topic Re: Tomo Card in Credit Card Approvals

Tomo Card

Red1Blue — Mon, 09 Nov 2020 19:06:34 GMT

Did any one have Tomo Card? Few months I entered into their wait list and today I got an email my application is ready. I went online and applied for it. They said it is approved for $500 limit and I should have the card in 7 days. I froze all 3 Credit Reports. I guess they must have given approval based on my Bank accounts. My concern is would it report as a new credit card on my Credit Reports? I am hoping to add no new accounts to reports until August 2021 and let my reports age and all new accounts turn 1 year old. I regret falling for the email and apping for this card. I am not sure how this new Tomo card / account is going to report to my credit reports. Any ideas?

Re: Tomo Card

Remedios — Mon, 09 Nov 2020 19:10:29 GMT

It is a new account, and if they are reporting, it can only be reported with accurate opening info.

Re: Tomo Card

Red1Blue — Mon, 09 Nov 2020 19:18:21 GMT

@Remedios wrote:
It is a new account, and if they are reporting, it can only be reported with accurate opening info.

It is too bad. I am not looking to add a new account to my report and wait till August 2021. That is why I froze all 3 Credit Reports. I guess they can approve with out credit check but they will report the new account. I wonder if they report the new account to all 3 credit bureaus. If they report then I guess I have to suck it up and live with this new account on my reports.

Re: Tomo Card

learningtheropesofcredit — Mon, 09 Nov 2020 19:42:56 GMT

"Build your credit the smart way.
Not only does Tomo report to all 3 major credit bureaus but we are first card to offer expedited autopay including weekly, bi-weekly, and monthly payments. Always pay on time and watch your credit score grow!"

They do report to all three credit bureaus.

You can have your credit frozen, as they never do hard pulls:

"The credit card of tomorrow.
We will never pull your credit. Get pre-approved today to see if you're eligible"

Sorry.

Re: Tomo Card

Red1Blue — Mon, 09 Nov 2020 19:48:39 GMT

@learningtheropesofcredit wrote:
"Build your credit the smart way.
Not only does Tomo report to all 3 major credit bureaus but we are first card to offer expedited autopay including weekly, bi-weekly, and monthly payments. Always pay on time and watch your credit score grow!"

They do report to all three credit bureaus.

You can have your credit frozen, as they never do hard pulls:

"The credit card of tomorrow.
We will never pull your credit. Get pre-approved today to see if you're eligible"

Sorry.

Thanks. That is okay. I'll live with this card for now. New account might ding my scores a little but scores will bounce back in due time. To be honest, I should have waited for X1 card to arrive and then get it. X1 seems to be much different in their offering and initial credit limit, Metal Card and several other things. We will see. My Tomo should arrive in 7 days and I'll put some activity on it and let it age.

Re: Tomo Card

AllZero — Mon, 09 Nov 2020 20:56:19 GMT

Congratulations on your approval!

Re: Tomo Card

daveg38 — Mon, 09 Nov 2020 21:30:02 GMT

A few things to know before using the Tomo Card:

You CANNOT carry a balance.
Your credit limit seems to be around 37-40% of your bank balance + monthly income.
Credit limit increases are granted by virtue of on-time payments, or by linking more bank accounts.
For those thinking about applying: If you were to apply and are rejected, you cannot apply again. Ever.

The fact there is no interest or fees makes this attractive for those who have decent bank accounts at all times.

Re: Tomo Card

gdale6 — Mon, 09 Nov 2020 22:29:45 GMT

Grats on the Tomo approval

Re: Tomo Card

CreditAggie — Mon, 09 Nov 2020 23:03:59 GMT

Congratulations on your Tomo approval!

Re: Tomo Card

cashorcharge — Tue, 10 Nov 2020 01:05:39 GMT

I've never heard of it and while that may be, I can't think that they would NOT report to the 3 bureaus

Congratulations on your approval!

Received my Tomo Card in the Mail today

Red1Blue — Wed, 18 Nov 2020 14:45:09 GMT

Received my Tomo Card in the mail today. Not sure why I applied and got it. Going to put small activity on the card and sock drawer it. I froze all 3 credit reports until August 2021 and hoping to gain some scores. This new account is going to extend that 1 year mark to November 2021. It is okay I can wait til November 2021 to unfreeze my Reports.

Re: Received my Tomo Card in the Mail today

pip3man — Fri, 20 Nov 2020 22:49:32 GMT

@Red1Blue wrote:
Received my Tomo Card in the mail today. Not sure why I applied and got it. Going to put small activity on the card and sock drawer it. I froze all 3 credit reports until August 2021 and hoping to gain some scores. This new account is going to extend that 1 year mark to November 2021. It is okay I can wait til November 2021 to unfreeze my Reports.

I was just approved for this card today for only $500 although when I added my bank accounts the slider showed $1000+. Not sure why the approval amount is low when the aggregate available balances across my deposit accounts is $21k and income $75k. They didn't consider my other brokerage accounts unfortunately... when I login online it says I can get a CLI after 1 month of on time payment. Is that also true for you? Is the card actually green or black in color and/or metal? How has ur experience with it been so far? Congrats on your approval!

