topic Re: Ollo or wait for Quicksilver? in Bankruptcy

Ollo or wait for Quicksilver?

moncsicsi — Fri, 13 Aug 2021 18:33:03 GMT

Hi All,

I finally got my discharge notice dated August 2nd, 2021. I'm ecsatic! Especially, because one of my oldest accounts, a MilitaryStar card, has survived the ordeal.

I had been receiving offers from CapitalOne even before my discharge and I ran the preapproval, but held off getting a new card until I received the notice of discharge. Two days later I went through the process and got approved for a Platinum card with $3000 limit, 0% APR for 12 months and 22.9% afterwards. I'm on a budget -as should be- and have no reason to use a credit card, but I like the rewards points. Before I filed, I had a Quicksilver that I used regularly and paid off every month. (All the debt that I included in the BR were from 2017-2018 when I maxed out my cards while going through divorce).

So I would like to get a rewards card again. Quicksilver was offered with an annual fee at the time of my application, so I didn't take that, but today I see twoo Ollo card offers on Credit Karma with an outstanding approval chance. One is a rewards card. Should I apply for the Ollo Platinum Mastercard or should I wait for Quicksilver offer with no annual fee? Or both eventually? Is applying for two cards in a week bad?

Thanks for help and advice, in advance.

Scores as of 08/13/21: Experian 639 - Equifax 669 - Transunion 636

Re: Ollo or wait for Quicksilver?

Horseshoez — Fri, 13 Aug 2021 18:39:19 GMT

I'm thinking wait; it should only take six to eight weeks to get you to the no annual fee version of the Quicksilver card.

Re: Ollo or wait for Quicksilver?

anniea4001 — Fri, 13 Aug 2021 18:46:12 GMT

@moncsicsi

Your situation seems pretty similar to mine.

I can tell you that I got approved for the very same 3k CapOne Platinum right after discharge and this week I got an upgrade offer for QS (no AF) and Venture. So you can definetely upgrade in a few months or you can get the QS as a second card down the road.

I received an Ollo pre approval shortly after discharge as well and I have it but I am just not impressed with it. Low limit, no rewards and no options for upgrading it. So I would stick with CapOne if I was you. Also for what I have read, Ollo is slow with CLIs. Ollo was my 2nd card right out of BK and I only got a $500 SL.

Re: Ollo or wait for Quicksilver?

Anonymous — Fri, 13 Aug 2021 22:39:14 GMT

@moncsicsi wrote:
Hi All,

I finally got my discharge notice dated August 2nd, 2021. I'm ecsatic! Especially, because one of my oldest accounts, a MilitaryStar card, has survived the ordeal.

I had been receiving offers from CapitalOne even before my discharge and I ran the preapproval, but held off getting a new card until I received the notice of discharge. Two days later I went through the process and got approved for a Platinum card with $3000 limit, 0% APR for 12 months and 22.9% afterwards. I'm on a budget -as should be- and have no reason to use a credit card, but I like the rewards points. Before I filed, I had a Quicksilver that I used regularly and paid off every month. (All the debt that I included in the BR were from 2017-2018 when I maxed out my cards while going through divorce).
So I would like to get a rewards card again. Quicksilver was offered with an annual fee at the time of my application, so I didn't take that, but today I see twoo Ollo card offers on Credit Karma with an outstanding approval chance. One is a rewards card. Should I apply for the Ollo Platinum Mastercard or should I wait for Quicksilver offer with no annual fee? Or both eventually? Is applying for two cards in a week bad?

Thanks for help and advice, in advance.

Scores as of 08/13/21: Experian 639 - Equifax 669 - Transunion 636

I am in the same boat as you but I got a bit different recently. I have been pre-approved for 3 cards from cap1 (secured, platinum 0AF / quicksilver 39AF). I didn't apply for these since it will take 3HPs. I was also pre-approved for Misson Lane with $0AF and Ollo on Credit Karma for Ollo rewards and regular cards. I also received a bunch of emails from Mission Lane about the approval up to 2K. since I had a good feeling about the approval and I shoot an app for Mission lane and approved it for 1.5K with $0 AF (TransUnion HP). I also applied for Ollo Rewards cardsand asked for identity verification via mail send the docs via email and 1-day letter received an email saying approved. I don't know the limit yet. most likely $500-$1500.

