• Home
  • Free Funding Guide
  • What We Offer
    • Products
    • Services
    • Free Guide
  • About Us
  • Contact
  • Sign Up

  • Ask Joe Any Question!
  • Business Credit Cards
  • Business Line of Credit
  • Topics

Can an Extra Card Help You Build Credit Without a Credit Card?

By Joe

Extra Credit Card

Key Takeaways

  • The Extra Card links to your bank account to help build credit without a credit check.
  • The company reports your payments to Experian and Equifax, which may help improve your credit score over time.
  • The card charges a monthly fee starting at $20 for basic features or $25 for rewards.
  • It offers a spending limit based on your bank balance, referred to as “Spend Power.”
  • The card includes real-time credit tracking and 1% rewards with the upgraded plan.
  • The Extra Card does not support cash withdrawals and focuses solely on purchases.

Are you wondering about the Extra card and if it might be able to help you build credit without applying for loans and lines of credit? Here, I’m going to break down exactly what the extra card is (including the company itself), how it may help you establish credit and boost your FICO score, and the features and benefits of an account. 

This is what’s in store: 

  • What is the Extra Card?
    • Extra Card Requirements
    • Extra Card Membership Cost
    • Company Overview
  • Extra Card Features & Benefits
    • 1. Build Credit Without a Traditional Credit Card
    • 2. “Spend Power” Based on Your Bank Balance
    • 3. Earn Reward Points for Everyday Purchases
    • 4. No Interest or Hidden Fees
    • 5. Real-Time Credit Tracking
  • Extra Card VS Chime: Side-by-Side Comparison
  • Frequently Asked Questions
  • Conclusion: Does Extra Work to Build Credit?

Now, let’s roll! 

What is the Extra Card? 

What is extra credit card?

The Extra Card is a debit card designed to help you build credit without needing a traditional credit card. Unlike credit cards that charge high interest or require credit checks, the Extra Card connects directly to your bank account. 

It offers a unique feature called “Spend Power,” which sets a spending limit based on your bank balance. When you make purchases, Extra fronts the cost and automatically pays itself back. 

These transactions are then reported to credit bureaus as credit-worthy payments to potentially help you improve your credit score over time.

Many users have seen significant credit score improvements by using Extra responsibly and practicing good financial habits. With no interest, hidden fees, or deposits required, the Extra Card offers a simple and effective way to build credit while sticking to your budget.

You might also like: Meet the Ava Card: An Uncut Credit Builder Review 

Extra Card Requirements

The requirements for Extra are based on income, not credit score. So, it’s a fairly simple application process, as long as your bank account is in good standing and compatible with the system. 

To apply for an Extra Card, you need:

  • A U.S.-based checking account that is compatible with Plaid.
  • A stable bank balance to calculate your “Spend Power.”

To get started, complete the sign-up process, and link your bank account—No credit check is required. 

You might also like: Ally Financial Review: No PG, No Credit Check Auto Loans +More 

Extra Card Membership Cost

Extra card prepaid

So, how much is an extra card membership? It can’t be free…right? While the pricing isn’t super easy to find on the main website (you have to scroll down the home page a bit), the Extra Card is not free. 

It requires a membership plan, with options starting at $20 per month for the Credit Building plan. The Rewards + Credit Building plan, which includes earning points on purchases, costs $25 per month. 

These plans cover all features without hidden fees or interest charges.

You might also like: A Credit Stacking Breakdown: What it is & How it Works 

Company Overview

The Aligned Company Inc.

The Aligned Company, Inc., doing business as “Extra”, is a US-based for-profit corporation that was founded in 2018. Depending on which source you look to, they’re either based in “the greater New York area” (Crunchbase) or 3,000 miles away in Los Angeles, California (LinkedIn). It’s actually registered in Delaware, which is common for entities to do since the state’s laws are some of the most corporate-friendly. 

Extra’s co-founders are Biren Shah, Cyrus Summerlin, Maximillian Hellerstein. Shah held executive roles at Extra for a few years and is now with Scanit Technologies. Summerlin is the current Head of Product and Brand. Hellerstein is a serial entrepreneur and Extra’s CEO at present. 

Prior to Extra’s launch, Hellerstein founded and co-founded a handful of other businesses in the new tech and marketing arena. 

Extra debit card

With the Better Business Bureau, Extra maintains an A- rating and 4.8 stars from user reviews. The most common complaint seems to be that Extra will report unpaid membership fees to credit bureaus. So, that’s something to note—If you sign up for a monthly recurring plan and don’t pay, it could impact your credit. 

Extra Card customer service

On Trustpilot, the reviews are pretty much raving. Extra’s TrustScore™ is 4.5, which is great for any financial offer. Most of the poor reviews are from a couple years ago, and it seems like the company may have worked out whatever tech issues were causing users stress. 

Extra credit card reviews

Finally, Redditors have mixed sentiments, which is expected. While some people claim that the card is helping them build credit, others point out that this is not, technically, a debit card. I would agree with them. 

Extra debit card reddit

Overall, the company seems legit to me. I see no glaring red flags that would lead me to advise you to run away from this offer. However, I would still tell you to keep reading so you can understand the offer and make the best choice for you. 

Extra Card Features & Benefits

Extra credit card credit limit

Discover the standout features of the Extra Card that could make it a game-changer to build credit and manage your finances. From earning rewards to partnering opportunities, here’s what sets Extra apart.

