Category: Uncategorized

Starting a business is a bold and exciting move—but what if your credit score isn’t exactly where you want it to be? The short answer: yes, you can absolutely start a business with bad credit. However, it requires a proactive strategy, especially when it comes to repairing and improving your credit over time.

While a strong personal credit score can help with securing loans, lines of credit, and business credit cards, it’s not a prerequisite for entrepreneurship. Many successful businesses have been built by founders who didn’t have perfect credit at the start. What matters more is resourcefulness, planning, and consistent financial improvement.

One of the smartest ways to improve your credit is by making sure your rent and utility payments are working in your favor. These are bills you’re already paying—but they often don’t get reported to credit bureaus unless you take action. That’s where tools like TomoBoost come in.

TomoBoost lets you report your monthly rent, utility, and even recurring subscription payments to the major credit bureaus. That means every on-time payment you make can help improve your credit score over time. It’s a simple but powerful way to turn your everyday expenses into a credit-building strategy.

While working on your personal credit, you can also begin building business credit. Register your business officially, get an EIN, and open a business bank account. From there, you can start applying for small business credit tools and work toward establishing your business credit profile separately from your personal one.

The bottom line: you can start a business even if your credit isn’t perfect. But you need to be intentional about improving it. By reporting your rent and utility payments through a service like TomoBoost, you can take control of your credit journey and unlock better financial opportunities down the road.

Every payment you make is a chance to build. Make it count.

Trying to rent an apartment with bad credit can feel like you’re constantly being judged for your past while just trying to move forward. A three-digit number—your credit score—often becomes a gatekeeper, standing between you and a safe, stable home. But here’s the truth: your credit score doesn’t define your worth, and it doesn’t determine your future.

What does make a difference is how you prepare—not just your application, but yourself.

In most U.S. cities, landlords commonly run a credit check during the tenant screening process. While there isn’t a universal number that guarantees approval, the general benchmark many landlords look for is a credit score of 620 or higher. A score of 700+ is considered strong and can streamline the process significantly. However, even applicants with scores in the 500–580 range have options—especially if they can demonstrate stable income, solid references, or a larger security deposit.

So while credit scores do matter, they are not the whole story. If your score is on the lower side, this is your opportunity to shift the focus to preparation and intention. Start by reviewing your credit report, clearing up any inaccuracies, and understanding the factors that may be holding you back. From there, organize your financial profile: gather your pay stubs, savings records, and letters of recommendation. These documents can help paint a fuller picture of your reliability as a tenant.

You can also take this time to start building stronger credit habits using tools designed for real-world users. TomoBoost, for example, allows you to report recurring payments—like rent, subscriptions, or phone bills—to help build positive credit history. It’s a practical tool for those who may not qualify for traditional credit cards or want to avoid high-interest debt while actively working to raise their score.

And the benefits don’t stop once your lease is approved. After you move in, continuing to report your rent payments can give your credit score a consistent and meaningful boost. According to Newsbreak.com, rent reporting is especially effective for those in low-income communities—many of whom don’t have access to traditional credit-building tools. Experts say it’s one of the easiest and most accessible ways to start establishing or repairing credit.

TomoBoost’s rent reporting feature taps directly into this strategy, helping tenants turn one of their biggest monthly expenses into a financial advantage. Over time, consistent on-time rent payments can push your score upward, open new doors to financing, and reshape your entire financial narrative.

So yes—renting with bad credit might take more intentionality, but it’s far from impossible. When you walk into the process prepared, informed, and equipped with the right tools, you shift the balance of power. You’re not just hoping someone will take a chance on you—you’re showing them why they should.

At TomoCredit, we believe your credit past doesn’t have to limit your future. With preparation, patience, and tools like TomoBoost, you can find the apartment you need—and start building the credit you deserve.

With inflation still simmering, interest rates holding high, and market volatility causing anxiety in retirement portfolios, many Americans are asking themselves a critical question: “Can I really retire in the next 3 years?”

For those in their late 50s or early 60s, this isn’t just a theoretical debate — it’s a financial and lifestyle decision that carries real consequences. If you’re planning to exit the workforce soon, here’s what to consider — and how to prepare strategically.

