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New credit card company with NO credit checks!!

Rebuild2022
Super Contributor

Re: New credit card company with NO credit checks!!

Will they be reporting the payment History to CRAs ? If so how are they going it the Credit report with Credit Bureaus ?

Gardening since 08/2020
Message 11 of 14
user1054596
Regular Contributor

Re: New credit card company with NO credit checks!!


@Brian_Earl_Spilner wrote:

Isn't it basically a bank account?

 

EDIT: nevermind, I was thinking of a different card. This one is a debit charge card.

 

https://tomocredit.com/


Tomo is a poor man's American Express, basically. LOL

Message 12 of 14
OmarGB9
Community Leader
Super Contributor

Re: New credit card company with NO credit checks!!

Sounds sketchy to me. I wouldn't be comfortable with some new company having continuous login credentials to my bank account. No thanks. Smiley Indifferent


Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 13 of 14
jason_l
Valued Member

Re: New credit card company with NO credit checks!!

They use a 3rd party for accessing your accounts (Plaid - it's one of the  popular ones among fintechs). Companies that use Plaid don't ever get your credentials or data directly. It all comes via Plaid.

 

I work for a fintech myself (small business loans), so the tech didn't concern me and i gave this a try. The preapproval is bogus - all it really asked was your monthly income and bank account balances. Then it tells you are approved "up to $___",  but that there's a 4-8 week wait "to manually process your application".  It sounds to me like they are still not actually live, but nothing on their website seemed to indicate this is actually still just a waiting list - which rubbed me the wrong way. 

Message 14 of 14
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