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Stumbled upon a new credit card called Tomo. Should I get this as my FIRST card?

stonedog23
Frequent Contributor

Re: Tomo Credit Card, no credit check, builds credit

Before I even open the link, the OP's description is contradictory. He says you can't carry a balance, but then says you aren't required to pay your balance. But I wouldn't give Chase, Amex, Citi, etc access to my checking account. 

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Message 41 of 85
Rebuild2022
Super Contributor

Re: Tomo Credit Card, no credit check, builds credit


@Anonymous wrote:

@Rebuild2022 wrote:

Chime is also came out with a credit card. They call it secured card instead of credit card. You transfer part of your funds in your chime account to secured card account and that becomes your limit. It is almost like a secured card but you are not tying up your money in a secured card.


Hmm... interesting. 

"For most secured credit cards, that few hundred dollars of deposit are unavailable to you, the consumer, until you close the account. With Credit Builder, you can use it to pay for monthly charges! Plus, Credit Builder charges 0% APR, $0 in fees, and there’s no large deposit required upfront (You get to choose the amount!)"

 

It sounds like it's still not able to be moved off the card and back to the Chime deposit account but you can pay your charges with it. 

They also say it's a NPSL card. Does it actually report that way because that's huge if the credit limit is only internal. 

 

"Credit Builder doesn’t have a pre-set credit limit. With a typical credit card, using a high percentage of your available credit limit could negatively impact your credit score. You don’t have to worry about that with Credit Builder!"


From what I read it does not effect your credit scores negatively due to NPSL. Difference between Chime Secured card and other secured cards you dont have to lock your money into a security deposit. You can also decide each month how much you want from your chime account to your secured card account that makes it very flexible instead of looking for CLI from a fixed secured card. This feature makes it very convenient. I have applied for Chime Secured Card and I am on a wait list. I should know more details once they send me invite to apply. I beleive I am about 94,000 in the wait list.

Gardening since 08/2020
Message 42 of 85
Wavester64
Valued Contributor

Re: Tomo Credit Card, no credit check, builds credit


@folks19 wrote:

I recently heard of this new card called Tomo Card. It's main idea is that it doesn't "beleive" in credit scores, and does not make a decesion based on your credit score. They don't even do a HP for applying. Instead, you must give them access to your bank account, and they look at your financial situation to make a decesion. You can't carry a balance either. The amount you spend comes out of your bank account automatically. I guess this is like a charge card, but unlike a charge card, you don't actually pay off your balance in full. Instead, they just charge your bank account automatically, so I would say that it's more like a debit card but a few exeptions. First, you aren't charged until the stamement closing date. Second, and more importanlly, it reports your payments to the credit agencies, and it builds credit.

The card isn't avialeble yet, but you can join the waiting list at there website. I'll put a link: https://tomocredit.com/

In order to join the list, you fill out a pre-aproval. The truth is, I think that pre-uproval is a joke because they don't even ask you for your name. You can fill out the pre uproval in less than a minute, and they only ask you for your income and email address. I filled out a few pre-uprovals, each with a different email address and a different income (I tried 0), and I was pre-aproved for 5,000 each time. I think that's what everyone would get. Let me know what you get.


From "Credit Plug" & "Credit Shifu": in order to get 2% CB, you need to get 2 people to be approved via your link and it only lasts for a year. To get it again, you need to get 2 additional people approved. Also they changed their intial format for the CC back in September, I don't recall the specifics. As someone said, a little shaky (was that the word used? I forget LOL) and to me, too many hoops to go thru to get a decent return.





Potential Future Cards
Message 43 of 85
Rebuild2022
Super Contributor

Re: Tomo Credit Card, no credit check, builds credit

I submitted pre-approval for Tomo Card and received $5000 limit. I think many people who applied for pre-approval are automatically getting $5000 pre-approval.

