Whatever the reason, you should get a result within a few days and you can always call or check online to track the status of any pending requests. For example, a strong applicant might link a savings account with a solid emergency fund, a checking account with a healthy average balance and direct deposit, and investment accounts with the beginnings of their retirement portfolio. Successful applicants receive a line of credit ranging from $100 to $10,000, depending on the amount of money available in the bank. , created by San Francisco-based startup TomoCredit, is a product for those with no credit or poor credit (FICO scores of 629 or below) who want to establish a credit history without carrying a monthly balance. That means you can qualify for the account no matter your credit score, making it an attractive option for people with limited or negative credit histories. This commission does not influence our editors' opinions or evaluations. The content on finmasters.com is for educational and informational purposes only and should not be construed as professional financial advice. His work has appeared in dozens of online publications. Valid bank account and Social Security Number are required. and its affiliates are not responsible for the products, services, and content on {{:domainName}}. There are no annual fees or security deposit requirements, and your credit limit can be between $300 and $10,000. The card issuer does report monthly payments to the credit bureaus, so using the card responsibly and paying on time can help you build a positive credit history. Upon approval, applicants receive TomoCredit Mastercard, a no-fee credit card with 0% APR. Click on that X to delete the Tomo Card app. Member FDIC, Equal Housing Lender. TomoCredit is meeting a critical need for many people in the United States with this next-generation loan offering, said Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard. Tomo is a unique credit card that determines your approval based on your bank account balance and other factors. When you apply, Tomo wont run a credit check. Additionally, the card issuer will match all the cash back you earn during the first year. The card offers 2% cash back on up to $1,000 spent quarterly at gas stations and restaurants and 1% back on all other purchases. Each week our editorial team keeps you up with the latest financial news, shares reading recommendations, and provides useful tips on how to make, save and grow your money. Here's what you need to know about why gas prices are so With all this talk about inflation have you ever stopped to consider if you really know what inflation is? Tomo's website states the folowing: " With Tomo smart payments we assist you on making payments on-time, everytime. Our partners cannot pay us to guarantee favorable reviews of their products or services. While not all banks that sync with the platform affect all users, for some it can significantly limit their credit limit. Open your browser and look for https://tomocredit.com/dashboard#/login, On your registration page, enter your email address in the first field. They also have proper acknowledgments and orders to proceed with the application process. MORE: Credit cards that offer preapproval without a hard pull. Verified by an expert means that this article has been thoroughly reviewed and evaluated for accuracy. That site may have a privacy policy and security that is different from this Citibank, N.A. This company is just after your bank statements. If you experience any log-in or registration problems, please contact a friendly SST representative at 1-800-388-1806. Some users also had problems linking bank accounts to their apps. Tomocredit offers credit cards for people w/no or poor credit. Get Directions. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Our goal at FinMasters is to make every aspect of your financial life easier. The Tomo credit cards primary selling point is that you dont need to clear a credit check to get it. Sometimes the charges happen ahead of schedule, and other times they take the money out of their bank account twice for the same weeks balance. While you want to apply for the Tomo Credit Card Reviews, you should read this blog which illustrates who wants to apply for the card. As a result, you can apply for their card even if youre not a citizen of the United States. All Certificates of Deposit (CD) are deposited in Lead Banks, Member FDIC, Sunrise Banks, N.A., Member FDIC or Atlantic Capital Bank, N.A., Member FDIC.The Self Visa Credit Card is issued by Lead Bank, Member FDIC, Equal Housing Lender. With these expenses, legacy cardholders can earn $250.87 each year, with the chance to earn even more if they refer friends to apply. Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. She has enthusiastically covered credit card-related topics for over six years. Therefore, seeing the pending status of a credit card application can be frustrating and confusing as it takes longer for the issuer to process your information. Still, Tomo Credit Card Review Reddit automatic payment schedule and inability to maintain a balance sets it apart from other card options. Concerns include incompatibility with all banks. On the other hand, the bank account information helps the company determine how much your credit limit will be. Sign up for The Brief, our FREE weekly newsletter. But that doesn't mean the card is right for everyone. The card gives 1% cashback right away with the potential to make it a 2% cashback. If youre just learning to build your credit, the Tomo Credit Card can be a great place to start and is cheaper than many other credit cards. Just make sure you can still meet your weekly payments if your account is frozen or closed, it could negatively affect your credit score. They state that you may qualify for an increase after making your first few months of payments on time. There is another location in Las Vegas according to their website which we haven't been. These cards can be ideal if you have poor credit or no credit, but unlike with the Tomo Credit Card, youll have to come up with a security deposit upfront usually a few hundred dollars, depending on the card. Can non-U.S. citizens apply for the Tomo Card? Tomo Credit Card vs. Instead, the company's proprietary technology weighs . If you can afford a deposit of $200 or more, the Discover it Secured Credit Card could be a good fit. Previously, she was an editor at CreditCards.com. A new password reset email will be sent to you, so open it and click the link to reset your password. In addition to the iOS app, TomoCredit has pre-approved over 300,000 US users and plans to issue an additional 500,000 cards by the end of the year. Enrolling in the Tome is very simple. Tap your browser's share button to Add to Home Screen.. The solution for these consumers is to focus on acquiring accounts designed to help people build credit. These credit standards prevent 40 million people from accessing credit, including cars and homes. Depending on the factors that TomoCredit weighs in its underwriting, it's possible to get a credit limit of up to $10,000. NerdWallet strives to keep its information accurate and up to date. Add your email ID to start the application process. In exchange for the higher rewards rate, though, you'll either need to pay a $39 with the Capital One QuicksilverOne Cash Rewards Credit Card or put down a security deposit with the secured version. If you already have an online account with the bank or lender in question, you can log in to the online portal to check the status of your new loan application. The best way to avoid pending status is to provide complete and accurate information about your application. Note that youre not limited to linking a single account. We considered the fees and interest rate in forming our cost comparison. Please view our full advertiser disclosure policy. The information is accurate as of the publish date, but always check the providers website for the most current information. up to $1,000 credit limit. Theyre usually around 3% of each transaction, and they come out of the merchants pocket, not the card owners. Even those with no credit scores can attempt to use this card. Open your browser and look for www.tomocredit.com On your registration page, enter your email address in the first field Enter your password in the field below Then click on the Connect button The process of logging in will be completed once you have completed these steps. Do you want to continue to {{:domainName}}? No APR / This is a credit card and the balance must be paid in full each month. . Make your User ID and Password different from the Security Word you provided when you applied for your card. These companies collect the information used to calculate your credit scores. All of our customers are set up on a Weekly Payment Schedule which gets triggered every Sunday. This limit, in turn, can mean that even small purchases can significantly increase your credit usage. Using the Tomo Card app, you can monitor your credit score, manage your card, view your transactions, make payments, redeem points, and more. When customers try to contact someone for help, they struggle to get assistance. Tomo offers an unsecured credit card with no credit check, interest, or fees. Typically, cards like these require that borrowers provide a cash deposit equal to their credit limit. That involves filling out forms that ask you for standard identification information like your name, date of birth, SSN or ITIN, and government ID. New customers who pay for their first annual McAfee Total Protection for Mastercard subscription using a U.S.-issued Mastercard credit card will receive a special introductory price on that first annual subscription term following the 30-day free trial period. These companies collect the information used to calculate your credit scores. Once Tomo approves your application, theyll assign you a credit limit of up to $10,000. 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