topic Re: Prequalification link for Ollo card! in Bankruptcy

Prequalification link for Ollo card!

Anonymous — Mon, 17 Dec 2018 19:41:02 GMT

Hi everyone,

I apologize if this has already been posted elsewhere, but this morning I discovered a sort of round-about pre-qualifcation link for an Ollo card. The card itself seems pretty good, the Ollo website says it is geared for people with less than perfect credit. It has no annual fee and an interest rate of 24.9%.

My data points: filed for bankruptcy January 11, 2018. Discharged Sep 18, 2018. I applied this morning through the pre-qual link. They pulled my Experian credit report. My Experian score is 601.

I was instantly approved for the Ollo Cash Rewards card and given a $1000 spending limit.

OK the way to find out if you are prequalified is through the Experian Credit Match site.

https://www.experian.com/credit/credit-cards/

The site lists credit cards that Experian feels you have a good chance of getting. For me, at the top of the list was Ollo and it had a little blue sticker over it that said, "prequalified." So, I guess it's not really a pre-qualification link per se, but it sort of let's you know if you are prequalified for the Ollo card. The other options that it gave me, Ollo platinum card, Fingerhut and Navy Federal Credit Union nRewards secured did not have the blue prequalified sticker on them.

When I clicked the link, it took me to the Ollo website and at the top of the page it said, "You are prequalified for the Ollo Cash Rewards Card"

Again apologies if this is posted elswhere or otherwise common knowledge but it was news to me and good news at that!

Re: Prequalification link for Ollo card!

FireMedic1 — Mon, 17 Dec 2018 19:50:52 GMT

Congrats on your approval. All these sites that have recommendations with pre-quals and so forth really arent reliable. Its all marketing that go by your Vantage score usually. They dont see your full credit report. Experian knows your FICO from the free site. But I have a BK and it says I qualify for AMEX cards and other cards that wouldnt give me the time of day with a 3yr old BK. Be careful.

Re: Prequalification link for Ollo card!

Anonymous — Mon, 17 Dec 2018 19:59:02 GMT

Hi Firemedic,

I agree. As I wrote, the site suggested Navy Federal nRewards but I know for a fact that I won't qualify for that becuase the customer service rep told me I would not qualify for any of their products including the secured card. I don't trust the suggestions, but I wonder if the Ollo "prequalification" is legit. It was for me, maybe others can try and report back.

Re: Prequalification link for Ollo card!

FireMedic1 — Mon, 17 Dec 2018 20:27:52 GMT

Pre-qual and pre-approved are different. Pre-qual is a lot less than pre-approved. But then it may have a better chance at approval than a pre-qual. You can see who is pretty solid on Pre-approved on the forums. Cap1 and AMEX to name a few. Even pre-approved letters can be misleading. As we sy here. YMMV. But your were approved. Thats the best part. Congrats again and good luck on your rebuild.

Re: Prequalification link for Ollo card!

Anonymous — Mon, 17 Dec 2018 20:39:17 GMT

Sorry, I didn't realize there was a difference between the words "prequalification" and "preapproval." It may very well have said, "preapproved" not "prequalified." I guess my post is useless.

Re: Prequalification link for Ollo card!

Nova5041 — Mon, 17 Dec 2018 21:54:21 GMT

Yeah its just another way to get you to apply for cards, some are legit and others are far fetched. But congrats on getting the ollo card, its a great card and kinda acts like a prime lender from my experience.

Also the Ollo card is by invite only. Fyi

Re: Prequalification link for Ollo card!

FireMedic1 — Mon, 17 Dec 2018 22:08:46 GMT

@Nova5041 wrote:
Yeah its just another way to get you to apply for cards, some are legit and others are far fetched. But congrats on getting the ollo card, its a great card and kinda acts like a prime lender from my experience.

Also the Ollo card is by invite only. Fyi

Be gald to send you the 21 invites stacking up on my desk. I'll mail them all back in January! LOL!

Re: Prequalification link for Ollo card!

Nova5041 — Mon, 17 Dec 2018 22:13:26 GMT

LOL, no kidding! Im a cardholder and i still receive them in the mail. I only have 5 though!

Re: Prequalification link for Ollo card!

WD2005 — Wed, 19 Dec 2018 23:26:32 GMT

I have an Ollo card. Started with a $300 SL when I opened it in early May. Scores were in the lower 600s. Scores are now in the mid 600s. I also opened a Discover It with a $800 SL around the same time. Since then I've had a NFCU secured graduate from $500 to $2K and my Discover CL is up to $2400. Ollo, in the meantime, has given me a whole......$100 increase. I won't close it, because it has no fees, but I use it sparingly.

Re: Prequalification link for Ollo card!