1. Build Credit Without a Traditional Credit Card

The Extra Card helps you improve your credit score without relying on a credit card. Transactions are reported to credit bureaus as credit-worthy payments, allowing you to build credit while avoiding interest rates and credit checks.

2. “Spend Power” Based on Your Bank Balance

Your spending limit, known as “Spend Power,” is determined by your bank balance and other factors. Extra fronts the cost of your purchases and automatically pays itself back, making it a budget-friendly way to manage credit.

3. Earn Reward Points for Everyday Purchases

With an upgraded plan, you can earn up to 1% in points on everyday purchases like gas, groceries, or coffee. Redeem these points for products or gift cards in the Extra Rewards Store, adding value to your spending.

4. No Interest or Hidden Fees

Extra operates on a simple membership model with no interest charges or hidden fees. You get clear and predictable costs, making it an accessible and straightforward tool for credit building.

5. Real-Time Credit Tracking

The Extra App allows you to monitor your spending and track your credit-building progress. It also provides access to your credit score, helping you stay on top of your financial goals.

Extra Card VS Chime: Side-by-Side Comparison

When researching Extra, the most-compared card I saw was Chime. Chime has been around a bit longer, and is set up more like a traditional secured card. Plus, Chime offers fee-free checking accounts. 

Here are the main features of both Extra and Chime cards. 

Credit CheckRewardsReports toCard TypeMonthly Cost
NoUp to 1%Equifax
Experian
“Debit”$20 – $25
NoChime “Deals”Transunion
Equifax
Experian
Secured$0

Neither an Extra nor a Chime card require a credit check—both are issued based on income. And, Chime doesn’t offer 1% rewards points, but they do have Chime Deals, which are essentially discounts on partner offers. And, extra calls their card a “Debit card with superpowers,” rather than a secured card, but some people think this is debatable. 

Where Chime stands out is with their three-bureau reporting and $0 monthly membership vs $20+. However, to be fair, if data is reported to Equifax and Experian, it is likely to be picked up by Transunion as well. 

On this front, you will have to decide what’s best for you. 

You might also like: Is Credit Strong Legit? A Complete Credit Builder Review 

Frequently Asked Questions 

Is Extra a real credit card? 

No, an Extra card is not a credit card, as it does not have a revolving credit limit. Instead, the funds you spend on an Extra card are immediately paid back out of your checking account. In this way, it’s more like a debit card. 

Can you withdraw money from an extra card?

No, the Extra Card does not support cash withdrawals. It is designed for purchases only and helps build credit by reporting those transactions to credit bureaus.

How does an Extra card work?  

The Extra Card links to your bank, fronts purchases based on your balance, and reports them to credit bureaus (Experian and Equifax) to help build your credit.

Does Extra help your credit? 

Extra can help your credit by reporting your purchases as payments to Experian and Equifax. Many users see credit score improvements when they use the card responsibly and maintain good financial habits.

Conclusion: Does Extra Work to Build Credit? 

The Extra Card offers a different way to build credit without relying on traditional credit cards. By linking directly to your bank account and reporting your transactions to credit bureaus, it may help you improve your credit score with responsible use. 

While the card comes with a monthly membership fee, its no-interest model and rewards options might provide some value if you want to build credit while sticking to a budget. Whether the Extra Card is the right choice depends on your financial goals and priorities, but it stands out as a flexible option for credit-building.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Meet the Ava Card: An Uncut Credit Builder Review

By Joe

Ava card review

Key Takeaways

  • Ava credit builder helps improve your credit by reporting payments to all three major credit bureaus.
  • They offer a “high-limit” virtual card, capped at $2,500.
  • Payments and credit usage are tracked to help boost your credit score.
  • No credit check is required, and approval happens after linking your bank account.
  • There’s a monthly subscription fee of $6 (annual plan) or $9 (month-to-month).
  • Ava allows you to pay subscriptions with a virtual card and automate payments.
  • Account includes a Save & Build account to save money while building credit.

The Ava card is a contemporary offer that promises to help consumers build credit. The promise is that you can use the fee-free card to pay your subscriptions, save money each month, and cash out with a lump sum at the end of the year with a higher credit score. But, is it really all it’s cracked up to be? 

Here, we’ll take a look at the full offer from Ava – the card, subscription autopay, credit builder savings account, and the potential implications of taking advantage of it. We’ll even peek behind the curtain at the company behind the product.  

This is what’s in store: 

  • What is the Ava Card & Ava Credit Builder?
    • How Does Ava Work?
    • How Much Does Ava Credit Cost?
    • Company Overview
  • Ava Card Benefits & Features
    • 1. Secure Bank Account Connection
    • 2. The “High-Limit” Ava Card
    • 3. Autopay Subscriptions
    • 4. Save & Build Credit Builder
    • 5. The Ava App
  • Frequently Asked Questions
  • Conclusion: Does Ava Help Build Credit?

Now, let’s roll. 

What is the Ava Card & Ava Credit Builder? 

Ava card reviews

The Ava card is a spending card that can be used with Ava credit builder—a financial tool designed to help people improve their credit scores. It functions as a credit-building program that offers an alternative to traditional credit cards. With Ava, there’s no need for a credit check, and there are supposedly no interest charges or fees associated with the card. 