Stocks have experienced sharp swings in recent years, and future returns are uncertain. For those with a shorter investment horizon, this can create anxiety about portfolio stability and drawdowns. Although inflation has cooled from its 2022 peak, it still erodes the purchasing power of retirement income. Retirees today face higher costs for essentials like healthcare, housing, and groceries than they did just five years ago. Higher interest rates have also affected bond prices and real estate markets, which many retirees depend on for income or asset liquidity. Those planning to downsize or rely on fixed-income investments need to reevaluate their assumptions.

So, can you retire in three years? The answer: it depends — but yes, with strategic planning, many can. Start by reviewing your retirement accounts. Are you on track with your 401(k), IRA, or other savings? Use conservative return estimates and don’t forget to analyze your monthly income versus expenses. Consider Social Security, any pension income, investment income, and even potential part-time work. Factor in inflation and healthcare as well — even if you feel ready now, will your funds stretch across 20–30 years of retirement?

If you’re targeting retirement within the next few years, now’s the time to act. Run simulations using online tools or with a financial advisor to stress-test your retirement plan under different market conditions. Maximize your catch-up contributions — those over age 50 can contribute more to retirement accounts. Focus on eliminating high-interest debt, like credit card balances, especially as interest rates remain elevated.

Another smart move is to delay claiming Social Security. If possible, waiting until full retirement age or even 70 can significantly increase your monthly benefits. And rather than retiring all at once, consider a phased approach — part-time work or consulting can help ease the transition and reduce the need to withdraw heavily from your portfolio early on. Make sure your investment allocation aligns with your new time horizon: you may want more stability, but you’ll still need growth to keep up with rising costs.

A recent AOL.com article featuring TomoCredit highlighted timely advice for those nearing retirement:

“Staying flexible and informed is key to navigating this uncertain period confidently. Take another look at your spending needs, evaluate guaranteed income sources like Social Security or pensions, and explore ways to reduce portfolio withdrawals early.”

These are practical, attainable strategies. Retirement in the next three years is not out of reach — but it requires intentional planning, adaptability, and a clear understanding of your financial picture. Whether you’re looking to fully retire or shift into a lifestyle where work is optional, preparation is key.

At TomoCredit, we believe in empowering individuals at every life stage — from building credit as a young adult to confidently stepping into retirement. The financial journey doesn’t stop at age 60 — it evolves.The question isn’t just “Can you retire?”
It’s “Are you ready to live the life you’ve worked so hard for?”

When it comes to building credit, many people think they need to hit the magic number: 850—the highest possible credit score. But here’s the truth: you don’t need a perfect score to unlock excellent financial opportunities. In fact, once your credit score is in the high 700s, you’re already sitting in prime position to qualify for the best credit cards, low-interest loans, and other financial perks.

Credit scores typically range from 300 to 850. While it’s tempting to aim for the very top, lenders usually group scores into categories like “Good,” “Very Good,” and “Excellent.” Most benefits—like lower interest rates and access to premium financial products—start kicking in when your score crosses into the 740+ range. The difference between a 780 and an 850? Often negligible.

There’s no trophy for scoring 850. And realistically, very few people ever do. Credit scores are dynamic and influenced by various factors like your credit utilization, length of credit history, new inquiries, and payment history. But here’s the secret: Once you’re in the “Very Good” range, your score becomes less of a barrier and more of a green light. You’re eligible for premium rewards credit cards, low-interest mortgages, and favorable auto loan rates.

Instead of stressing over perfection, focus on maintaining consistent, healthy credit habits—like paying your bills on time and keeping credit utilization low. Those behaviors matter more in the long run than chasing an elusive perfect score.

At TomoCredit, we understand that navigating credit scores can feel overwhelming—especially for those just getting started. That’s why we created TomoBoost, a tool designed to help people build and improve their credit in smarter, more accessible ways.

We were recently featured in U.S. News in an article titled “Is 700 a Good Credit Score?”, where TomoBoost was highlighted as a helpful tool for people striving to boost their score—especially those aiming to break past that 700 mark and reach the “very good” range.

You’re already starting from a strong place with a 700 credit score—but when was the last time you did a routine check-up on it? Have you reviewed your credit report recently? It’s worth checking for any errors or late payments that might be holding you back. With a few smart moves, you could push into the high 700s or even low 800s—where the real perks begin to kick in.

So take a deep breath, stop chasing perfection, and start building smart. You’re closer than you think.

