topic Re: Tomo Card CLI Denial in Credit Cards

Tomo Card CLI Denial

IcyCool7227 — Mon, 13 Mar 2023 23:21:29 GMT

I have had this Tomo card since March 24th of last year. So I had 8 missed payments with the last one being on December 4th last year. That weekly payment schedule sucks as it takes money out of accounts where I don't always remember it debits every week unlike a traditional credit card. I always had enough funds but Tomo only analyzes like 2 accounts for sufficient funds then goes into frozen mode until I pay manually to unfreeze it.

I finally had 12 weeks of reliable weekly payments to submit a credit increase and heard back today. It took from Feb. 11th to now to hear back which is ridiculous considering other creditors usually grant a decision immediately. I got this email:

Hi (my name),

After careful review of your Spending Power Increase Request, we regret to inform you that we will be unable to grant you an increase at this time.

As you continue to use your Tomo Card responsibly and pay it off consistently, you may be eligible for an increase at a later date.

You can view your eligibility to request one in the settings menu of your TomoCredit dashboard.

Sincerely,

Support@Tomo

When my credit score is better to apply for a better card, I will MOST definitely be closing this Tomo thing. I really hate it but am only continuing with it until my score is better. I'm stuck at a measly $250 limit. The one good thing I did get approved for a credit increase of $500 from $2500 to 3k with my Amazon Prime Store Card which of course was an instantaneous decision. I don't understand why after 12 weeks of reliable payment history that they denied my credit increase but it's only a matter of time before I'm tossing it for good. Felt good to vent to get the frustration off my mind!

Re: Tomo Card CLI Denial

Jnbmom — Mon, 13 Mar 2023 23:25:00 GMT

Tomo card you have to pay it every 7 days correct ?

If you missed 8 payments why are you surprised they denied a CLI?

Re: Tomo Card CLI Denial

IcyCool7227 — Mon, 13 Mar 2023 23:35:32 GMT

Yes you have to pay it every 7 days. The reviews online that cite after awhile that Tomo goes to a monthly cycle is false. The reason I'm surprised is that after 12 weeks and the additional 4 weeks afterwards of on time payments that they rejected the increase. All those missed payments were from last year so it shouldn't have been a factor into how I'm doing now.

Re: Tomo Card CLI Denial

Jnbmom — Mon, 13 Mar 2023 23:37:48 GMT

@IcyCool7227 wrote:
Yes you have to pay it every 7 days. The reviews online that cite after awhile that Tomo goes to a monthly cycle is false. The reason I'm surprised is that after 12 weeks and the additional 4 weeks afterwards of on time payments that they rejected the increase. All those missed payments were from last year so it shouldn't have been a factor into how I'm doing now.

Those missed payments are considered recent I am sure, you mentioned your last one was Dec 4.

Re: Tomo Card CLI Denial

FireMedic1 — Tue, 14 Mar 2023 13:52:52 GMT

This in a way this falls under EX's Boost type reporting. Isnt worth it. Drop it. Use your cards. Get CB and pay your bills on a monthly basis. So many headaches and weekly stress whats going to be taken out of my account. It will help with billing responsibility.

Re: Tomo Card CLI Denial

SouthJamaica — Tue, 14 Mar 2023 14:54:53 GMT

@IcyCool7227 wrote:
I have had this Tomo card since March 24th of last year. So I had 8 missed payments with the last one being on December 4th last year. That weekly payment schedule sucks as it takes money out of accounts where I don't always remember it debits every week unlike a traditional credit card. I always had enough funds but Tomo only analyzes like 2 accounts for sufficient funds then goes into frozen mode until I pay manually to unfreeze it.

I finally had 12 weeks of reliable weekly payments to submit a credit increase and heard back today. It took from Feb. 11th to now to hear back which is ridiculous considering other creditors usually grant a decision immediately. I got this email:

Hi (my name),

After careful review of your Spending Power Increase Request, we regret to inform you that we will be unable to grant you an increase at this time.

As you continue to use your Tomo Card responsibly and pay it off consistently, you may be eligible for an increase at a later date.

You can view your eligibility to request one in the settings menu of your TomoCredit dashboard.