What can I use Ava credit card for?

Once you sign up and link the bank account where your paycheck is deposited, you can apparently receive instant approval. You’ll then receive a “high-limit” Ava credit builder card that you can pay your monthly subscriptions with. 

How Does Ava Work?

Payments through the Ava card and monthly payments into a Save & Build savings account are reported to credit bureaus to potentially boost your credit score over time. Plus, after 12 months of making payments into the Save & Build account, you’ll get all your money back. 

You might also like: Cred AI Review: Are You Really Better Than Your Bank? 

How Much Does Ava Credit Cost? 

Is Ava app free?

While Ava advertises that there are “no fees” for using the card, it’s not exactly free. Ava charges a $6 per month subscription fee for those who sign up for an annual plan. If you prefer a month-to-month subscription, the fee is $9 per month. 

Ava notes that achieving a credit score of 700 or higher can potentially save you over $3,000 annually—Having a high credit score can help you get lower insurance rates and help you qualify for better terms on financing, but the amount you can actually save is relative to your situation and any financial products you’re interested in. 

Still, $9 bucks a month is less expensive than a lot of comparable offers on the market. 

You might also like: Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review 

Company Overview

Ava Finance Inc

Ava Finance Inc. is a San Francisco-based, privately-held, for-profit company that was founded in 2020 by Abed Lawand, Omar Sinno, and Reza Rahman. The company is legally registered, active, and in good standing in the state of California.  

Prior to launching Ava credit builder – the current CEO – Sinno was the senior product director at Credit Karma® for nearly 5 years, the senior product manager at LinkedIn® for three years, and co-founder of other various businesses. 

Ava CEO Omar Sinno

Next to his career history, Sinno’s education in software engineering and business make him a natural choice to lead the company. 

Plus, Trustpilot reviewers rate the company as excellent with 4.8 stars across the board. Most users cite the fact that their credit scores jumped quite a bit within a short amount of time when they signed up. 

Ava card reviews Trustpilot

However, the Better Business Bureau (BBB) tells a slightly different story. Users rate the company as 3-star with more than a handful of complaints closed within the last year. They have been accredited with BBB since 2022, and have an A- rating. But, they’re only showing 3 out of 5 stars.

Ava Finance reviews BBB

This really isn’t that bad, considering lots of financial companies have hundreds of BBB complaints. And, people tend to flock to this particular platform when they have a bad experience. 

After a quick search, I found no lawsuits against Ava Finance Inc., open or otherwise.

In all, it seems to be a reputable company and a trustworthy brand to do business with…if the offer is a good fit for your situation, anyway. 

You might also like: 14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection 

Ava Card Benefits & Features

Compared to the other credit builder platforms that I’m familiar with, the Ava card is a relatively simple offer, which I like. There’s nothing that might confuse some people into signing for added products and services that they don’t need. 

And, it’s unique in that it helps people build credit by paying their bills/subscriptions – Netflix, Hulu, Verizon, Allstate… 

Overall, Ava credit builder targets key credit factors such as on-time payments, credit utilization, and credit age to help improve your credit score. Learn how it works. 

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business) 

1. Secure Bank Account Connection

Ava card login

When you first log in to your Ava account, you’ll be asked to provide your home address, then connect your bank account. Ava Financial uses Plaid to encrypt the connection and keep your finances secure. 

Plaid seems to be a trusted and safe way to share financial data with a company. However, it’s important to be cautious and review the privacy policy and terms of use to understand how your data is handled and protected by both Plaid and the service you’re connecting to.

Ava Finance, Inc. collects and shares personal information based on the product or service you have with them. 

This can include sensitive details like: 

  • Social Security numbers
  • Account information
  • Credit history
  • Transaction records
  • Payment history

They share this information for everyday business purposes like processing transactions, reporting to bureaus, and responding to legal inquiries. However, Ava Finance does not share personal information with affiliates for marketing or non-affiliates for marketing purposes.

For questions or concerns about how Ava Finance handles personal information, you can contact them at legal@meetava.com.

2. The “High-Limit” Ava Card 

Ava $2500 credit card

Ava provides a no interest, so-called, ‘high-limit’ credit card. This card is supposedly designed to lower your credit usage instantly, which should positively impact your credit score.

What is the credit limit for Ava?

But, the highest available limit is $2,500. Compared to many starter credit cards that offer $250, $300, or $500, yes, the limit is greater. But, this is not what everyone considers “high,” so it’s worth clarifying.  

Ava promptly reports your payments to all three major credit bureaus:

  • Experian®
  • TransUnion®
  • Equifax®

So, your spending will help boost your credit score across all three bureaus. Ava also claims to watch your utilization to be sure you’re not spending more than what credit bureaus consider responsible. 

Ava is not a physical card—no Mastercard, no Visa, only a virtual card. 

Finally, Ava Financial will report your account within a week of being approved, and will report your payments within 24 hours – most credit cards report on certain dates each month or quarter. 

Now, the Ava card can only be used on subscription services in Ava Financial’s partner database. Let’s see who they are. 

3. Autopay Subscriptions

What can I use my Ava credit card for?

Ava Financial partners with 66+ popular subscription services (so far) that allow you to use your Ava credit to pay. And, we’re not just talking about video streaming services—Their ecosystem has a pretty wide range of services. 

