Category: Uncategorized

  • The Waitlist, Some Changes, and What’s Next: An Update From Tomo

    This pandemic has no doubt been hectic for everybody. With millions of Americans losing their jobs, millions unemployed, and millions infected, millions of us are growing more and more frustrated. When the shelter-in-place orders began back in March, like most of you, we were worried about what the future would hold for us. As most of you know, working remotely presents its challenges. But we are reorganizing and getting back on track. We just wanted to take the time to write this to let you know that…

    We Hear You

    We have received countless inquiries about the Tomo waitlist and rightfully so. An overwhelming amount of you have been waiting for your card for months at this point, and we understand your frustration. As of now, we have over 100,000 people on the waitlist. Due to some changes related to the pandemic, we currently process all of our pre-approvals manually. The moment they are processed, we send out invites in waves and, thankfully, we will be sending out an increasing number of waves in the coming months. We recommend that over the course of these next few months that you keep an eye out for your invite. If you don’t receive an invite by then, please reach out to us. We are in the process of reorganizing our customer support and will be adequately prepared to answer any questions you may have for us moving forward. However, due to the volume of applications we have received, please keep in mind that we will be prioritizing the questions of current cardholders first.

    We know that sounds like a long time, but it will be worth it. Trust us. We have big plans for the future here at Tomo!

    What’s Changing

    Since the pandemic provided some unpredictable challenges, our credit card has had to make some fundamental readjustments. With a heavy heart, we must eliminate the Tomo Credit Card “2 for 2” cash back referral perk. We hope to be able to deliver you other more unique and personalized rewards in place of the “2 for 2” referral program, and we intend to work with merchants in order to create a user experience that you’d expect from “the credit card of tomorrow”. Don’t worry, you will still receive 1% cashback on all purchases and we will continue to offer you a history-free credit card with flexible limits and no hidden fees. Our goal here at Tomo has always been to help our members establish the financial security they deserve, not to profit off of their financial insecurity like the big banks do. For those of you that have referred members to tomo, fear not, as our new referral program will be released in the near future and you will still be awarded for those referrals.

    We can also offer one other awesome perk to you should you meet the requirements, and that’s up to 20% cashback. Yeah, you read the right. 20%. If 20% cashback is what you desire and you think you’re qualified, we encourage you to apply to become a Tomo ambassador! As ambassador, you will promote the Tomo card and encourage your community to sign up for one via a personalized referral code. For each person you refer that gets approved, you will receive an additional 1% cash back, with a maximum cap of 20%. That means that if you get 20 people to sign up, you’ll get that sweet 20%. Keep in mind though that the ambassador cashback bonus is valid for 3 months from the time each of your referrals is approved. Think you can do it? Apply to become an ambassador here!

    What’s in Store

    We cannot thank our members enough for their overwhelming support. Tomo has always believed that you are worth more than an arbitrary credit score. We have always been dedicated to helping our members build credit and save money, and, moving forward, we hope to win back your trust. As we proceed, we will be making adjustments to our card in order to better cater to our members’ needs.

    But first things first: I think that we can all agree that this year has just got to end already. When the pandemic begins to slow down, we promise to speed things up, and to be more prepared than ever to provide you with the experience you deserve from the credit card of tomorrow.

  • Voting for Your Finance

    This year’s presidential election has become a hot topic, and how you vote will undoubtedly have a tremendous impact on not only the entire nation, but also you and your personal finances. Let’s talk about where Biden and Trump stand when it comes to finances.

    Tax Policy

    No one likes to pay taxes and politicians are always arguing over tax policies. Biden and Trump are no different. In 2017, a bill called the Tax Cut and Jobs Act (TCJA) was passed by under the Trump administration. This bill essentially cut down tax rates for individuals and corporations all around. Biden plans to repeal some of the effects of TCJA and raise taxes on corporations and high income individuals who make more than $400,000 a year. All other income brackets would remain untouched from the changes made by TCJA. Trump plans to make the effects of TCJA (which are set to expire in 2025) become permanent as part of his tax policy. He has also mentioned lowering taxes for the middle class, but has provided no details yet.

    Coronavirus Stimulus Package

    Back in March, Congress passed the CARES Act, which provided economic assistance to all eligible Americans. Many Americans depended on the stimulus checks provided by the CARES act and have been waiting for a second round for months at this point. Both presidential candidates discussed their stance on how they will handle the second round of stimulus checks. Biden has stated that if he wins the election, he will provide Americans with another $1,200 check. Trump had originally stated that he had instructed his representatives to completely halt all talks of a new stimulus bill, though shortly after, within a week’s time, started pushing for a new stimulus to be passed. Congress is currently working out the conditions of this new stimulus bill, although the likelihood of it passing before November 4th is incredibly slim.