The last few years have been a masterclass in economic whiplash. From pandemic-induced job losses to inflation spikes, housing market volatility, and rising interest rates, young adults—especially Gen Z—have entered adulthood under financial pressure. And with a job market that’s increasingly competitive and tech layoffs making headlines, the message is loud and clear: it’s time to get real about emergency funds.

For many Gen Zers, the idea of setting aside money that isn’t being actively invested, spent, or working in some way might seem counterintuitive. But the purpose of an emergency fund isn’t about growth—it’s about protection. It’s your financial seatbelt when the ride gets bumpy. And right now, the road ahead looks uncertain. According to recent surveys, employers are slowing down hiring, cost-of-living is still uncomfortably high, and most people can’t afford a surprise $1,000 expense without going into debt.

The traditional rule of thumb was to keep three to six months of living expenses in a liquid savings account. Now, financial experts are suggesting stretching that to a full year’s worth. Why? Because getting rehired after a layoff can take longer than expected, especially in specialized or saturated fields. Side hustles that once felt like easy wins now face their own pressures—gig platforms are oversaturated, and content monetization is more competitive than ever.

This doesn’t mean panic—it means preparation. Building an emergency fund doesn’t have to be overwhelming or immediate. What matters is starting. Begin by figuring out your baseline: how much do you actually need per month to cover essentials like rent, food, transportation, healthcare, and minimum loan payments? Multiply that by 3, 6, or even 12 to get your target.

Then get creative. Use windfalls like tax refunds or bonuses to kickstart your savings. Consider pausing unnecessary subscriptions. Automate small transfers into a high-yield savings account. Sell stuff you no longer use. Even putting away $20 a week adds up. This isn’t about denying yourself joy—it’s about buying peace of mind.

And here’s the other piece that doesn’t get talked about enough: your credit score is just as critical as your savings account. While your emergency fund acts as a buffer when things go wrong, your credit score is the gateway to future opportunities—think apartment leases, car loans, even job applications in some industries. If you don’t have enough savings and need to rely on a credit card or personal loan during a tough time, your credit score directly influences your borrowing power and interest rate.

That’s why the smartest play isn’t just to save—it’s to build a solid credit profile at the same time. You want both tools in your back pocket. A strong emergency fund keeps you from going into debt. A strong credit score gives you more favorable options if you ever do need to borrow. And with tools like TomoBoost that let you build credit without requiring a traditional credit history, there’s no reason to wait.

For a generation that’s already redefining work, lifestyle, and financial priorities, treating an emergency fund like a non-negotiable tool—just like your phone or laptop—could be one of the smartest power moves. And pairing that with a healthy credit score? That’s next-level. In a world where stability often feels out of reach, the ability to rely on yourself financially is a flex that never goes out of style.

Tariffs are becoming an increasingly influential force in our economic lives, quietly reshaping the cost of everyday items. These import taxes, once a topic for trade economists and policymakers, now touch every consumer’s wallet. As governments impose tariffs on foreign goods—whether due to trade disputes or economic strategy—the prices of electronics, clothing, household products, and even groceries have started to climb. For many, this has sparked a wave of panic buying, driven by the fear that costs will only continue to rise.

This trend has recently made headlines. According to a report from The Wall Street Journal, Americans are rushing to stock up on TVs, soy sauce, and even Lululemon workout gear in anticipation of rising prices due to new or returning tariffs (source). It’s not just a response to supply chain fears or economic uncertainty—it’s a reflection of a growing awareness that tomorrow’s prices may be significantly higher than today’s.

Despite this climate, it’s more important than ever to take a step back and reevaluate. Panic buying may feel like a proactive move, but it often leads to overspending, unnecessary stockpiling, and long-term budget strain. Instead of reacting with fear, this is a time to lean into thoughtful planning. Understanding your current needs and distinguishing them from wants is crucial. A clear, realistic monthly budget—one that includes potential price hikes—can help avoid knee-jerk purchases and keep your finances steady.

Another key strategy in uncertain times is strengthening your credit profile. A strong credit score is more than just a number—it’s a powerful tool that can give you financial flexibility when you need it most. With higher credit scores, individuals are more likely to qualify for larger credit limits, better interest rates, and easier approvals on personal loans. That means if unexpected expenses arise or you need to consolidate high-interest debt, you’ll have more options at your disposal. Tools like TomoBoost can accelerate this progress by helping you build credit quickly and responsibly—especially if you’re starting out or working to repair past credit missteps. Plus, having access to credit can act as a buffer if prices continue to rise and your monthly cash flow is temporarily strained.