Partner categories include: 

  • Gaming
  • Health & Fitness
  • Kids
  • Music & Audiobooks
  • Security & Safety
  • Shopping
  • Streaming TV
  • Utilities & Insurance

Enjoy automated payments and reminders to ensure you never miss a subscription payment. The Ava card can help make sure that you pay on-time, and build credit while doing it. 

You might also like: Is the National Debt Relief Program Legit? The Honest Answer 

4. Save & Build Credit Builder

Ava card review reddit

Ava’s Save & Build account is a pretty typical credit builder savings account: 

  1. You make payments up to $30 into an account every month.
  2. Your payments are reported to credit bureaus as a loan payment. 
  3. You collect the funds (up to $360) at the end of the 12-month term.

By reporting payments, this should contribute to boosting your credit score…But, if you miss a payment, it will be reported as a negative item. So, be sure you are consistent enough to make the payment every month as agreed before you start the program.  

Note: Monthly payments are automated through your bank account. 

5. The Ava App

What is the best credit building app?

Manage all Ava Credit and Ava Save & Build features conveniently through the Ava mobile app. It’s a centralized platform to access and monitor your credit-building progress from your Android or iPhone. 

The app maintains a 4.8-star rating on the Google Play store and 4.9 on the Apple Store. The key complaints with the app seem to relate to the user’s lack of understanding about the offer.  

Frequently Asked Questions

Is Ava a real credit card? 

Ava is a legitimate account that reports payments to credit bureaus, but it is not a traditional credit card. There is no physical card, and payments from a  can only be made within Ava Financial’s partner network.   

Does Ava report to Experian?

Yes, Ava reports your payment history and credit activity to all three major credit bureaus, including Experian® — They first report within a week of opening an account, then within 24 hours of you making your payments. 

How do I cancel my Ava credit card?

To cancel your account contact Ava Finance directly through their customer support channels—Email support@meetava.com or call (920) 287-0282.

Conclusion: Does Ava Help Build Credit? 

Whether or not an Ava card can help you boost your credit depends on why your credit score is low in the first place, and whether or not you can make the payments on-time as agreed. 

If your score is low because you don’t have any items reporting to the credit bureaus, then, yes, you can use a product like this to boost your score over time. If you need to increase your credit utilization or add a new type of tradeline to your credit mix, the Ava card’s optimized reported utilization might actually help.  And, the 12-months savings aspect of a builder loan could be very appealing in the right situation. 

However, if your credit score is low because you have negative items reporting, a new credit account isn’t going to help much, if at all. In fact, A credit builder card won’t help you clean up your credit or make debt go away. These situations require customized credit repair solutions. 

If you need to fix your personal credit, start learning the right steps from reputable sources — The FTC’s credit counseling guide is a trustworthy place to start. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

A Complete TomoCredit Card Review: Can You Trust the Offer? 

By Joe

Tomo Credit Card Review

Each month, thousands of people search for details about the credit card that touts an offer that will help you build credit with no credit check, fees, or interest, with up to a $10K spending limit. TomoCredit’s free card almost sounds too good to be true. So, is it? 

In this credit card review, I’ll answer this and other pressing questions — everything you need to know before you apply for the Tomo offer, whether you’re a consumer or a business owner.  

Here’s what you’ll learn:

  • How Does a TomoCredit Card Work?
    • 1. It’s Free
    • 2. No Credit Score is Required
    • 3. Access World Elite Mastercard Rewards
    • 4. Earn Cashback for Referrals
  • What Do Cardholders Think About the TomoCredit Card?
  • TomoCredit Company Overview
    • How Does TomoCredit Make Money?
  • Frequently Asked Questions
  • The Verdict: Is the TomoCredit Card Trustworthy?

Now, let’s get moving. 

How Does a TomoCredit Card Work? 

In a nutshell, TomoCredit’s software connects to your bank account and analyzes spending behavior to determine your eligibility and initial credit limit (if any). The offer is designed for young adults and U.S. immigrants but not restricted to any demographic — anyone (even non-citizens) with a bank account, SSN or  ITIN, and a government-issued ID can apply without impacting their credit score. 

Now, there is a small catch: you need to pay your balance in full each week to maintain your account. It’s similar to a charge card or Net terms offer. 

TomoCredit is a legitimate company, and everything above is true. Still, there’s more to look at 

First, the card comes with a range of features and benefits. 

1. It’s Free

There is no annual fee and no interest. The truth is that they can’t competitively charge interest because no balance will be carried on the card. This restriction will probably pay off for anyone who has a hard time paying their balances in full, and it limits cardholders’ ability to rack up too much debt. 

However, you do need to have at least $800 in your bank account to qualify. 

2. No Credit Score is Required

Usually, credit card issuers rely on credit scores to determine an applicant’s creditworthiness. Lower credit scores typically leave people with credit card and loan options that have higher interest rates, lower spending limits, and fewer benefits. 

Tomo was designed for people with no credit (who the founders believe are worthy of financial options) who want to build a better life. Hence, a credit score doesn’t factor into the decision at all.  

3. Access World Elite Mastercard Rewards 

TomoCredit’s card is provided by World Elite Mastercard, hence cardholders can leverage the benefits. 

