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

Rebuild2022
Super Contributor

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


@pip3man wrote:

It's an actual requirement of the card as well as the T&C. You are required to make weekly payments either in 25%, 50%, 75% or 100% of your total balance. The account is set up with weekly autopay by default so you can't even cancel or have any control over when it triggers. Even your bank accounts that you provide as part of the account opening process, you have no ability to delete or unlink them afterwards. IMO, the only positive about the card is the fact they don't pull credit and you get 1% cash back which is pretty standard these days.

To be honest I have no idea how the weekly payment auto pay works. Though it is setup for auto pay they never took money out of my account. Also the 25/50/100 % payment feature does not work either. Every week it shows the amount due as the outstanding balance. I pay have been paying it manually every week. As you said this is a card does not pull report for approval / does not report to Credit Bureaus and 1% cash back which is better than many low end cards does not give any rewards and also charge hefty AF.. It is more like a hidden tradeline with small credit line with no AF. I guess it does not hurt to keep the card around as a back up card. The only thing bothers me is $500 credit limit which is very low. Again. it is a hidden trade line and does not effect the score.

Gardening since 08/2020
Message 61 of 85
ComeBackLady
Established Contributor

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

Thanks for asking b/c I think I qualified but wasn't sure about them. They were cited in some easy/ier to get cards or something. Maybe it was pre-qualify list... 😁🙏🏻

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


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Message 62 of 85
ComeBackLady
Established Contributor

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


@pip3man wrote:

I've had this card since Nov 2020 and can confirm that as of today Feb 2021, it still hasn't been reported to any of the 3 bureaus. At this point, I rather it not reporting cos my limit is a measly $500 and I hate that the card requires weekly payments (I get paid bi-weekly). Also if u need to contact customer service for anything, it has to be done via email. I think that was the last straw for me...


Thank you! That clinches it. No reporting = No Joy for me. Won't bother. 🙏🏻

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


Bank and Credit Union Memberships:

Take the myFICO Fitness Challenge

Message 63 of 85
MRBLR
Valued Member

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

Interesting enough finally got this alert on my Equifax report this morning. Looks like they may start reporting after all. 
0E2EBC7C-AD8B-4ABC-A6FE-FB9F04A2C10A.jpeg

 



Apple Card | CL $5,750MLife Mastercard | CL $12,250Barclaycard | CL $2,000Neiman Marcus | CL $3,000Discover | CL $1,200Home Depot | CL $500Paypal | CL $300Target | CL $200Nordstrom | CL $1,500Credit One | CL $1,000Walmart | CL $300Mission Lane | CL $600Venmo | CL $250

Message 64 of 85
Rebuild2022
Super Contributor

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


@MRBLR wrote:

Interesting enough finally got this alert on my Equifax report this morning. Looks like they may start reporting after all. 

 


Good. Looks like they finally figured out how to report to CRAs. I am not checking my EQ regularly. I'll check one of these days and see if they are reporting my card. Also I wonder if they are going to start reporting on other TU and EX also soon. Keep us updated. 

Gardening since 08/2020
Message 65 of 85
waqaszm1
Regular Contributor

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

Not a bad option for those rebuilding credit. More of a charge card from the frequency of payments required inititally. A friend who has it is very happy with it and she says it reports to Equifax monthly. Will check on other details. 

Message 66 of 85
waqaszm1
Regular Contributor

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

It is reporting to Equifax for a friend who has the card. Been reporting since December. 

Message 67 of 85
pip3man
Valued Contributor

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

So as of today, my card finally started reporting on EQ. Knocked off 1 point due to being a new account. We'll see if it eventually reports to the other 2. I'm kinda bummed.

Macy's AMEX $47,000| Citi $13,000| CapOne $18,000| Chase $25,000| SYNCB $53,000| Fidelity $7800| Discover $3,000| NASA FCU $3,500| BestBuy $6,100| Barclay $4,400| TD Bank $1,000|

Starting Score: 490
Current Score: EQ 728 (681 as of 07/30/14) EX 721 TU 735 (669 as of 07/30/14)
Goal Score: 780

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Message 68 of 85
MrNeo
Contributor

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

Mine has finally started reporting, as of today.

Message 69 of 85
NCSouthernBelle
Established Member

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


@MrNeo wrote:

Mine has finally started reporting, as of today.


When did you apply/receive?

Message 70 of 85
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