Fortiva doesn't seem so bad?

[C_DUBYA]

Hello

So I am in a rebuild following up from bankruptcy 7 discharged in September 2017.  Recently I had an offer for Fortiva credit card at $2500.  My highest card besides this was $750 so I really wanted to grab it to help utilization and get some higher balance stuff under my belt.  I searched first and everyone was saying they were bad due to high fees and such.  Some examples of $150+ for annual fee, and other stuff.  But my offer doesnt seem so bad.  Here is what my offer was (I have since chosen it and was approved).  

Credit Line:	$2500.00
Current APR for Purchases:	22.24%
Current APR for Cash Advances:	25.24%
Annual Fee:	$49.00

Annual Fee: $49.00 in the first year and $49.00 in the second year, billed annually.

Account Maintenance Fee:

$60.00 annually (billed at $5.00 per month) This fee is not billed for the first 12 months that your Account is ope

Now the one thing I dont like is the maintenence fee.  But at the same time, being in a rebuild there are somethings I must give in to.  Am I missing something else?  

Thanks

[Anonymous]

I personally think $110 a year is too much to spend for a card.

[toadsworth]

edited: I see you app’d for and got the card. Congrats on the solid SL.

I say hit the garden and in only a few short months you’ll be at that 650+ level that will get you some better offers.

[C_DUBYA]

But remember that even with a higher score my BK halts many of the top tier cards for many years.  Even at 650+ I won't have options like this.  That $110 a year for me may be my only shot at a higher limit card.  As you can see most of my current cards are sub prime and predator lenders.  I plan to drop First Premiere and Indigo shortly after this.  

[C_DUBYA]

Hey Chris

In the over all I agree with that.  But for a recent BK7 and a rebuild I feel its a "fair" start up for a high limit card.  Maybe I'm just gullible?  

[Anonymous]

Since there is no maintenace fee the 1st year you could cancel after 1st year. Maybe your score will be higher enough then to get better cards.

[SouthJamaica]

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@C_DUBYAwrote:

Hello

So I am in a rebuild following up from bankruptcy 7 discharged in September 2017.  Recently I had an offer for Fortiva credit card at $2500.  My highest card besides this was $750 so I really wanted to grab it to help utilization and get some higher balance stuff under my belt.  I searched first and everyone was saying they were bad due to high fees and such.  Some examples of $150+ for annual fee, and other stuff.  But my offer doesnt seem so bad.  Here is what my offer was (I have since chosen it and was approved).  

Credit Line:	$2500.00
Current APR for Purchases:	22.24%
Current APR for Cash Advances:	25.24%
Annual Fee:	$49.00

Annual Fee: $49.00 in the first year and $49.00 in the second year, billed annually.

Account Maintenance Fee:

$60.00 annually (billed at $5.00 per month) This fee is not billed for the first 12 months that your Account is ope

Now the one thing I dont like is the maintenence fee.  But at the same time, being in a rebuild there are somethings I must give in to.  Am I missing something else?  

Thanks

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So long as you're prepared to (a) pay it in full each month so you don't get nailed with the high rate of interest, (b) close it as soon as you can replace it with something better, and (c) pay $60 year in 'maintenance' fees, then go for it. Unless they use the $5 monthly fee as a way of cheating you out of your grace period, in which case I would say skip it.

[C_DUBYA]

Treasure> Exactly.  I figured the $49 annual is fine and with MT being after that first year I figured the exact same thing.  Keep it to show some good handling of a higher limit card, and cancel once I get the attention of better ones.

[C_DUBYA]

Yes I am prepared for all the above.  I dont need a $2500 card as far as available cash, so I will probably just use it for random things and pay immediately.  RIght now across all of my existing cards I am at 8%.  Credit for me right now is just about raising my scores and rebuilding.  

[Anonymous]

Fortiva has always been reasonable in my opinion. Our family holds two open loop cards from them on separate accounts. They have always been fair, reasonable, spot on, clear in the costs.
And have never charged more than what they disclosed.