Gardening since 08/2020
Message 44 of 85
folks19
Frequent Contributor

Re: Tomo Credit Card, no credit check, builds credit


@stonedog23 wrote:

Before I even open the link, the OP's description is contradictory. He says you can't carry a balance, but then says you aren't required to pay your balance. But I wouldn't give Chase, Amex, Citi, etc access to my checking account. 


Can't carry a balance because the full balance comes out of you bank account automatically. You don't have to male payments either because your bank account was charged automatically! Makes sense? After all, whi wants to pay twice???

Message 45 of 85
folks19
Frequent Contributor

Re: Tomo Credit Card, no credit check, builds credit


@Rebuild2022 wrote:

Chime is also came out with a credit card. They call it secured card instead of credit card. You transfer part of your funds in your chime account to secured card account and that becomes your limit. It is almost like a secured card but you are not tying up your money in a secured card.


The catch with chime is that it requires a direct deposit in order to apply for the credit card. That  basically means making chime your primary bank account. If it's already your primary bank account, great! Otherwise, keep this in mind!

Message 46 of 85
folks19
Frequent Contributor

Re: Tomo Credit Card, no credit check, builds credit


@Anonymous wrote:

The whole thing still seems sketchy to me. 

https://ficoforums.myfico.com/t5/Credit-Cards/Stumbled-upon-a-new-credit-card-called-Tomo-Should-I-get-this-as/td-p/6036846



@Anonymous wrote:

The whole thing still seems sketchy to me. 

https://ficoforums.myfico.com/t5/Credit-Cards/Stumbled-upon-a-new-credit-card-called-Tomo-Should-I-get-this-as/td-p/6036846


It's very sketchy! I'll give 1 example to show how much Tomo really knows about credit scores:

Tomo's website states the folowing: "With Tomo smart payments we assist you on making payments on-time, everytime. You also have the option to make payment weekly, bi-weekly, or monthly. These incremental on-time payments assist you in building your credit score overtime."

Tomo seems to beleive that making more than 1 payment a month will help your credit score. (For exmple: Instead of paying 100 once a month, you pay 25 4 times.) To my knowledge, that's simplly just not ture! As long as you pay on time, your score would benefite from an on time payment.

 

As a side note, I read somewhere that the founder of tomo is a woman that came from overseas years ago, and she had a hard time building credit in the United States. I think she's doing a good thing by introducing this product even if I don't agree about the idea of credit scores being "old fashion".

Message 47 of 85
Rebuild2022
Super Contributor

Re: Tomo Credit Card, no credit check, builds credit


@folks19 wrote:

@Rebuild2022 wrote:

Chime is also came out with a credit card. They call it secured card instead of credit card. You transfer part of your funds in your chime account to secured card account and that becomes your limit. It is almost like a secured card but you are not tying up your money in a secured card.


The catch with chime is that it requires a direct deposit in order to apply for the credit card. That  basically means making chime your primary bank account. If it's already your primary bank account, great! Otherwise, keep this in mind!


You need to deposit only 20% of your pay or some Dollar amount like $200 or so ( I dont remember the amount) Most of the payroll will allow deposit to be made into two bank accounts. It is, what it is. It is one more option for people trying to build credit.

Gardening since 08/2020
Message 48 of 85
MRBLR
Valued Member

Anyone here have a TOMO credit card and have it reporting to credit bureaus?

Tried to look around but can't seem to find anyone who has this card and confirm that they actually report to credit bureaus..Anyone?



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Message 49 of 85
thornback
Senior Contributor

Re: Anyone here have a TOMO credit card and have it reporting to credit bureaus?

 @Rebuild2022 and @pip3man have it.  I think their posts were the first i'd ever heard of the card and I had to look it up...IIRC, their website said it reports to all 3. 

 

Hopefully they'll respond to this post now that I've tagged them. 

 

Here is the thread - @Rebuild2022 just got the card late January and @pip3man has had it for a couple months (they give a quick review in post #19 but states that, at that point, the card had still not reported to the bureaus).   Reporting could be slow....?

 

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Tomo-Card/td-p/6180690/page/3

 

Hope they can provide some answers for you!

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Message 50 of 85
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