TomoCredit

TomoCredit is designed to help people build credit even if they don't have a traditional credit history. The company uses alternative data sources and its own algorithm to assess creditworthiness, a process that's open to people who don't have a credit score.

Among the features of TomoCredit:

• Raise Your Credit Score: Get access to credit-building tools to increase your score with all three major credit bureaus.
• Safeguard Your Credit Score: Monitor your credit score in real-time and dispute any inaccuracies to keep your score healthy.
• Instant Financial Guidance: Chat with an AI-powered financial assistant from OpenAI to get answers to your financial and credit questions.

TomoCredit offers a variety of credit products, starting with the Tomo card, a charge card with a 7-day automatic payment option to keep credit utilization low. The card can be used online and at millions of merchants in 200 countries where Mastercard is accepted. For people without a credit score, Tomo evaluates them based on their financial history and other factors to determine their spending limit, which can be between $100 and $30,000.

TomoBoost, a feature designed to help you boost your credit score faster, costs two different prices:

• Best ValueVIP: $129.99 per month (1-year plan: $274.99 per month) with a 53% discount.
• Basic: $14.99 per month (1-year plan: $19.99 per month) with a 25% discount.

Both plans come with features like a credit line up to $30,000, bill tracking and in-depth credit report analysis. Members also get no hard credit pulls and priority support.

TomoCredit is designed to make credit easier to obtain and build, a service geared toward upwardly mobile, well-educated, cash-rich people who don't have a traditional credit score. The company's approval process is fast and doesn't hurt your credit score.

Published on July 16, 2024