Tomo Card

[Red1Blue]

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?

[Remedios]

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

[Red1Blue]

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@Remedios wrote:

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

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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.

[learningtheropesofcredit]

"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.

[Red1Blue]

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@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.

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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.

[AllZero]

Congratulations on your approval!

[daveg38]

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.

[gdale6]

Grats on the Tomo approval

[CreditAggie]

Congratulations on your Tomo approval!

[cashorcharge]

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!