Tag: International Student

  • 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.

  • Tomo — My first credit card as an international student! No credit score required.

    I recently moved to San Francisco from London to study for an MBA at Berkeley Haas because I wanted to be at the heart of the tech ecosystem and learn more about the innovation happening within financial services. In order to understand this landscape more, I wanted to work with a company innovating the space, and I’m lucky enough to be working with Tomo.

    Tomo addresses a huge pain point I had when I moved here as an international, a lack of US credit history. A lack of credit history meant I was unable to apply for almost all credit cards and unable to earn a variety of rewards offered by different card companies. Additionally, credit history is a requirement for some cell phone plans, for apartment rental eligibility and it can have an adverse impact on the amount you pay for insurance premiums. However, through lots of market research for an alternative and for interesting Haas affiliated fintech companies, I came across Tomo which was tackling both of these issues.

    Tomo is a fintech startup that currently offers a credit card that does NOT require you to have a credit score, which is exactly what I was looking for. I reached out to the founder Kristy and was able to get an early look at the product and the functionality they are offering. They are also working on technology that allows you to get approved for a card without having an SSN which is how I was able to get a card. This is a game-changer for international students who often have no credit history or SSN.

    Me with my Tomo card!

    Not only did they get me my first credit card, but they also offer crazy cashback! For every person you refer and is approved, you will EACH receive an additional 1% in cashback which is how in a short amount of time I’m earning 8% cashback! You can do this with up to 19 people at a time allowing you to boost your cashback up to 20%. Whilst doing all of this, I am building up my credit history! It’s honestly amazing.

    There is limited availability and the waitlist is filling up fast. So if you are looking for a modern-day credit card with the best cashback or you have no credit score or SSN, then Tomo is the card for you!

    Use my referral link below and we both get an additional 1% in cashback when you sign up: https://tomocredit.com/?referral=KXiBt5