It may also be wise to seek out domestic alternatives to imported goods, which may be less affected by tariffs. Products made locally can sometimes offer better value and reduce your exposure to international trade fluctuations. Staying informed on policy changes, particularly those that impact pricing, will empower you to make smarter purchasing decisions.

Financial resilience doesn’t come from hoarding—it comes from clarity, control, and confidence. While the news may fuel urgency, taking a breath and building a strong financial plan is far more powerful than a full shopping cart. By resisting panic, strengthening your credit health, and practicing proactive budgeting, you can protect both your peace of mind and your personal finances, no matter how global tides may shift.

As of Q3 2024, Americans are carrying a staggering $1.16 trillion in credit card debt—an 8.6% increase from the previous year and a new all-time high, according to recent market reports. The average individual balance has also climbed, rising 3.5% to $6,730.

While inflation and rising living costs have contributed to this trend, it’s clear that many households are increasingly relying on credit to get by. As balances grow, so does the risk of falling into long-term debt—especially with today’s high interest rates. If you’re feeling the pressure or just want to stay financially prepared, now’s the time to get back to the basics.

And yes, that includes the humble piggy bank.

In fact, Bustle recently highlighted this exact concept in their article “Bring Back Piggy Banks,” where they featured TomoBoost as a modern way to rebuild that classic saving habit. Just like dropping spare change into a jar, TomoBoost helps users build a positive payment history while putting money aside—automatically. It’s a digital nod to the timeless power of consistent saving.

You don’t need a fancy spreadsheet or a finance degree to start making progress. Focus on building an emergency fund—just a few hundred dollars in a dedicated account can help you avoid reaching for your credit card during a tough moment. The goal is to eventually cover 3–6 months of essential expenses, but every bit counts.

Try using the 70-20-10 rule as a simple budgeting guide: 70% of your income goes to living expenses, 20% to savings (including that emergency fund or a digital piggy bank like TomoBoost), and 10% toward paying down debt or giving back. It’s a structure that helps balance your immediate needs with long-term goals.

While you’re building those financial muscles, don’t forget about your credit score. Paying bills on time, keeping your credit utilization low, and limiting new credit inquiries are all habits that can boost your score over time. A stronger score not only helps with loan approvals but could also mean lower interest rates when you need them most.

Credit card debt may be climbing, but that doesn’t mean you have to go with it. With the right tools, a bit of discipline, and yes—even a modern-day piggy bank—you can build financial confidence and stay ready for whatever comes next.

TomoCredit is on a mission to simplify access to credit and provide personal finance education with an emphasis on inclusion for individuals often overlooked by traditional credit scoring systems. In the U.S. alone, over 28 million consumers are credit invisible, unable to fully participate in the economy due to the lack of a credit score. TomoCredit is changing that by providing these underserved communities with the tools they need to build and monitor their credit, empowering them to take control of their financial futures – allowing everyone to participate fully in the American economy. 

One of TomoCredit’s most innovative features is its AI-powered Marketplace, which gives users the ability to leverage their own financial data to directly connect with lenders. This approach eliminates the “data middleman,” ensuring consumers benefit from their own information and that lenders are matched with the right customers, those who may have otherwise fallen through the cracks of the traditional credit system.

Kristy Kim, Founder and CEO of TomoCredit, shared her thoughts on the award: “At TomoCredit, we believe that true financial wellness and a thriving economy start with inclusion, ensuring that everyone has access to opportunities, regardless of their background or credit history. I experienced firsthand the struggles of being a credit-invisible immigrant in the U.S., and it’s this personal journey that fueled the creation of TomoCredit. This recognition from FinTech Breakthrough is an important milestone, and we’re deeply grateful for it. It motivates us to continue providing innovative credit solutions while also prioritizing financial education so that anyone regardless of background can achieve their goals with confidence.”TomoCredit’s approach extends beyond traditional credit scoring. The company’s TomoScore, a modern, cash-flow-based credit score, offers a risk-free alternative for businesses to assess the creditworthiness of high-quality borrowers who lack traditional credit scores. Additionally, TomoCredit’s TomoBoost solution helps users improve their credit profiles by analyzing alternative financial data, such as income, savings, and spending habits, to create personalized strategies for enhancing creditworthiness. TomoCredit is paving the way and setting the example for ethical and effective AI innovation in fintech.