    Minimum Wage Increase

    Federal minimum wage has remained at $7.25 and has not changed since 2009. Many Americans argue that the economy has changed since then and that the minimum wage needs to be adjusted for inflation in order to reflect that change. In July 2019, House Democrats tried to pass a bill that would gradually increase the federal minimum wage to $15 by 2025, but Senator Mitch McConnell, the majority leader of the Senate, said he would not be taking up the bill in the Senate. Since then, the bill has remained in limbo. Biden, however, has openly supported raising the minimum wage to $15. As of the most recent debate, Trump has stated that while he would consider raising the federal minimum wage to $15, he prefers to leave that matter up to the states.

    Student Loan Debts

    As of 2020, student loan debt has increased to an alarming amount of $1.6 trillion. The topic of student loans could potentially draw the attention of young voters, who have been historically known to have low voter turnout rates, but have the ability to sway the election from one side to the other. Biden states that, should he be elected president, he will forgive $10,000 every year for up to five years to those who earn less than $125,000 a year. That means up to $50,000 will be canceled for those in debt. Trump has not made any clear statement on where he stands with student loan forgiveness. However, in response to the COVID-19 pandemic, he has halted federal student loan payments until next year.

    Getting Involved

    There is so much more at stake in the upcoming elections on November 3. Exercise your right as an American citizen and let your voice be heard by voting in the elections this year. Election Day is on Tuesday, November 3. While there are several options to submit your ballot, voting by mail is, by far, the safest option during the pandemic. For those who plan to vote by mail, your ballot must be postmarked by election day. States can have varying requirements, so make sure to read your state’s guidelines carefully! If you prefer to vote in person, check where your local voting centers are beforehand and make necessary preparations to vote while abiding by coronavirus safety regulations. If you are unable to vote, there are other ways to get involved, such as, encouraging others to vote and advocating for issues important to you. So, get out there and let your voice be heard!

  • Time is Money, and Money is Time

    Time management is something we could all get better at, let’s be honest. Whether it be on the job, in school, or even in your personal life, effective time management has significant benefits. Time management helps you accomplish more tasks quickly and leaves you stress free. There are many different ways to go about managing your time and tools to help you get started, making this much easier. The downside of this is that it can sometimes feel like there are too many different apps out there. Luckily, there are only a few you actually need to tackle time management head on.

    Download a Calendar App

    One of the most important tools, if not the most important, you can use is a calendar app. A good calendar app will allow you to use it with several devices including your mobile phone and computer. This way, you will always have your calendar right at your fingertips and be able to quickly add something without giving it a second thought or wasting a second of your time. An app likse Google Calendar can not only sync any changes made from multiple devices, but can remind you of upcoming events, allow you to share events with friends, or create a Google Meet call with the touch of a button. These help you to do more and be more connected, especially via Google Meet (a major selling point when working from home or socially distancing).

    Make a To-Do List

    Another classic time management tool is a to-do list. Although pretty old-fashioned, this tried and true method holds you accountable for all you need to accomplish on any given day. The key to success is not falling behind and setting realistic goals. No, you probably can’t get everything you need to get done before November in the next 3 days, but you can certainly get everything you need done today ahead of time and set yourself up for success. If you end up falling short of your goal, don’t give up. Instead, restructure your list so it’s a bit more realistic and try again tomorrow. By keeping your daily to-do lists short enough to be achievable, you will not only be on track to complete everything you need to get done ahead of time, but you might even end up having fun doing it and want to knock some things off tomorrow’s list as well. Don’t believe it? Try it yourself!

    Clean Out Your Inbox

    Lastly, take the time to clean out your email inbox. It’s not fun, but by unsubscribing to all the emails you no longer wish to receive and deleting old ones, you’ll find yourself spending much less time sifting through your entire inbox of 11,479 unread emails. As an added bonus, you won’t miss any important events or news you might need to attend to.

    Benefits

    These methods can help you get more tasks accomplished faster. As if that wasn’t good enough, you’ll soon find yourself having more free time on your hands after getting things done ahead of time. Say goodbye to the stress of having too many things to do and not enough time. You’ll no longer need to bear the weight of knowing you should have done more today or that you’ll have to pick up the slack tomorrow.