I applied for CAP1 auto loan pre-approval and approved up to 50K. (burned 2 cards and charged off since JUN-2019). after credit application from the dealership, I was approved for 23K for 9.99% and my current CAP1 pre-approval shows a secured card only.

As I have been checking pre-approval from CAP1, they recently changed the pre-approval interface but I am not sure what happened to my 3 cards pre-approval. since Auto Loan was my first priority, I still keep checking CAP1 for unsecured cards.

Based on many reviews here Captial One, Mission Lane, and Ollo have great approval after BK discharge. just make sure you start from the least HP bank and go for the 3HPs. So my first suggestion is Misson Lane (TU), Ollo (EX/TU), and CAP1 (EX/TU/EQ). **DO research about cards and approval before you applying for anything. you will end up with great cards on your hands before you even know it. Good Luck!

Re: Ollo or wait for Quicksilver?

Horseshoez — Sat, 14 Aug 2021 00:09:17 GMT

@Anonymous, I've been hearing about the "3 HP" thing from CapOne since I first joined this site, and while technically true, it is only one pull per CB, and as such, when you apply for a CapOne card, and then a card from a different financial institution, they will typically only see 1 of the 3 from CapOne, so from that perspective, it really is only 1 HP.

Re: Ollo or wait for Quicksilver?

Anonymous — Sat, 14 Aug 2021 00:12:33 GMT

@Horseshoez wrote:
@Anonymous, I've been hearing about the "3 HP" thing from CapOne since I first joined this site, and while technically true, it is only one pull per CB, and as such, when you apply for a CapOne card, and then a card from a different financial institution, they will typically only see 1 of the 3 from CapOne, so from that perspective, it really is only 1 HP.

I have applied for a CAP1 card for a friend of mine and that's 1HP from each bureau (EX/TU/EQ) while ML only TU and Ollo from EX/TU.

Re: Ollo or wait for Quicksilver?

Horseshoez — Sat, 14 Aug 2021 00:29:18 GMT

@Anonymous wrote:
@Horseshoez wrote:
@Anonymous, I've been hearing about the "3 HP" thing from CapOne since I first joined this site, and while technically true, it is only one pull per CB, and as such, when you apply for a CapOne card, and then a card from a different financial institution, they will typically only see 1 of the 3 from CapOne, so from that perspective, it really is only 1 HP.
I have applied for a CAP1 card for a friend of mine and that's 1HP from each bureau (EX/TU/EQ) while ML only TU and Ollo from EX/TU.

Yes, but most financial institutions only check one credit bureau, and as such, even though you got hit with 3 hard pulls from the CapOne application, the underwriters for your next application will only see 1 pull.

Re: Ollo or wait for Quicksilver?

Anonymous — Sat, 14 Aug 2021 00:37:43 GMT

@Horseshoez wrote:
@Anonymous wrote:
@Horseshoez wrote:
@Anonymous, I've been hearing about the "3 HP" thing from CapOne since I first joined this site, and while technically true, it is only one pull per CB, and as such, when you apply for a CapOne card, and then a card from a different financial institution, they will typically only see 1 of the 3 from CapOne, so from that perspective, it really is only 1 HP.
I have applied for a CAP1 card for a friend of mine and that's 1HP from each bureau (EX/TU/EQ) while ML only TU and Ollo from EX/TU.
Yes, but most financial institutions only check one credit bureau, and as such, even though you got hit with 3 hard pulls from the CapOne application, the underwriters for your next application will only see 1 pull.

The point I made earlier to start from Mission Lane, Ollo to CAP1 is that ML will not see any credit pulled before an app with them, and again Ollo will only see ML HP from TU only, CAP1 will see all ML and Ollo. CAP1 pre-qualify will not go away even with the apps from ML and Ollo. but OLLO and ML will consider recent apps (in my opinion). so it's always good to shoot for an HP with the least HP lender.

Re: Ollo or wait for Quicksilver?