Sincerely,
Support@Tomo

When my credit score is better to apply for a better card, I will MOST definitely be closing this Tomo thing. I really hate it but am only continuing with it until my score is better. I'm stuck at a measly $250 limit. The one good thing I did get approved for a credit increase of $500 from $2500 to 3k with my Amazon Prime Store Card which of course was an instantaneous decision. I don't understand why after 12 weeks of reliable payment history that they denied my credit increase but it's only a matter of time before I'm tossing it for good. Felt good to vent to get the frustration off my mind!

I believe you should ask a moderator to move this thread to "Credit Cards".

I think you should close this Tomo account before it does any more damage.

Re: Tomo Card CLI Denial

IcyCool7227 — Tue, 14 Mar 2023 14:57:04 GMT

CB? Meaning cashback?

Re: Tomo Card CLI Denial

ptatohed — Tue, 14 Mar 2023 21:56:14 GMT

https://tomocredit.com/

NEVER MISS A PAYMENT

Build your credit the smart way.

Not only does Tomo report to all 3 major credit bureaus but we are the first card to offer expedited weekly payments. Always pay on time and watch your credit score grow!

Re: Tomo Card CLI Denial

OmarGB9 — Wed, 15 Mar 2023 02:50:46 GMT

@Jnbmom wrote:
@IcyCool7227 wrote:
Yes you have to pay it every 7 days. The reviews online that cite after awhile that Tomo goes to a monthly cycle is false. The reason I'm surprised is that after 12 weeks and the additional 4 weeks afterwards of on time payments that they rejected the increase. All those missed payments were from last year so it shouldn't have been a factor into how I'm doing now.
Those missed payments are considered recent I am sure, you mentioned your last one was Dec 4.

This. 8 missed weekly payments. Definitely not going to be rewarded with a CLI after that.

Re: Tomo Card CLI Denial

Lou-natic — Wed, 15 Mar 2023 14:27:08 GMT

@FireMedic1 wrote:
This in a way this falls under EX's Boost type reporting. Isnt worth it. Drop it. Use your cards. Get CB and pay your bills on a monthly basis. So many headaches and weekly stress whats going to be taken out of my account. It will help with billing responsibility.

And here I am paying all my credit cards off weekly on purpose...Means I never have "extra money" that I can decide to spend frivolously.

Honestly to me it seems like a better way to do it. Accounting is much easier for me anyway.

I don't know OP's situation but it seems to me like he still has a habit of thinking of the charge card as "extra money" when that is exactly the trap that gets people in trouble. I'm not surprised he wasn't granted a CLI and honestly don't know why he is either. 3 months of being a "good boy" is nothing in the credit world where it takes 7 years (or more) for derogatory accounts to fall off.

Re: Tomo Card CLI Denial

sznthescore — Wed, 15 Mar 2023 14:34:41 GMT

Good valid point @Lou-natic Its a charge card with a week grace period. What's the point in CLI if you can't handle the lower spending power. 🤔🧐

Re: Tomo Card CLI Denial

Chazzay12 — Wed, 15 Mar 2023 16:39:14 GMT

@FireMedic1 wrote:
This in a way this falls under EX's Boost type reporting. Isnt worth it. Drop it. Use your cards. Get CB and pay your bills on a monthly basis. So many headaches and weekly stress whats going to be taken out of my account. It will help with billing responsibility.

I agree with @FireMedic1

I'd consider dropping this account and if you need something to build credit consider looking at cap1 cards or a secured card. Discover has one that typically graduates around 7 months.

Re: Tomo Card CLI Denial

Larrypatty — Wed, 15 Mar 2023 23:23:42 GMT

They only report to transunion for me. 3k limit shows as 0 on my credit report. They sent me an email in December saying they were going to close it if I didn't use it. So used it for a coffee. Pretty useless card. Might as well get a credit card unless you like the weekly payments.

I think they say it can go to monthly payments after a while? Not sure dont use it.

Re: Tomo Card CLI Denial

captainsensation — Fri, 17 Mar 2023 15:40:17 GMT

I liked it back when my credit was worse. It was something i could get that didnt do a pull and was unsecured. What happened to the OP happened to me and mine went from 250 to 500 and i am due for another increase soon but it is something i stick a monthly bill on and it stays in my sock drawer. I am collecting the points off it and paying it back with that. Pretty useless card but im getting payment history off it.