Written by Sarah James ·
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It's 2023, but is there still structural racism in the credit card industry? In a survey from 5000 Americans, studies found that BIPOC individuals reported having the lowest or no credit score.
Though the disadvantage for BIPOC folks has played a significant role in lack of financial education and literacy, this hasn't stopped them from taking their personal finances into their own hands.
Our credit card company, TomoCredit, aims to make credit accessible to everyone. We believe that all Americans deserve the right to credit and that no one should be discriminated against because of their race, status, age, etc.
We are a startup based out of SF, CA, and our founder Kristy Kim, is a South Korean immigrant. Our team is also made of immigrants (90% of Tomo employees are immigrants/POC) and we built TomoCredit to solve our own acute pain points of not having credit history in the U.S.
In addition to our diverse team, 95% of our TomoCredit customers are POC, which speaks to our unique understanding of just how different credit access for white Americans vs credit for everyone else works. To date, Tomo has helped over 3M people get access to credit they normally wouldn't have had access to (with no fees or interest).
Moving to the U.S. comes with a long list of firsts — first apartment, first bank account, first credit card. This AAPI Month, here's how immigrants and AAPI communities can start building U.S. credit from scratch, and why it matters for everything that comes next.
A three-digit number used to be the whole story. Now consumers want their score to explain itself, show them what to do next, and reflect how they actually manage money — and the industry is starting to catch up.
New data from TomoCredit shows 82% of a sample of 5,663 California users saw their credit scores increase after using TomoCredit's financial products.
The language used on this page is for creative purposes only. TomoCredit (or TomoBoost) does not guarantee an increase in credit score. Individual results vary based on each person's unique credit history and financial circumstances, and subscription payments are non-refundable.
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