Horseshoez — Sat, 14 Aug 2021 01:07:24 GMT

@Anonymous wrote:
@Horseshoez wrote:
@Anonymous wrote:
@Horseshoez wrote:
@Anonymous, I've been hearing about the "3 HP" thing from CapOne since I first joined this site, and while technically true, it is only one pull per CB, and as such, when you apply for a CapOne card, and then a card from a different financial institution, they will typically only see 1 of the 3 from CapOne, so from that perspective, it really is only 1 HP.
I have applied for a CAP1 card for a friend of mine and that's 1HP from each bureau (EX/TU/EQ) while ML only TU and Ollo from EX/TU.
Yes, but most financial institutions only check one credit bureau, and as such, even though you got hit with 3 hard pulls from the CapOne application, the underwriters for your next application will only see 1 pull.
The point I made earlier to start from Mission Lane, Ollo to CAP1 is that ML will not see any credit pulled before an app with them, and again Ollo will only see ML HP from TU only, CAP1 will see all ML and Ollo. CAP1 pre-qualify will not go away even with the apps from ML and Ollo. but OLLO and ML will consider recent apps (in my opinion). so it's always good to shoot for an HP with the least HP lender.

Who cares about the pre-qual soft pulls? Answer, nobody. They are utterly and completely irrelevant.

Re: Ollo or wait for Quicksilver?

FireMedic1 — Sat, 14 Aug 2021 09:46:55 GMT

@moncsicsi wrote:
Hi All,

I finally got my discharge notice dated August 2nd, 2021. I'm ecsatic! Especially, because one of my oldest accounts, a MilitaryStar card, has survived the ordeal.

I had been receiving offers from CapitalOne even before my discharge and I ran the preapproval, but held off getting a new card until I received the notice of discharge. Two days later I went through the process and got approved for a Platinum card with $3000 limit, 0% APR for 12 months and 22.9% afterwards. I'm on a budget -as should be- and have no reason to use a credit card, but I like the rewards points. Before I filed, I had a Quicksilver that I used regularly and paid off every month. (All the debt that I included in the BR were from 2017-2018 when I maxed out my cards while going through divorce).
So I would like to get a rewards card again. Quicksilver was offered with an annual fee at the time of my application, so I didn't take that, but today I see twoo Ollo card offers on Credit Karma with an outstanding approval chance. One is a rewards card. Should I apply for the Ollo Platinum Mastercard or should I wait for Quicksilver offer with no annual fee? Or both eventually? Is applying for two cards in a week bad?

Thanks for help and advice, in advance.

Scores as of 08/13/21: Experian 639 - Equifax 669 - Transunion 636

Wait 6 months and you can possibly upgrade the no perks card to the QS. You dont want to keep starter cards. See below. Try the link every so often. https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

Re: Ollo or wait for Quicksilver?

millionsofmiles — Sun, 15 Aug 2021 06:15:44 GMT

Cap One will not approve for a second card product within 6 months of the first. Since you were approved for Cap One Platinum on August 4, 2021, you have about 5.5 months to go. This does not apply to product changes necessarily.but an-immediate post-discharge Cap One Platinum is frequently "bucketed."

Cap One Platinum is a rebuilder. Wait the six months before pulling the trigger on QS One. Even with their 6 month period in place, Cap One will still do the three HPs and then deny you if applying within the six months.

Go for the OLLO right now. Their invites often stop coming, and there is no way to apply cold.

Re: Ollo or wait for Quicksilver?

MileHigh96 — Tue, 17 Aug 2021 18:14:22 GMT

I got the Ollo Platinum Rewards pre-approval offer thru Credit Karma just a week or so after my BK7 discharge. I applied for it and I got zero annual fee and a $1500 CL with unlimited cash back (2% on gas stations, grocery, and drug stores and 1% on everything else). I say get goo for the Ollo card, especially if it's thru Credit Karma.

Re: Ollo or wait for Quicksilver?

Anonymous — Tue, 17 Aug 2021 18:25:01 GMT

@MileHigh96 wrote:
I got the Ollo Platinum Rewards pre-approval offer thru Credit Karma just a week or so after my BK7 discharge. I applied for it and I got zero annual fee and a $1500 CL with unlimited cash back (2% on gas stations, grocery, and drug stores and 1% on everything else). I say get goo for the Ollo card, especially if it's thru Credit Karma.

You may wanna try Misson Lane too if you have Pre-approval thru CK.

Re: Ollo or wait for Quicksilver?

MileHigh96 — Thu, 19 Aug 2021 15:15:35 GMT

@Anonymous wrote:
@MileHigh96 wrote:
I got the Ollo Platinum Rewards pre-approval offer thru Credit Karma just a week or so after my BK7 discharge. I applied for it and I got zero annual fee and a $1500 CL with unlimited cash back (2% on gas stations, grocery, and drug stores and 1% on everything else). I say get goo for the Ollo card, especially if it's thru Credit Karma.
You may wanna try Misson Lane too if you have Pre-approval thru CK.

