What Goes Into Your Credit Score?
A good credit score is essential for purchasing a new place, a new car, or taking out a loan with better interest rates — but what factors go into the number?
New to the U.S.? Start Building Your Credit Score Now
Written by Sarah James ·
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SUMMARY
- Good credit determines your financial future in the U.S., affecting loan rates, apartment approvals, and even job offers.
- No one starts with a great credit score — bureaus need three to six months of activity before your report updates.
- Most credit cards require existing credit history, leaving newcomers stuck without a way to get started.
- Tomo evaluates banking history instead of a credit score or security deposit, so you can build credit from day one.
- Tomo charges no fees of any kind and offers cash back of up to 20%.
Credit Determines Your Financial Future
In the US, having good credit matters more than ever. Having good credit will ensure you qualify for affordable rates on student loans, auto loans, insurance, and mortgages, saving you tons of money and making it easier to pay them back in the long term. Credit can determine whether you can qualify to rent an apartment by yourself, finance your iPhone/car/furniture, or land your dream job.
Establishing strong credit is the first thing you should do when you land in the U.S., and it all begins with your first credit card. Having a good starting card allows you to build a strong credit history quickly and easily.
No one starts with a great credit score — it takes some time to build. The three major credit bureaus in the U.S. — TransUnion, Experian, and Equifax — consider three to six months of credit activity before they start updating your credit report.
Starting your credit journey as soon as you arrive in the U.S. is one of the wisest things you can do for your financial future.
Where Do I Start?
Getting a credit card is the fastest and easiest way to begin building your credit score, but there’s often a catch — most credit card companies only issue credit to those who already have an established credit history. Because credit history is used as the main factor to determine the credit risk of an applicant, if you don’t have any credit history, it’s unlikely that you’ll get approved at all!
This is where Tomo comes in… Tomo is a new generation of credit card that doesn’t require a credit score or security deposit to determine your creditworthiness. Tomo issues credit cards based on an evaluation of your banking history instead — your account balances, income, and spending trends. Tomo’s smart repayment system manages consistent on-time payments to help you build good credit, faster and more easily. Because Tomo is committed to helping you build good credit fast, it carries no fees of any kind! Did we mention Tomo offers a high cash back reward of up to 20%? You heard that right. Earning cashback while building credit has never been easier!
Apply today and join the future of building credit.
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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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