  • Earn 1% cashback on all purchases in addition to other savings and rewards. 
  • $1,000 cell phone protection – pay your phone bill with your TomoCredit card and get protection for up to $1000 with a $5 deductible. 
  • Savings on partner offers from Lyft, DoorDash, Fandango, ShopRunner, and McAfee. 
  • Exclusive offers from Priceless.com – take advantage of experiences and courses only available to Mastercard cardholders with a Priceless.com membership.
Is Tomo a Visa or Mastercard? It's a Mastercard, and cardholders can leverage exclusive offers from Priceless.com

If you do receive a TomoCredit card (or any other World Elite Mastercard), be sure to explore the benefits and take advantage of what you can to make your experience more worthwhile. 

4. Earn Cashback for Referrals

Last week, I shared an X1 Card review, and found out that they’re offering up to 10X points on referrals, and inviting some cardholders to leverage unlimited rewards. And, I know that Tomo encourages users to invite others to apply, but the public offer leaves me wondering about the details of their referral rewards offered for.

TomoCredit card login

I know that cardholders can earn 1% cashback for referring your friends. But, I still don’t know how many people you can refer in a calendar year, nor how long the 1% can be earned (is it 30 days? 90?). So, I reached out to the team for more details about the offer, and I will update this page as soon as I have it. 

What Do Cardholders Think About the TomoCredit Card? 

While the offer is fairly new, it’s been around long enough to gauge what current cardholders think about the offer. So, I’ve done some digging, and here’s what I found. 

Tomo credit card review reddit

Some cardholders have been unhappy with the lack of reporting on behalf of Tomo. I’m going to say that you should err on the side of caution here, but that it can take a bit of time and a ton of active accounts for a financial offer to establish a reporting relationship with credit bureaus. With an optimistic mindset, I believe Tomo will start reporting to all three credit bureaus as agreed soon if they haven’t already. 

Tomo credit card review Trustpilot

Next, several account holders complain about Tomo’s poor customer service and communication. Cardholders should be able to contact the phone number on the back of their card for help with their accounts. I can’t verify whether this is the case or not — if it isn’t, then it would be the first card I know of that doesn’t have a contact number. 

Tomo credit card review BBB

Finally, according to at least one user, they may factor a previous bankruptcy into denial for credit. For a company that is built to help people build credit, this doesn’t make a lot of sense to me. 

Recommended Reading: Credit Secrets Book Review: Can you Erase Bad Credit? 

TomoCredit Company Overview

TomoCredit was founded in 2018 by Kristy Kim and Dmitry Kashlev. It’s both minority-owned and woman-owned.  

Prior to founding TomoCredit, Kristy Kim (Tomo’s current CEO) worked as a Finance Counsel Member at Forbes and formerly was the Vice President of Investments for Kinetic. And, before 2018, Dmitry Kashlev (CTO) was a Senior Software Engineer with Qventus and Software Architect at Eargo. Between the two of them, they have strong financial and technology backgrounds. So, it seems like a good match for a partnership like this. 

Kristy Kim is pretty active on Reddit and has even done a couple of AMAs, where she’s answered questions, and responded to positive feedback as well as that of the trolls and naysayers — this isn’t something you see every day with founders. 

Tomo credit card Reddit - Founder, Kristy Kim

Some of Kim’s answers are perceived as elusive, but I think people should cut her some slack — some of the company’s investors probably have a hand in what she’s allowed to disclose about the offer. 

And, since they’re currently looking for a Brand Marketing Specialist to bring onto the team, I think we’ll start to see more transparency and a more organized presentation of the offer. 

How Does TomoCredit Make Money? 

Tomo’s card offer comes at no charge to consumers, so people have wondered how the company makes money. There’s one conspiracy that they’re bringing the social credit system to the US (this might not be 100% false). But, TomoCredit actually earns from interchange fees — merchants pay a small percentage to Tomo each time transactions are processed.

The interchange fee revenue model can be profitable with enough active cardholders, as we’ve seen with corporate cards from Ramp,  Brex, Stripe, and Divvy. However, TomoCredit is not profitable… yet. 

The company does plan to add auto loans and mortgages to its financial offer down the road, possibly within the next ten years. Both auto loans and mortgages are highly lucrative business models. There’s no way to know if the card offer will be a gateway to more traditional loan offers or if the loan and mortgage offers will be more innovative like the card.

Frequently Asked Questions

Does Tomo pull your credit?

No. When you apply for a TomoCredit card, you will not receive any pull to your credit (not even a soft inquiry). Instead of a credit report, the system uses information from activity in your bank account to make a creditworthiness determination. 

Is TomoCredit Card secured or unsecured?

TomoCredit offers an unsecured credit card. But, some features such as weekly payments in full are like a secured account.

Where is the Tomo card accepted?

The TomoCredit card is a Mastercard and is accepted by millions of merchants (anywhere Mastercard is accepted). 

Can you carry a balance on a Tomo card?

No, since the card is designed to help users build credit, they do not allow cardholders to carry a balance. Weekly payments made in full are required to maintain a TomoCredit card account. 

How often does Tomo report to credit bureaus?

At the end of each calendar month, TomoCredit reports cardholder payments to credit bureaus. With the claim that they are the “first card to offer expedited weekly payments,” this can be confusing. To confirm, Tomo reports each month, not each week. 

Which credit bureaus does Tomo report to?

