Tomo Card

[Red1Blue]

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.

[pip3man]

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@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.

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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!

[silver_idle]

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.

[Red1Blue]

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@pip3man wrote:

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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!

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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.

[Red1Blue]

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@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.

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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.

[Anonymous]

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!

[Two50NetGCI]

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.

[designated_knitter]

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.

[pip3man]

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.

[Anonymous]

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.