    The benefits of good time management are linked to financial health — often overlooked but necessary to achieving the things you want faster. Both time and money are necessary commodities that will enhance your life when managed mindfully. With good financial health, you will be better positioned to achieve more of what you want in life.. For example, you’ll be eligible for better mortgages, auto loans, and many other things! These will all save you a ton of money over the course of your lifetime. By continually saving, you’ll save yourself the worry of being unable to tap into your emergency fund should a major crisis come your way.

  • Debunking Myths: The relationship between student loans and credit score

    For many college students, student loans are a major component in helping to afford college. Life after college can be especially confusing when having to manage both student loans and personal finances. For some, it is the first time they have to deal with things like budgeting and making student loan payments. Many schools also do not teach financial literacy, leading there to be several common misconceptions regarding student loans and credit score. So, how does student loan affect credit score?

    Many believe that there may be a good or bad association between student loans and credit score, or that there is no relationship at all. But in reality, student loans can affect your credit score both negatively and positively.

    How to avoid student loans from hurting your credit score

    There are five components that make up your credit score: amounts owed, new credit, payment history, credit mix, and length of credit history. Student loans affect payment history, credit mix, and length of credit history.

    Keeping up with monthly payments is key. Payment history makes up 35% of your credit score. While forgetfulness does occur, missing continuous payments will be detrimental to your payment history. Payments that are overdue should be taken care of immediately. The more overdue your payment is, the larger the consequence that you will face. You may end up going into default as a result. For federal student loans, this occurs after 270 days of not making the payment, and for private student loans this occurs after three months. Your credit score will drop when your lender reports the late payment to one or all of the three major credit bureaus.

    Remember to borrow mindfully. Applying for new loans can hurt your credit score, especially if you have several loans, do not have a long credit history, or student loans are your only form of credit.

    If you are forgetful, it may be helpful to schedule reminders on your calendar or set up autopay. If you cannot pay your student loans, try asking your lender to pause or lower your monthly student loan payments as soon as possible.

    How credit can benefit your credit score

    Conversely, making payments on time will improve your payment history, and therefore benefit your credit score. Presumably, if you have student loans, you will be repaying it within several years. The amount of time taken to repay your student loans affects your length of credit history. Having a history of making regular payments will present you as a reliable borrower to lenders. Student loans also help to diversify your credit mix, increasing your credit score.

    If you have student loans, it is important to stay informed about their effects on credit score. How student loans affect your credit score will depend on how you manage your student loans. Making sure to stay organized and on top of your payments will lead you to a better credit score. Having a good credit score is vital to your financial health. You will receive many benefits from a good credit score including low interest rates on credit cards and loans, a higher chance for loan approvals, and much more. If you would like to improve your credit score, consider applying to Tomo. No credit history required, no interests or fees, and your credit will never be pulled.

  • Things I Wish I Knew About Finance In College

    When I was 4 years old, I remember thinking, “I can’t wait to be an adult!” Then, when I entered my first year of college, I had to be an adult and I had no idea how. Adulting is hard, I get it. A big part of adulting is learning and growing from your mistakes, and a big mistake that most people make in college is not learning how to manage their money. Personal finance isn’t something they teach you in high school, so don’t feel bad about not knowing anything! Here are some things I wish I knew about finance in college, so that you don’t have to repeat my mistakes!

    Don’t spend more than you can afford.

    I was fortunate enough to have my parents pay for my expenses in high school. I didn’t see the money leave my bank account so it didn’t occur to me that I might have been spending a lot. When I started college, I started paying for my own expenses and it hit me how bad my spending habits were. I ended up spending without taking note of how much I was spending, because I was so used to just buying things without a care in the world. After I started noting my spending habits, I ended up saving a lot of money and only bought things I needed. Make sure you only buy things that you can afford and always take note of how much you spend so you don’t get any surprises at the end of the month!

    Put some money into savings.

    It’s tempting to spend all of your money because with more money you can buy more things! However, that only gives you temporary satisfaction. Putting your money into a savings account is an investment into your future. You never know if you might run into a tough financial situation in the future. If you start by saving five dollars a day, that can add up almost $2000 in a year! This can also help when paying off student debt in the future. When you put money into a savings account, you also earn interest! Consider looking at a high-yield savings account since it has a higher interest rate than a regular savings account.

    Take out loans wisely.

