to another individual whom I know well was approved for $2,500.00 with a balance of $2,200.00 their interest monthly eats up about $65.00 of their $75.00 min payment.
So Fortiva is best if you stay within the lower credit limits.
Even the fees are reflected in the amount of credit made available, right down to the monthly charge, I myself will cancel this before the monthly charge kicks in.
Oddly I just received another offer from them yesterday this credit limit amount is $1,500.00 but again knowing better as I reviewed the fee structure, I noticed the cost of extended credit lines goes up significantly.
And yes in rare situations usary laws would help.
But for the most part such laws are arbitrary. Depends on if risk assessment is fair in evaluating credit line availability versus fees.