If building or rebuilding your credit is one of your goals this year, here’s a simple habit that can make a big difference: check your credit report every month. It’s easy, free, and can help you spot errors that may be quietly hurting your credit score.Your credit report is like your financial report card. Lenders, landlords, and even some employers review it to decide if you’re a responsible borrower. The issue? Credit reports aren’t always accurate. In fact, studies show that about one in five Americans has at least one error on their report. These mistakes could be as small as a wrong address or as serious as a late payment that never happened—or an account that doesn’t even belong to you.Even a single error can have a negative impact on your credit score, which means you could be paying higher interest rates or even getting denied for credit you should qualify for. That’s why checking your report monthly is so important. If you find an error, you have the right to take action by filing a credit dispute. This process is free and straightforward: you contact the credit bureau (like Equifax, Experian, or TransUnion), explain what’s wrong, and provide any documents that support your claim. The bureau is legally required to investigate, usually within 30 days.Correcting an error—like removing a false late payment or deleting an account that doesn’t belong to you—can significantly boost your credit score. Some people see jumps of 20, 30, even 50 points, depending on the issue. While credit disputes aren’t a magic fix for poor credit, they are a legitimate and often overlooked strategy for improving your financial profile.TomoCredit now offers fast and easy support for credit disputes—giving users a head start on identifying and fixing errors that could be holding them back. With TomoCredit, you can get a faster resolution process, meaning you might see improvements to your credit score sooner than if you filed on your own. It’s a smart, proactive way to take control of your financial future—especially if you’re working toward better credit in the near term.Think of it like spring cleaning for your credit. Even if you don’t find any problems, reviewing your report regularly helps you stay on top of your credit usage and protects you from fraud or identity theft. It’s one of the easiest ways to be proactive with your financial health.You can pull your credit report for free at TomoCredit.com. Make it a habit—set a calendar reminder, review your report like you would your bank statement, and if you see something that doesn’t look right, take action. And if you want help navigating that process, TomoCredit is here to support you—so you can correct errors quickly and get the credit score boost you deserve.

Opposites attract—especially when it comes to money. And when one partner has a strong credit score while the other is just starting to build credit, the imbalance can add unexpected stress to the relationship. A big gap in credit scores doesn’t just affect borrowing power—it can impact everything from renting an apartment to securing a car loan or qualifying for the best credit card offers. But the good news is that credit isn’t set in stone, and there are ways to boost credit together as a couple.

Take Carrie and Ryan, a married couple who found themselves on opposite ends of the credit spectrum. Carrie had a solid score above 700, while Ryan had no credit history at all. Without a credit score, Ryan faced challenges renting an apartment or being approved for credit on his own. As a result, Carrie had to take on more financial responsibility, including applying for their apartment lease under her name alone. While she was comfortable managing their finances, the added pressure was something they hadn’t fully anticipated before tying the knot.

To tackle this challenge together, Carrie helped Ryan build credit by adding him as an authorized user on her credit card. This simple step allowed Ryan to start establishing his credit history based on Carrie’s responsible usage. However, not all credit card issuers report authorized users to credit bureaus, so it’s crucial to check beforehand. If they do, this strategy can be a great way to boost credit without taking on additional debt or opening a brand-new credit account.

Beyond being an authorized user, there are other ways couples can work toward strengthening their credit profiles together. Opening a secured credit card, for example, allows a partner with little to no credit history to start building a positive record. Making on-time payments and keeping credit utilization low are essential habits that will gradually boost credit scores. Additionally, paying down any existing debts and avoiding late payments can significantly improve a partner’s creditworthiness over time.

Patience is key when working on credit improvement. A credit score isn’t built overnight—factors like payment history, credit age, and overall debt utilization take time to influence scores positively. Even if there isn’t an immediate jump, consistency with good financial habits will yield results in the long run. It’s also important to remember that past credit mistakes don’t define a person’s financial future. Negative marks, such as late payments or high balances, gradually have less impact over time.

For couples navigating different credit situations, communication and shared financial goals are just as important as the practical steps toward improvement. Working together to boost credit doesn’t just improve financial opportunities—it strengthens trust and long-term planning as a team.If you and your partner are looking for ways to build or improve your credit, check out TomoCredit on KNOT—because financial wellness should always be a team effort.