    Student loans may seem like free money since you don’t have to pay it back immediately. Some students might end up using this money for non-school related expenses. It’s important that you manage your loans wisely so that you don’t end up with a huge debt at the end of it all. Learn about the different types of loans your school offers. It’s typically recommended to take out subsidized loans first whenever possible before considering unsubsidized (private) loans. The government will pay for the interest on subsidized loans while you are still in school, but unsubsidized loans will start accruing interest the day you take it out. When it comes time to pay off your loans, make sure to start with the loan with the highest interest.

    Turn your hobby into money.

    You can make money out of doing just about anything! With the help of the internet, it’s become even more simple to sell your services. If you’re interested in photography, consider offering your services for graduation photos! For those into arts and crafts, you can sell your work using different platforms, like Instagram or Etsy. I even knew someone who was cutting hair in their apartment! Not only can you make money, but you can also add these experiences onto your resume or portfolio. Get creative and almost anything can earn you a stream of income.

    Understand how credit works.

    You hear it all the time, but everyone really does need credit. Having a good credit history will help when buying things like a car or a house. Your credit score basically tells the banks how trustworthy you are with money. Getting your first credit card to start building credit might not be easy. Credit card companies look at your credit before deciding if they can trust you with a credit card. Luckily, there are some great options for students. Students can become an authorized user of their parent’s credit cards. If students want their own card, they can consider a student card. Student credit cards consider the fact that you may not have a credit score and are geared towards college students. Another great option is TomoCredit. The Tomo card is great for college students and international students who don’t have a credit score. There are no interest fees and Tomo will never do a credit pull, which means it won’t lower your credit score in any way! It’s important to start early, because the longer your credit history, the better!

  • Budgeting for a Healthy Lifestyle

    Health and wellness are notoriously expensive. Gym memberships, personal trainers, organic foods, dairy alternatives and more come with a hefty price tag. It’s common to think that choosing to live a healthy lifestyle is a trade-off for more spending — but what if it doesn’t have to be so expensive?

    Making smart financial decisions can help you incorporate healthier choices and improve your overall quality of life. Here are some ways to save money and take care of your body at the same time:

    Consider alternatives to the gym

    Use the natural gym and replace the treadmill with a park trail or a school track field. You can also download running apps on your phone to track your exact distance and time. Hiking is another challenging yet rewarding cardio exercise. Explore the natural beauty in your area with your nearest trail or state parks and get in those steps at the same time.

    Looking for strength training? Avoid the costly gym membership and instead invest in personal workout tools like resistance bands, which can replace weights and intensify your workouts. You can even use common items in your home like towels or heavy items like textbooks to replace dumbbells.

    Thousands of workout routines posted by professional trainers are also available online for free, at a comparable quality to those you would get in a pricey gym class. You can choose whichever exercise you enjoy the most, whether that be yoga, HIIT, pilates, or even dance-incorporated workouts.

    Plan Your Meals

    Walking into the grocery store with no plan and a hungry stomach will leave you walking out with the longest receipts. Instead, plan your meals and list the ingredients beforehand, thinking about which ones you already have and which ones you will need to purchase. By creating a hard grocery list, you will be less likely to plod through the aisles and thus less enticed to impulsively reach for unhealthy foods. Instead, you can walk in and focus on looking for the specific ingredients you want.

    Prioritize Mental Wellness

    Living a healthy lifestyle also means cultivating a healthy mind. Luckily, many self-care activities can be done at no cost, and by incorporating small yet impactful habits into your daily life. Sticking to a fixed sleep schedule, regularly taking breaks, and taking a walk outside are all simple activities that can help you maintain your mental health.

    You can also try meditating with the guidance of apps like Smiling Mind and Calm. These simple breathing exercises will let you reduce any tension or stress you’ve built up from a long day at work, help control your thoughts, and improve focus.

    Start Financial Autonomy Early On

    Besides money-saving methods, budgeting for a healthy lifestyle also entails a smart-spending tool that will save financial stress in the future by choosing a credit card that cares about your financial growth. Cards like Tomo that take no fee and no interest, while offering cash back will help you avoid unnecessary spendings and make sure you can use that money instead to invest in a healthier lifestyle.

    In addition, beginning your credit history early is instrumental for buying an apartment or car, and getting a loan. A low credit score will prevent you from your choices in auto and mortgage loans, which will also ask you to pay higher interest rates. Avoid the financial stress and live comfortably with a strong credit history.

  • Money Saving Habits for College Students

    This school year is unlike any other. For both continuing students and freshmen, the college experience is fundamentally changed and provides new and unique challenges on top of the constant existential dread of just being a student. However, may we find reassurance in the constants of college life, such as the fact that college students are always trying to find new and innovative ways to save a dollar or two. Here are some money saving tips and habits to keep in mind as you navigate the upcoming academic year.