FireMedic1 — Thu, 20 Dec 2018 00:12:49 GMT

@WD2005 wrote:
I have an Ollo card. Started with a $300 SL when I opened it in early May. Scores were in the lower 600s. Scores are now in the mid 600s. I also opened a Discover It with a $800 SL around the same time. Since then I've had a NFCU secured graduate from $500 to $2K and my Discover CL is up to $2400. Ollo, in the meantime, has given me a whole......$100 increase. I won't close it, because it has no fees, but I use it sparingly.

Congrats WD! Thats how you do it. Bigger and better things will start coming your way in time!

Re: Prequalification link for Ollo card!

Anonymous — Thu, 20 Dec 2018 01:43:13 GMT

Thanks WD! That's really helpful info and makes me hopeful. Hearing about your personal experience is very helpful. I applied for a student loan consolidation with my credit union and was denied. They told me that I didn't have enough accounts on my credit report since my bankruptcy which was discharged in September and incidentally is STILL open and will be until April next year at least. Anyway, the loan officer said that in addition to my auto loan I should get 3 credit cards. Now with Ollo I have three and I really look forward to getting the NFCU nRewards card, but am scared to apply for it because a rep there told me I would not ever be approved for any loan with NFCU, even the secured credit card while I have a bankruptcy showing on my credit report.

Thanks again and congrats on your score improvement!!

Re: Prequalification link for Ollo card!

Anonymous — Mon, 30 Sep 2019 03:08:11 GMT

Hello, good evening I would like to apply for the ollo credit charge.

Re: Prequalification link for Ollo card!

sports1965 — Tue, 01 Oct 2019 02:29:48 GMT

By invitation only!

Re: Prequalification link for Ollo card!

twono — Sun, 17 Nov 2019 00:42:28 GMT

I researched the OLLO card a few minutes ago and this thread came up. I did so because Credit Karma sent me a mailer saying i was pre-approved for the OLLO card. I realize the click bait, the ads, the sales angle involved with CK and other credit monitoring sites and their promoting of products. But since this card has been on my radar as the 3rd card for my rebuild, i decided to give it a good look.

Since they pull EX and that being my highest score at 615, i clicked on the CK provided OLLO link and applied....APPROVED $1100.

Re: Prequalification link for Ollo card!

coreyb80 — Wed, 20 Nov 2019 16:31:58 GMT

@twono wrote:
I researched the OLLO card a few minutes ago and this thread came up. I did so because Credit Karma sent me a mailer saying i was pre-approved for the OLLO card. I realize the click bait, the ads, the sales angle involved with CK and other credit monitoring sites and their promoting of products. But since this card has been on my radar as the 3rd card for my rebuild, i decided to give it a good look.

Since they pull EX and that being my highest score at 615, i clicked on the CK provided OLLO link and applied....APPROVED $1100.

Congrats on the approval!

Re: Prequalification link for Ollo card!

Anonymous — Fri, 22 Nov 2019 19:56:02 GMT

I am just over one year post discharge for C7. A couple of months after my D date I started getting Ollo mail telling me I was preapproved and all that good stuff. I kinda just blew it off because I wanted my FICO to settle and I wanted to do research and such on how to start rebuilding (this forum is a great group of minds too, just fyi). I then had issues with Experian not showing a home address for me and the couple of things I applied for, I got shot down immediately. Took a bit to figure out WTH was going on and then I found out about the address mess. LONG STOR SHORT I flubbed up on the Ollo option back then and a couple of weeks ago I, like you, saw the Ollo thing on Experian (I use it to monitor all of my reports and I love it btw). I didn't want to do it, and I can't remember if it said prequal or preapprove....I applied and got approved with a $1,500 dollar limit! So, I say, go for it. My FICO's are in range of 624-660 right now. I am pretty happy where I am sitting. No more cards for me til maybe next summer. I have the Ollo, CapOne Quicksilver, Merrick and a Kohl's card. That is all I need to build and garden with for now. GOOD LUCK TO YOU!

Re: Prequalification link for Ollo card!

twono — Sat, 23 Nov 2019 17:04:40 GMT

Good info and nice progress. My OLLO should be here any day. I received and activated my credit one monday, and lo and behold, the statement cut on the 19th. I found out through an alert. New acct, with new balance and utilization. Score bump of +15 on EX to 613, 54 days post DC....credit usage 3%, and 2 open accts (kohls and credit one) The OLLO will be card #3. Hoping for another bump.. Student loans are reporting positive and in deferrment as well. 54 days post DC and scores are in good shape at this stage of the rebuild, except for TU which is lagging for some reason. All reports are pretty much reporting correctly and same info. EQ 615 EX 613 TU 585