But it also means there’s no ability to carry a balance over a period of time. This may work for those who were only planning on making charges that they could pay in full at the end of every billing cycle. The primary difference between Tomo and other cards in this space is that it doesn’t charge any interest fees, but you’ll have to let Tomo link to your bank account so it can automatically pay any charges every week. Like any good credit card aimed at building a stronger credit profile, Tomo reports to all three credit bureaus. Instead, potential applicants provide Tomo with their checking account, savings account and/or asset account information, which is used to determine eligibility and, if approved, their credit limit. The Tomo card was created to circumvent that issue by not looking at an applicant’s credit score at all. This method meant that a segment of the population like recent graduates, immigrants or others who had little to no credit but had an income, were unable to qualify for a card that fit their needs. Typically, in order to qualify for a good rate on a credit card-or many other types of loans-a credit card issuer would base their decision primarily on an applicant’s credit score rather than other factors that make up a person’s overall financial profile.
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