    Rent your textbooks

    Buying the required textbooks for all your classes every semester adds up quickly. Let’s be honest, does that 600 page Intro to Physics textbook have much practical use when classes are over besides serving as a very expensive paperweight? Know how to get your work done without having to drop cash on textbooks. With most libraries closed at the moment, it’s no longer possible to drop in and do homework using reserve copies.

    However, never fear, for there is a solution for you studious folks. Many online retailers offer rental programs, allowing students to borrow textbooks for however long they need. The best part is, you can rent both hardcopy and ebook versions of most textbooks for quite cheap. Hardcopy rentals come with a free return label that you attach to the box it was shipped in when you’re ready to return your books. If you prefer not to worry about shipping your rentals back, ebook rentals are instantly available and can be accessed from any device until your borrowing period ends.

    Rent your laptop and wifi

    Check if your college has a tech rental or device lending program. Many universities have implemented such programs to ensure students have access to online learning materials. Students in need of essentials such as a laptop or wifi hotspot are encouraged to utilize their college’s resources so that you can continue getting a quality education to the best of your instructor’s abilities.

    Bored? Check out your local library

    Libraries across the country are online. If you’ve never had a city library card before, it’s better to get one now than never. Learn that language, read that biography you’ve been meaning to read, if we’ve learned anything about ourselves the past 6 months is that it never hurts to take time for yourself. Let the library’s resources help you with that. Also, you’d be surprised at how much your county library has to offer; many of them also offer audiobooks, films, and music!

    Student perks

    Although it may not seem like it some days, being a student has its perks. Check in with your college to see if they offer free programs such as Adobe Creative Suite or Microsoft Office. These can easily cost you hundreds of dollars out of pocket. Apart from productivity programs, students are also blessed with student discounts from a variety of retailers and companies such as Spotify and Crocs.

    Free food!!

    Colleges around the country understand how tough it is for everyone right now and are implementing programs to help alleviate some of the issues students are facing as of late. If you are facing food insecurity, check to see if your college has an open pantry or free grocery program. These programs are dedicated to providing students with fresh fruits and vegetables and other pantry staples. Bonus: having all these fresh ingredients will inspire you to strengthen your cooking abilities, which is always a solid skill to have.

    Create a monthly budget

    At the beginning of each month, evaluate your spending habits. Did you overspend on anything? Have you gone out to eat more often than you intended? You may need to confront yourself. It may be uncomfortable at first, but you will eventually develop a sense of discipline and restraint that will benefit you in the long run. Use the 50/30/20 rule to allocate your budget for the month into the categories of needs, wants, and savings. With this method, you will put 50% of your budget to needs such as groceries and bills, 30% will go to wants like dining out or anything else that is not essential but enjoyable, and 20% is stored away in a savings account. Just remember that this is a general guideline, and everyone has different financial situations.

    It’s cheaper to eat healthy

    Stocking up on snacks, energy drinks, and instant ramen at the grocery store seems like the cheaper and easier option for daily sustenance. However, there’s a reason the mantra “health is wealth” is so universally lived by. Being mindful of how you are eating has its long term health benefits, sure, but we’re talking about cash here. Fresh produce at a few dollars a pound can go way longer than a frozen meal at the same price. Download the apps of your nearest grocery store and watch how far your dollar can go.

    Got credit? Maintain a high credit score!

    Perhaps having a high credit score is the last thing on your mind, with exams always around the corner and figuring out what you’re going to eat for dinner. These are present and valid concerns, but it never hurts to prepare for the future. We all know that credit is a delicate game, but if you budget correctly and consistently make on-time payments then the benefits of having a high credit score will follow you even after you graduate! A good credit score means you’ll be paying lower interest on loans and you’ll have a higher chance of getting approved for better rates, saving you a ton of money and stress in the long run. Don’t know where to start? Get pre-approved for Tomo Credit — no fees, no interest, and no credit score needed! Learn more here.

  • Are Credit Cards Worth It?

    Do you really need that extra piece of plastic in your wallet? Yes, and here’s why.

    Build credit.

    A credit score and credit history may seem ambiguous now, but there will come a day when you will wish for that high credit score and long credit history. Whether it is renting or buying a property or financing a car purchase or some other large purchase, your credit score and credit history matter. They will determine if you get approved for that new home or new car, and the borrowing rate you are charged. Would you rather pay more than necessary? Absolutely not, no one does. Time to get a credit card and start building that credit.