TomoCredit reports cardholder payments to Transunion, Equifax, and Experian. Though, some cardholders have complained that the company is not reporting monthly to all three bureaus yet. Tomo does not report to business credit bureaus. 

Will TomoCredit Help You Build Business Credit?

When you apply for a Tomo Credit card, Plaid will connect the automated underwriting system to most major checking accounts, including business accounts. But, Tomo does not report on-time payments to business credit bureaus. So, accepting a Tomo credit card offer will not help you build business credit. 

Can you use a Tomo card at an ATM?

No. TomoCredit offers a credit card, not a debit card. And, they do not currently allow any cash advances or ATM withdrawals. 

Does the Tomo card have an app?

Tomo Credit Card Payments

Yes, TomoCredit has Tomo Card apps for iPhone and Android to help users conveniently activate their cards, track their account activity, and pay their credit card bills. 

How do you contact Tomo?

As of today, TomoCredit doesn’t have a live chat on their forward-facing website, so you can reach out via their website contact form, email help@tomocredit.com, or call the phone number on the back of your TomoCredit card. Current cardholders can use the in-app chat when logged in to their account.  

The Verdict: Is the TomoCredit Card Trustworthy? 

To me, there are a few warning signs with Tomo’s offer: 

  1. The advertised high ($10K) spending limit could get some people into trouble 
  2. The offer is like a secured card in that you have to pay your balance each week
  3. The company’s communication and transparency could use some work

However, the benefits seem like they might outweigh the risks for those who need to build out their credit profile. And, this is a legal offer from a legitimate company. So, if you’re in need of a credit builder option, Tomo might be a good choice. 

For more information on that topic, I recommend Credit Secrets, as it’s the best credit-building program I’ve ever heard of, and it’s absolutely inexpensive for the amount of value it provides. 

And, if you’re interested in learning how you can obtain up to $100K in business credit (that won’t show up on your personal credit report) in as few as 30 days, start here. 

Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review

By Joe

Credit Strong Review

If you’re here, your credit profile might leave something to be desired. So, you’re presumably looking for a way to boost your score. Maybe you want to buy a house or obtain financing for another major purchase in the near future. Or, maybe you own a company, and you need to build out your credit profile to obtain business credit. 

Either way, Credit Strong’s name is floating around in your world, and you’re kicking the tires because you want to know if their offer is legit and helpful (or if it’s just another new gimmick). Here, you’ll find out about both their personal and business credit builder offers.  

This is everything I know about Credit Strong’s big-picture offer — which includes more than typical credit builder loans — so that you can find out if signing up is in your best interest. 

Here’s what we’ll look at: 

  • What is a Credit Strong Account?
    • How Does Credit Strong Work?
  • Credit Strong Terms & Fees
    • Personal Terms & Fees
    • Business Terms & Fees
  • Credit Strong Account Requirements
    • Personal Requirements
    • Business Requirements
  • Frequently Asked Questions
  • Credit Strong Company Overview
  • Credit Strong Competitors
  • More Answers to Related Questions
  • Conclusion: Is Credit Strong Legitimate?

Now, let’s get the show on the road. 

What is a Credit Strong Account? 

According to the company website a Credit Strong account is “the first fusion” of savings at an FDIC-insured bank and credit building. In my opinion, this isn’t a super clear value proposition. And, after reading user reviews, I think some account holders who have unsuccessfully tried to leverage the offer would agree. So, what does the company mean when they say “first fusion?”  

Credit Strong reviews

Some users say that the offer appeared in search results when seeking out a loan — it’s crucial to understand that Credit Strong’s credit builder offer is not a traditional loan. So, the generally-expected financing terms don’t apply. 

In a nutshell, Credit Strong provides a way to simultaneously build credit and fund a savings account with four secured-type financial product options:

  1. Revolv. – Add $500 to $1K revolving credit line to your credit profile without a credit card. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $99 per year, plus monthly account payments

  1. Instal. – Add a $1K or $2.5K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $15 or $30 per month, plus monthly account payments.  

  1. Magnum – Add a $5K or $10K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. This plan can be leveraged by small business owners, with no EIN, who want to establish a larger credit line.

Cost: $55 or $110 per month, plus account payments

  1. Business – Build $2.5K, $5K, or $10K of commercial credit. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. You’ll need an EIN to open a business account.

Cost: $149 to $749 account setup fee, and $100 to $440 per month

Note: The business offer is not easily found on Credit Strong’s website main navigation — You can find more information here. 

How Does Credit Strong Work? 

Credit strong accounts establish a credit line on your consumer credit profile without a loan or credit card. When you make monthly payments on time, they are reported as “pays as agreed,” to the credit bureaus. In the meantime, those payments go into an escrow account that you may withdraw from later — this offer gives you a chance to save money while building your credit. 

Credit Strong reviews MyFico

Funds saved in a Credit Strong account may be withdrawn if you choose to cancel your account. But, if you withdraw before the end of the amortization period (10 years on standard personal installment accounts), you will still have to pay the interest owed. 

This is standard with most credit builder financial offers and Credit Strong is transparent about amortization schedules. 

Credit Strong Terms & Fees

Here’s a breakdown of the fee structure for Credit Strong’s personal and business accounts. 

Personal Terms & Fees

Credit Strong’s personal account cost structure seems to be unpopular with many users who have canceled their accounts. 