Re: Tomo Card

silver_idle — Fri, 20 Nov 2020 23:31:58 GMT

Congrats! After looking at tomo site and reading on it, I do feel it is a good concept but its pretty much a charge card that depends solely on your bank balance and income. I've seen another company called Zero, which does the same thing but only that you have to have a balance in their account to match your credit limit, although with Zero you can carry a balance (not sure if things changed since I read on them last year), but its not recommended. While it may help the those who are building or rebuilding and dont qualify for regular credit cards (even charge cards from AMEX), it doesnt look all that attractive and makes one wonder their policies on the data that is collected and used because there is a high chance that data will be sold.

Re: Received my Tomo Card in the Mail today

Red1Blue — Sat, 21 Nov 2020 18:54:40 GMT

@pip3man wrote:
I was just approved for this card today for only $500 although when I added my bank accounts the slider showed $1000+. Not sure why the approval amount is low when the aggregate available balances across my deposit accounts is $21k and income $75k. They didn't consider my other brokerage accounts unfortunately... when I login online it says I can get a CLI after 1 month of on time payment. Is that also true for you? Is the card actually green or black in color and/or metal? How has ur experience with it been so far? Congrats on your approval!

To be honest, I have no idea about this card. I just got the card about a week ago and I do not have sufficient experience in using this card or to make a comment. They gave me $500 Limit and I understand we can ask for CLI after 30 days. I have no desire to use or ask CLI for this card. I am going to sock drawer the card and put small charges here and there. There is nothing special about this card. It is not Metal. Just plastic. It is probably a good for card for people with no credit or establishing credit. In my case it is just an extra card that I dont need with that low limit, charge card that is due to be paid in full every month. I have other cards that I am going to stick with them for now.

Re: Tomo Card

Red1Blue — Sat, 21 Nov 2020 18:57:24 GMT

@silver_idle wrote:
Congrats! After looking at tomo site and reading on it, I do feel it is a good concept but its pretty much a charge card that depends solely on your bank balance and income. I've seen another company called Zero, which does the same thing but only that you have to have a balance in their account to match your credit limit, although with Zero you can carry a balance (not sure if things changed since I read on them last year), but its not recommended. While it may help the those who are building or rebuilding and dont qualify for regular credit cards (even charge cards from AMEX), it doesnt look all that attractive and makes one wonder their policies on the data that is collected and used because there is a high chance that data will be sold.

Hi @silver_idle I just received the card last week and I do not have enough experience with it yet. From the looks of it there is nothing special about this card and I am not sure why I got this card. Small limit and need to paid in full every month. Nothing special about the rewards. I do not know if they are offering any product purchase guarantee, car insurance and other benefits we get when we are using other credit cards. Let us see. I am going to sock drawer the card and put a small charge on it hear and there to keep it alive.

Re: Tomo Card

Anonymous — Sun, 03 Jan 2021 21:41:09 GMT

I am very please with the TomoCredit Card. I've been using it as a debit card for about a month now. I was approved for $4,000 unsecured. Whoever thought of using your job and banking history for approval is a genius. Thank you!

Re: Tomo Card

Two50NetGCI — Fri, 29 Jan 2021 03:21:03 GMT

Interesting. When I was waitlisted the pre-approval was for $5k but when the app showed up the application said that the limit would be between $500-$1,000. I didn't bother moving forward. The first offer was more in alignment with my income so it is odd that they came back with anything lower than that if that is really how they calculate it.

Re: Tomo Card

designated_knitter — Fri, 29 Jan 2021 07:44:47 GMT

I put myself on the waitlist... a couple days ago, I was "pre-aproved" for 5k.

Whem I filled out the actual application and linked all my bank accounts, they showed a whopping 250.00 CL.

I exited out of the app and delinked my bank accounts... and am changing my passwords just to be on the safe side.

Re: Tomo Card

pip3man — Fri, 29 Jan 2021 14:40:26 GMT

So here's my review of this card after having it for 2 months plus. First, minimum payments of 25% of your current balance is required every week which is stupid at best because majority of American households gets paid bi-weekly. Secondly, you can't speak to a live person if you need to contact customer service so you need to send out an email for all your inquiries and simple account maintenance. Just inconvenient at best! Thirdly, they occasionally send out these promos to use the card to make a purchase and get a $5 credit which they never ever fulfill. Finally, it's almost 3 months now and the account has not been reported to any of the bureaus which leads me to believe it may be a hidden tradeline.

Re: Tomo Card

Anonymous — Mon, 01 Feb 2021 04:46:44 GMT

TOMO is a bait & switch/ripoff fintech concoction.

I knew they were full of it when after several months of giving me the runaround about why my card hadn't been processed yet, i finally asked point blank if they were a scam.

They stoppled replying to my subsequent emails.

Word to the wise: pre-approval of $5K sounds to good to be true. It really is.