    Rewards.

    There are so many credit cards out there and most of them offer some form of rewards, sometimes even just for signing up! Besides sign-up bonuses, most credit cards offer continuous cash back rewards as you use the card. Why not start paying yourself back for spending money?

    Interest-free borrowing.

    By using credit cards, you can borrow money for a short period of time and pay zero interest as long as you pay off the credit card in full by the payment due date. You can’t get a lower rate than that.

    Peace of mind.

    Most credit cards come with some form of insurance these days. This means if you have a fraudulent charge on your card, you can easily report it to your bank and get the funds back right away. If you rely on using cash for all transactions, you risk getting it stolen or simply losing it. With a debit card, your money actually leaves your bank account if a fraudulent charge were to occur. You will eventually get your money back, but it can take longer than if it were to happen to a credit card.

    Avoid foreign transaction fees.

    There is a lot of world to see and that requires traveling. If you get the right credit card, you can avoid foreign transaction fees when traveling in a different country, which can add up quickly. Save your money for traveling and don’t waste it on fees.

    Convinced you need a credit card now?

    Be one of the first to get in on the next generation of credit cards. Visit TomoCredit.com to learn more.

  • A message from our CEO

    We recognize with the ever-changing COVID-19 virus situation that this is an uncertain time for everyone. Our hearts and our thoughts go out to everyone on this planet that we call home.

    At the end of the day we are all human, and sooner or later we must all face challenging times. Preparing you, our customer, for future financial success is always our #1 priority. To ensure that our cardholders achieve that success even in these challenging financial situations, we are waiving required monthly payments for the next two months. We hope this will lessen the impact of the stresses we all face globally and hope it keeps you on track to financial success.

    The spirit and well-being of our team is what keeps Tomo’s dedication to your success alive. Considering the most recent news and announcements from the World Health Organization (WHO) and Centers for Disease Control and Prevention (CDC), we have made the decision to allow all employees to work from home for the next few weeks. We are offering extended sick leave for every team member and have temporarily suspended all business travel.

    Situations like these serve to remind us why Tomo’s vision is important! Giving underserved customers a way to gain the financial freedom they deserve is especially important in times like these, which serve only to motivate our team to work harder in the face of challenge. Team Tomo is still on schedule and working diligently, rolling out new features and processing applications. Our mission has always been to ensure an opportunity for everyone to easily access credit and start building their road to future financial success.

    Our love goes out to you all. We appreciate your support in helping redefine credit for the world! If you have any questions, please don’t hesitate to reach out to us at any time.

    Stay healthy,

    Kristy Kim
    CEO & Founder
    www.tomocredit.com

  • New to the U.S.? Start Building Your Credit Score Now

    Credit determines your financial future

    In the US, having good credit matters more than ever. Having good credit will ensure you qualify for affordable rates on student loans, auto loans, insurance, and mortgages, saving you tons of money and making it easier to pay them back in the long term. Credit can determine whether you can qualify to rent an apartment by yourself, finance your iPhone/car/furniture, or land your dream job.

    Establishing strong credit is the first thing you should do when you land in the U.S., and it all begins with your first credit card. Having a good starting card allows you to build a strong credit history quickly and easily.

    Source: Credit.org

    No one starts with a great credit score — it takes some time to build. The three major credit bureaus in the U.S. — TransUnion, Experian, and Equifax — consider three to six months of credit activity before they start updating your credit report.

    Starting your credit journey as soon as you arrive in the U.S. is one of the wisest things you can do for your financial future.

    Where do I start?

    Getting a credit card is the fastest and easiest way to begin building your credit score, but there’s often a catch — most credit card companies only issue credit to those who already have an established credit history. Because credit history is used as the main factor to determine the credit risk of an applicant, if you don’t have any credit history, it’s unlikely that you’ll get approved at all!

    This is where Tomo comes in… Tomo is a new generation of credit card that doesn’t require a credit score or security deposit to determine your creditworthiness. Tomo issues credit cards based on an evaluation of your banking history instead — your account balances, income, and spending trends. Tomo’s smart repayment system manages consistent on-time payments to help you build good credit, faster and more easily. Because Tomo is committed to helping you build good credit fast, it carries no fees of any kind! Did we mention Tomo offers a high cash back reward of up to 20%? You heard that right. Earning cashback while building credit has never been easier!

    Apply today and join the future of building credit.