Credit Strong reviews BBB

These unsatisfied users tend to expect traditional loans or traditional savings offers. But, what they’re actually getting is something different: a distinctive “credit-builder” offer with an escrow account. Many credit builder loans and secured credit cards come with high fees, as with most products and services designed for individuals with poor credit. 

Here’s a breakdown of terms & fees for personal Credit Strong accounts: 

Credit Strong Account Terms & Fees

If you have a difficult time saving money on your own and need to diversify the type of accounts on your credit profile to boost your score, a credit builder option like this can help. Expectedly, you will be charged for the service. 

After looking at the offer from a bird’s eye view, an Instal. account doesn’t seem like a good idea to me, simply because the standard loan term is 10 years, and payments toward savings are amortized. So, if you open an installment loan with Credit Strong, it could take a decade to save $1K to $2.5K — And, in the end, you will pay quite a bit to make it happen. With that said, you can always make additional payments to fulfill the terms early and save on interest (plus, Credit Strong does not charge prepayment penalties). 

Business Terms & Fees

There are two fee options with Credit Strong’s business offer: (1) with interest or (2) without interest. 

Of course, the interest accounts end up costing more than the no-interest accounts, but the initial account setup fees are lower than the latter. So, if you have the cash to pay the fees upfront, it’s best to go with the interest-free option. 

Here’s an overview of Credit Strong’s business terms & fees:

Credit Strong Business Terms & Fees

By the end of two years and one month, if you pay as agreed, you could have up to $10K in savings with a Credit Strong™ business account.  

Note that with the interest business accounts, payments are split between interest and “principal,” which means you’ll probably pay more toward the interest you owe during the first ¼ of your loan term. Toward the end of the terms, more of your payments will be applied toward principal — this is called amortization and is how most installment loans work.  

Credit Strong Account Requirements

To apply for a Credit Strong account, you should meet specific minimum requirements: 

Personal Requirements

To qualify for a personal Credit Strong account, you must meet the following requirements: 

  • US resident with a physical US address (other than Vermont & Wisconsin)
  • Valid SSN or ITIN (individual taxpayer ID)
  • Good-standing checking account, debit card, or prepaid card 
  • Working mobile phone number or Google Voice account
  • Valid email address

Credit Strong will not use a credit pull or consider your income to determine eligibility for an account — basically, they only need to properly identify who you are and where you live. 

Business Requirements

To qualify for a business Credit Strong account, you and your company need to meet certain requirements. 

Individual requirements are as follows: 

  • At least 18 years of age and a permanent US resident
  • US resident with a physical US address
  • At least 25% ownership in the company
  • No other co-owners that individually own 25% or more of the company
  • Valid SSN or ITIN
  • Valid, state-issued identification 

And, here are the company requirements: 

  • Registered EIN
  • At least 3 months since the business was legally established
  • LLC., Partnership, or Corporation
  • Located in the US with a valid, physical business address

Additionally, you must not take part in any prohibited business activities. 

Frequently Asked Questions

Does Credit Strong Raise Your Credit Score?

Credit Strong’s offer gets mixed reviews. Depending on why a credit score is low, on-time payments on a Credit Score account may improve account holders’ credit scores by reporting on-time payments to credit bureaus. However, unpaid accounts can be reported as delinquent. So, it is only one piece of the credit-building puzzle. 

Does Credit Strong do a hard pull?

Credit Strong vs Self vs Kikoff

No, Credit Strong does not do a hard pull to the applicants’ credit to approve accounts. So, if you apply for an account (so long as you make responsible payments) your credit score is safe. 

Is Credit Strong a tradeline?

If you open a Credit Strong Business account, you can establish a financial tradeline in the form of a secured (pre-paid) installment loan. However, the company doesn’t yet report to business credit bureaus but does claim that they plan to in the future.  

Does Credit Strong report to Dun & Bradstreet?

As of September 2022, Credit Strong does not report to Dun & Bradstreet (D&B) or any other business credit bureaus. The company reports to consumer credit bureaus Equifax and Paynet and claims that they do plan to eventually include Experian, D&B, and SBFE. So, the only way that Credit Strong might help build business credit currently is through helping to improve a business owner’s personal credit score and fund their savings account up to $10K. 

It takes a bit of work, and specific qualifications for lenders to report to business credit bureaus. So, I choose to be optimistic and assume Credit Strong is working on building its user base to meet these requirements,  and that they will start reporting to the business bureaus soon. 

How many points does Credit Strong give you?

How many points do you get from Credit Strong?

The number of points your credit score will increase with Credit Strong’s offer depends on the account holder’s current credit profile and their ability to make on-time payments on their account. There are several factors that influence credit scores: 

  • Payment history
  • Amounts owed & utilization
  • Length of credit history
  • New credit applications (inquiries/hard pulls)
  • Types of credit used

So, Credit Strong is merely a tool that can be used to build credit, but must be part of a comprehensive strategy — I recommend Credit Secrets for credit-building advice. 

What happens if you stop paying Credit Strong?

If you stop paying Credit Strong as agreed, they can report negative information to credit bureaus. However, you may terminate your account at any time with no fees or prepayment penalties.

If you stop paying because your account terms are fulfilled, you can either leave your money in the savings account to accrue interest or transfer the funds to your bank account — getting your money from Credit Strong can take about a week. 

