With no credit check or interest, the Tomo Card aims to help you build credit and stay out of debt. But there’s a monthly fee, plus a waitlist, and you’ll have to link what is bitcoin mining and how it works a bank account. Canceled this membership 6 months ago and am still being charged.

• After making the first payment on time, you may also see your credit limit increase, Kim said.
• This likely explains, at least in part, why TomoCredit has not yet launched a premium card or expanded into auto or mortgage lending, although Kim did confirm in my conversation with her that those offerings are still on the roadmap.
• Still, I would have hoped that Regions would have eaten the cost itself, given that this service will (theoretically) lead to more engaged and creditworthy customers whom Regions can cross-sell and up-sell to.
• When the do respond, the just ask question but don’t do anything, then they stop respond and close the service ticket.
• Some customers report no data being furnished to the bureaus, despite paying for TomoBoost for multiple months.
• What a joke, they are just bunch of scammers.

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tomocredit.com

I can appreciate the options and updates. They will email you this message attached. Once you get this message respond to the email. The review below covers features that the still-unavailable Tomo Credit Card has been promising to customers. Are you ready to release yourself from the grip of an unnecessary TomoChain boost?

I have reached out multiple times to customer service with no response, an inactive account, but monthly charges. Paid like $600 bucks for VIP service for $30,000 credit reporting, I’m going on over 4 months and no reporting yet. I tried to contact customer service with little to no response. When the do respond, the just ask question but don’t do anything, then they stop respond and close the service ticket.

Scam/spam every fricking day they send…

I read about Tomo and thought it sounded like a great deal. No hard credit check, no fees, no interest, cash back on purchases, and they report to all of the credit agencies… Once you confirm the cancellation, a confirmation message will appear on your screen, letting you know that your boost has been successfully canceled. This message serves as your assurance that the boost is no longer active and the resources it consumed have been released. Don’t hesitate to embrace the liberating click of “Confirm” in the confirmation dialog box. This act will send a signal to the digital realm, initiating the cancellation process.

In a matter of moments, your boost will be consigned to the annals of TomoChain history, leaving you with a newfound sense of freedom and control. The trouble is that none of the data being reported to the bureaus by TomoBoost is real (with the exception of the aggregated utility bills, which are likely to be a small part of the total). It doesn’t reflect an improvement in consumers’ behavior in managing their credit obligations over a long period of time. But even if we set that aside, the idea that credit builder products designed to never let their users default are a good on-ramp for riskier credit products is easily disprovable. If that were true, Chime would be doing a massive amount of unsecured lending to its credit builder card users right now. Kenley Young directs daily credit cards coverage for NerdWallet.

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The service only reports positive repayment data because there are no actual payments. Customers’ utilization ratios are instantly improved because they are given a large credit line that can never be used. And the length of credit history is also improved because the service retroactively adds months or years of repayment history as soon as the credit line is created.

• The initial solution that Kim came up with to do that was the TomoCard, a charge card that consumers qualify for based on their cash flow rather than their credit scores.
• Instead, the company’s proprietary technology can weigh many data points, a key few being your income (or income potential) and your account balances.
• Depending on the factors that TomoCredit weighs in its underwriting, it’s possible to get a credit limit of up to $10,000.
• Caitlin has written about personal finance for nine years and has also covered credit scores, retirement planning and the financial challenges women face.
• Lexington Law, for those of you who aren’t familiar, is one of the largest providers of credit repair services in the U.S.

A new way of credit

Whether you want to pay less interest or earn more rewards, the right card’s out there. Just answer a few questions and we’ll narrow the search for you. The card also once offered modest rewards — 1% cash back on purchases — but that, too, changed in 2023. Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings.

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I even called the home office in San Francisco and they said they can’t help…. There’s no way for me to disconnect my bank account online because the only way you can disconnect anything is to call them and they won’t take any calls…. I really don’t know what to do but I want my bank account and SS number away from this shitty service IMMEDIATELY. I am at my wits end with this company and I need to scream at someone on the phone lol. So I’ve been trying to recover my credit score after years of neglect and the credit score simulator on one of my other cards said I need to have more available credit to push me up into good credit.

Among cards for poor credit, that’s not an outrageous cost, especially given TomoCredit’s unique underwriting formula and the card’s potentially generous credit limit. Depending on the factors that TomoCredit weighs in its underwriting, it’s possible to get a credit limit of up to $10,000. After making the first payment on time, you may also see your credit limit increase, Kim said.

The intuitive design of the Boost page facilitates this process, making it a breeze to identify the boost you seek. Note any distinctive features or attributes that set it apart from the others. In the world of blockchain, where fast and secure transactions are paramount, TomoChain stands as a shining beacon. Its innovative boosting mechanism allows users to expedite their transactions, ensuring they are processed swiftly and efficiently. However, circumstances may arise where you need to halt a particular boost. This guide will gently guide you through the process of identifying the boost you wish to cancel from TomoChain’s user-friendly interface.

I’m out 1,000 because I believed that they were legit about the 30,000 credit limit. Now my bank is disputing the charges but the payments have already gone through. This seems like an apt metaphor for fintech credit builder products. Linking utilities and other recurring bills to the line in order to increase it is also quite unusual. Ordinarily, these payments get reported to the bureaus individually rather than being aggregated into a single tradeline. Also, it’s unclear if TomoCredit is checking to see if these recurring bills are already being reported separately, which raises the risk of them being double-counted.

Create your account and connect with a world of communities. The other bit of trouble for TomoCredit is that its customers don’t appear to be very happy with it right now. What’s less easy to understand is exactly how TomoBoost works today. Credit repair services are, generally speaking, highly manual, inconvenient, shockingly expensive, and often the subject of regulatory crackdowns (the CFPB has had ledger nano vs trezor cold wallet litecoin numerous run-ins with Lexington Law over the years). This likely explains, at least in part, why TomoCredit has not yet launched a premium card or expanded into auto or mortgage lending, although Kim did confirm in my conversation with her that those offerings are still on the roadmap.

I gonna make sure I get in on the lawsuit whenever they catch your scamming a$$es. There are no spending-related rewards now. Cardholders will have access to perks with companies like Lyft and DoorDash, but those come largely from Mastercard, the payment network that the Tomo Credit Card runs on.