This Korean immigrant started a fintech startup called TomoCredit
Kristy Kim is the CEO and founder of Tomocredit.
With the permission of Kristy Kim
In 2011, Kristy thought who had the American dream. He was eager to find his first 22 -year -old apartment from UC Berkeley and his first 22 -year -old apartment in investment banking in San Francisco, but his rental practices continued to be rejected.
Kim, “This is too much struggle … Because here I work hard, to get a job and make money hard to work and realizing the following:” Oh, I do not have a credit score in the US, I am invisible – credit ghost, “he said.
Kim emigrated from South Korea to the United States at the age of 11. He had to be creative to sign together for his apartment without any family in the country. He applied to Craigslist, where he found a favorite apartment and reached the landlord directly.
Kristy Kim emigrated from South Korea to the United States at the age of 11.
With the permission of Kristy Kim
“I founded him basically: ‘Hey, I don’t have a credit score, but trust me, I have a job and I can make you talk to my boss [and] My boss can vouch for me, ” who said. His plan was successful and who guaranteed his first apartment.
These first struggles adapt to the US financial system stuck with the US. Today, a short-san Francisco-based Fintech initiative for tomorrow, the founding partner and CEO of 38-year-old Tomocredit, helps those who have a limited loan history to create loans and improve their personal financing.
According to the documents reviewed by CNBC, Kim’s company brought more than $ 20 million money last year.
‘Someone had to build this’
The breaking point came by buying his first car, not with housing. After moving to his apartment, who wanted to get automatic loans.
After rejecting many of the auto dealer, who had to be re -creative. Thus, he entered the local Citibank branch and considering that the bank had records and savings of savings and asked if the manager was a guarantor for him.
I want people, especially immigrants, [to] Feeling strengthened instead of being ashamed, because having a credit score … It wasn’t something I should be ashamed. Because I don’t know the system.
Who is Kristy
Founding Partner and CEO, Tomocredit
“I asked for a meeting with the administrator … I asked him basically, can you call the automatic credit dealer … and then a [trustworthy] The person … You can see how much money I make, Kim Kim said.
“But he said he didn’t work like that. [their] The banking department and the lending department are separate … So they can’t communicate with each other, Kim Kim said.
Eventually, he had to borrow some money from his family in Korea to buy a fully used car. With this experience, Kim said that he learned that the US credit and banking system is very inefficient.
“This has lost a lost for everyone. Lost for automobile dealership, because they couldn’t sell it. Lost for me [because] I had to spend a lot of money. And not that good [the bank] Both of them could not make their customers happy because they could not hold me, Kim Kim said.
Tomocredit team is a trip to play golf.
Kristy Kim’s permission.
“That’s why I started Tomo with full confidence. [I knew] “He said that millions of Kristy, who has this bad experience,,” he said. ” I think someone has to build it. “
As a person who moved to the United States on his own, there was no family member to help the country’s credit system to navigate. As a result of ASA, he was not aware of the importance of having a debt history with a bank to create a loan.
“I want people, especially immigrants [to] Feeling strengthened instead of being ashamed, because having a credit score … It wasn’t something I should be ashamed. Because I don’t know the system, Kim Kim said.
Easy hacking to create your loan
Kim, Domokredit built for the young self. He shared two basic tips to create yourself. Credit for beginners:
- Information about your credit score as early as possible.
He recommends to learn how credit scores work and learn that your score is as young as possible.
“He doesn’t even know what the definition of the credit score is. [It is] Your probability of repayment [a loan] In the next 12 months, “Who said.” Know your score … Even 18 years old. You may have nothing. If your parents add you to their files, you may have something. So know what happened, know what it means. “
- Start small when you don’t have a score.
For people who do not have a credit score, who recommends to start small by lending a small amount of money from the bank you know you can easily pay. Whoever, whether $ 100 or $ 1,000, shows a history where you can get credit and repay it, helping to create your loan.
“Then start small and early. I think this is the best hack,” he said.
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