In Lines Of Credit
tomo credit card
How much does it cost and are there any fees?
Nothing now, nothing ever.
Will applying affect my credit score?
No. Whether your Tomo application was approved or rejected, it will never affect your credit score.
What type of card is Tomo?
Your Tomo card is a credit card with a 7-day automatic payment schedule. We do this so you can build your credit score more quickly!
Does Tomo report to all 3 major credit bureaus?
Online Jeweler Club
Fast Approval Of Up to a $5,000 Credit Line
How to qualify for a membership?
To qualify for an account with you must meet the minimum below criteria:
Be 18 years or older.
Have a valid social security number.
Have a monthly household income of $1400.00.
Complete our quick and secure online application.
Prior Credit History, Good or Bad.
How does the account work?
Start your account in 3 easy steps.
Place a minimum of $100.00 of our top quality products into your shopping cart and complete the secure online application.
Complete payment for membership fee and any applicable down payments or sales tax.
Login to your account and click on the "E-SIGN DOCUMENT" tab to sign your credit agreement.
(Q) Do you report my account to the credit bureaus?
(A) Yes, we report your available line of credit and balance to the credit bureaus monthly.
IMPORTANT In order for your account to be complete and reporting, the annual membership fee and any applicable down payments must be paid and your contract must be signed. Your order must be received by the last business day of the month for your account to be completed.
Here's How SELF Works
You apply for and open a credit builder loan at a bank, credit union or through
Self. A credit union may also call this type of loan a share secured loan (being
secured by your savings account).
When your application is granted, the financial institution moves the loan
proceeds you were approved for into a separate account, usually a savings
account or certificate of deposit (CD). The loan amount tends to be between
$300 and $1,000, though some banks offer credit builder loans as high as $2,500.
You then begin making your monthly payments for the predetermined amount
of time (the loan term). The loan term can be as short as six months or as long
as six years.
The bank, credit union or service provider reports your monthly payment activity
to one or more of the three major credit bureaus (Experian, Equifax, Transunion).
A credit bureau generates a credit rating (also known as a credit score, based on
your history of using credit).
Once the loan balance reaches zero, the service provider unlocks the CD or
savings account and returns the total money the borrower paid,
minus any interest and administrative fees.
Who should get a credit builder loan
The people most likely to benefit from a credit builder loan are those with a low credit
apply for a $10,000 Line of credit
The contact information that you enter in this form has to be accurate for you to pass the identity verification process.
Step 1 please complete only the fields that are applicable to you and click Submit.
Step 2 of the credit application will require for you to answer several questions which will help us verify your identity.
Step 3 will require you to submit your one time membership payment of $149.99.
Step 4 after you submit the payment, you can log in to your account and begin the E-Signature process to complete your credit application.
Secured Loan ( Credit-Builder Loan)
Banks and credit unions understand it's not always easy to build credit when you're starting out with little credit history or negative marks on your credit report. Some offer credit-builder loans, or passbook/CD loans — low-risk loans designed specifically to help you build credit. They work much the same way a secured credit card works; for a credit-builder loan, you deposit a certain amount into an interest-bearing bank account and then borrow against that amount. The deposit is your collateral, and you'll pay interest at a higher rate than your deposit earns it. For passbook or CD loans, some banks allow you to use an existing bank account or certificate of deposit as collateral for the loan. Before you take the loan, confirm with the lender that your on-time payments will appear on your credit report.
MBM Has Partnered with the Top Rent Reporting Company.
This company has helped thousands of consumers rebuild there credit by just simply reporting there rental payments!
Simply provide some basic information about your lease and landlord and you are on your way to a better credit score!!