Credit Strong Company Overview

Credit Strong was launched in 2019, so the offer is pretty new. However, the parent company, Austin Capital Bank, has been around for a decade and a half, since 2006. Austin Capital Bank is a trusted community bank in Austin, Texas. 

Who owns Credit Strong?

The bank’s founder and CEO, Erik Beguin, was previously a member of the Federal Reserve Board in Washington DC and served as a Chairman for the Federal Reserve Bank of Dallas before that, so he definitely knows finance. 

Credit Strong Competitors: Side-by-Side Comparison With Self & Kikoff

Here’s a quick view of how Credit Strong, Self, and Kikoff compare, side-by-side, as accounts that build credit.

Credit Strong vs Self vs Kikoff

Credit Strong, Self, and Kikoff have credit builder offers that report payments to consumer credit bureaus with no hard pull to the applicant’s credit report. And, each of them offers an escrow/savings account. 

None of the above companies report payments to any business credit bureaus, but Credit Strong promises that they will in the future. 

Credit Strong is the only company, from the list above, that has an offer for businesses, and their account options are quite a bit more robust than the other two. Furthermore, they have more options for larger accounts. Nevertheless, the offers from Self and Kikoff might be better for individuals that would prefer a simple setup. 

Credit Strong reviews Reddit

While these competitors seem to get the most interest in the credit builder and savings space, they are not your only options for credit builder loans or savings offers. Before you sign up for a Credit Strong account, I recommend you research offers from local community banks, such as a shared-secured loan, secured credit cards, and Individual Development Accounts (IDAs or “matched savings”) before you commit to anything new and shiny. 

Recommended: 3 Best Credit Unions for Small Business Banking 

More Answers to Related Questions

For those considering an individual credit builder offer, I feel like I should answer some general and more fundamental questions before I wrap up. But, if you’re a company owner exploring Credit Strong’s business offer, you might want to skip to the end. 

What is considered a good credit score?

A FICO score between 670 to 739 is considered “good.” 

What is an excellent credit score?

A FICO score of 800 and up is considered “excellent.”

How long does it take to build credit to 700?

The duration that it takes to increase a credit score to 700 depends on the individual’s existing credit profile and the tactics used. It can take from 60 days to several years to boost a score into this range.  

How can you raise your credit score by 200 points in 30 days?

If you paid your credit down to utilization in the 30% range or lower, optimized your debt-to-income ratio, and had always made on-time payments to diverse accounts, it’s possible you could raise your credit score by 200 points in 30 days. But, this answer is highly broad — it could take some people many years to grow their score by 200 points, and others might be able to do it by removing discrepancies from their credit report (which can be done in 30 days).  

How long does it take to build credit from 500?

Many people build credit from 500 within a few months. Again, this answer varies from credit profile to credit profile. 

How fast can you build credit?

You can build credit in as little as 30 days, which is how long it takes most reporters to notify credit bureaus of changes to a credit profile (including payments made). 

How fast can you rebuild credit?

If you have a smart strategy and funds, and your profile isn’t too messy, you can rebuild your credit in a month, but it often takes longer. 

How can you raise your credit score in 90 days?

The best way to raise your credit score is to make on-time payments to all lenders, keep your utilization below 30%, and include a diverse array of accounts (revolving, installment, etc.). You should also monitor your credit report to watch for discrepancies and mistakes, and report them when they arise. 

How long does it take to build credit to buy a house?

To buy a house, the credit score needed varies from lender to lender. It could take a few months or a few years to build a credit score high enough to qualify for a mortgage. 

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

Conclusion: Is Credit Strong Legitimate? 

From my research, I gather that Credit Strong is absolutely a legitimate company with an honest offer, which is intended to simultaneously build credit and savings. Secured loans and lines of credit are often used to build credit while savings are difficult for some people to manage on their own, so it’s natural that an offer like this would exist. 

While there is a wave of poor Credit Strong reviews flooding the web, these seem to primarily come from account holders who did not understand the offer when they applied. 

This tells me that the company might be better off if they clarify the details upfront, for those who might not understand what they’re signing up for. While I found Credit Strong to be pretty transparent, I can see how someone without a lot of credit-building knowledge would have a contrary opinion. 

With that said, since they don’t yet report on-time payments to business credit bureaus, I don’t consider Credit Strong to be a particularly powerful offer to build business credit, but I look forward to watching that side of their offer evolve.

Now, if you’ve made it this far into this review, you should understand everything you need to decide whether the offer is right for your situation. Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

Business Credit Blog

· Recommended Resources
· Using 30 Day Net Vendors to Build Your Business Credit Score
· How to Create a Business Credit “Entity” – Tutorial

Recent Posts

  • I got $25K from a Credit Union No One Talks About
  • Hot Seat – Application Received
  • How I Built Business Credit in 30 Days | Step-by-Step Guide
  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

· Sign Up for Business Credit Workshop Online!
· Login – Business Credit Workshop Online
· Forgot Password?
· Latest Posts
· Affiliates

Copyright © 2025 · All Rights Reserved · Privacy Policy · Terms · About · Contact Us

  • Home
  • Free Funding Guide
  • What We Offer
    • Products
    • Services
    • Free Guide
    • Back
  • About Us
  • Contact
  • Sign Up