I got that one thru CK before I applied for the Ollo card, so I got them both thanks to CK.

Re: Ollo or wait for Quicksilver?

Anonymous — Thu, 19 Aug 2021 16:32:10 GMT

@MileHigh96 wrote:
@Anonymous wrote:
@MileHigh96 wrote:
I got the Ollo Platinum Rewards pre-approval offer thru Credit Karma just a week or so after my BK7 discharge. I applied for it and I got zero annual fee and a $1500 CL with unlimited cash back (2% on gas stations, grocery, and drug stores and 1% on everything else). I say get goo for the Ollo card, especially if it's thru Credit Karma.
You may wanna try Misson Lane too if you have Pre-approval thru CK.
I got that one thru CK before I applied for the Ollo card, so I got them both thanks to CK.

That's great I got the same. Ollo, Mercury and Misson Lane. All from CK. BTW how did you qualify for Upgrade card after bk? Is that a card or something else?

Re: Ollo or wait for Quicksilver?

MileHigh96 — Thu, 19 Aug 2021 17:35:47 GMT

@Anonymous wrote:
That's great I got the same. Ollo, Mercury and Misson Lane. All from CK. BTW how did you qualify for Upgrade card after bk? Is that a card or something else?

It's a LOC that you can tap into with either a Visa card that they send you or you can ask for a draw from it and have the money deposited into your bank account.

https://www.upgrade.com/upgrade-card/

I applied for it thru Credit Karma though, not from their website. When you draw off the LOC into your account (there's a minimum) it will convert into a loan with fixed monthly payments with a fixed APR that you get when you are approved. From what I understand if you use the LOC by using the credit card, whatever you charge over a one month period now becomes a loan with a fixed monthly payment and APR. The payments are broken down into a 3 year repayment.

A review of it from Nerdwallet: https://www.nerdwallet.com/reviews/credit-cards/upgrade-card

But if you decide to apply, I would definitely go through CK.

Re: Ollo or wait for Quicksilver?

Anonymous — Thu, 19 Aug 2021 17:40:01 GMT

@MileHigh96 wrote:
@Anonymous wrote:
That's great I got the same. Ollo, Mercury and Misson Lane. All from CK. BTW how did you qualify for Upgrade card after bk? Is that a card or something else?
It's a LOC that you can tap into with either a Visa card that they send you or you can ask for a draw from it and have the money deposited into your bank account.

https://www.upgrade.com/upgrade-card/

I applied for it thru Credit Karma though, not from their website. When you draw off the LOC into your account (there's a minimum) it will convert into a loan with fixed monthly payments with a fixed APR that you get when you are approved. From what I understand if you use the LOC by using the credit card, whatever you charge over a one month period now becomes a loan with a fixed monthly payment and APR. The payments are broken down into a 3 year repayment.

A review of it from Nerdwallet: https://www.nerdwallet.com/reviews/credit-cards/upgrade-card

But if you decide to apply, I would definitely go through CK.

Thank you for the information. I checked Upgrade pre-approval pffers and was declined. I do currently have 12 months quick loan and I will be continuing with that. I don't have any pre-approval from CK for Upgrade. I will be looking to apply if I have a suggestion.

Re: Ollo or wait for Quicksilver?

Bmac66 — Fri, 20 Aug 2021 19:05:49 GMT

I'm 2 years into my 60 month BK and I was approved for the Ollo card and a $2,000 CL. No rewards but also no fees. I burned CapOne so I don't expect any preapprovals any time soon!

Re: Ollo or wait for Quicksilver?

Anonymous — Sun, 22 Aug 2021 22:05:22 GMT

@Bmac66 wrote:
I'm 2 years into my 60 month BK and I was approved for the Ollo card and a $2,000 CL. No rewards but also no fees. I burned CapOne so I don't expect any preapprovals any time soon!

If I read this correctly, you're 2 years post-BK discharged? if that's correct you're more likely to be eligible for Capone products such as CC and Auto Loans. they will let you back in after 1-year post-BK or 1 year from the last CO date. try to use pre-approval tools from their website. they're more likely accuarate. Good luck!

Re: Ollo or wait for Quicksilver?

Bmac66 — Sun, 22 Aug 2021 22:21:09 GMT

No. I'm two years in to my 5 year 13 plan. I have 3 years to go before discharge