topic Re: How solid is Ollo pre-approval? in Credit Cards

How solid is Ollo pre-approval?

Anonymous — Wed, 10 Jul 2019 23:36:58 GMT

Received 2 offers for the Ollo platinum MasterCard this week. Offer says minimum $300 credit limit. Says 0% APR for first 9 months, then 19.99%. No annual fee. I researched this company a little bit and it looks like they were started by former capital one execs, I started getting the offers within days after I got a CLI with capital one...coincidence? But anyway it's a pre-approval NOT a pre-qualification letter. Is this solid? I sure don't want to waste a hard pull on this. I'd basically use it for 7 months and then pay it off in the last 2 months of the 0% APR then use it sparingly.

Re: How solid is Ollo pre-approval?

Hex — Thu, 11 Jul 2019 03:20:59 GMT

The pre-approvals are usually pretty solid but I have heard of a few people getting turned down with one. There’s a good chance that if you hold out on them they will sweeten the deal in a few months and offer you the Rewards version. Not sure about any 0% offers with that.

Re: How solid is Ollo pre-approval?

Anonymous — Thu, 11 Jul 2019 03:50:31 GMT

Nice thanks. So I have a good shot then?

Re: How solid is Ollo pre-approval?

Hex — Thu, 11 Jul 2019 08:19:36 GMT

I think so. So long as you haven’t opened a bunch of new accounts or racked up a bunch of inquires in the last couple of months. How is your utilization?

Re: How solid is Ollo pre-approval?

Anonymous — Tue, 30 Jul 2019 19:32:41 GMT

my utilization is about 56% right now

Re: How solid is Ollo pre-approval?

Anonymous — Tue, 30 Jul 2019 19:49:22 GMT

Your scores are right where Ollo likes their customers. Their offers are derived from prescreen data provided by Experian and are usually solid unless a large change in profile has happened since the offer was generated.

Ollo likes customers who carry a balance — utilization is not a large factor for them.

They target customers who are still considered subprime but most likely won’t be subprime for much longer. I got my Ollo card in 11/2017 and got my first post-BK prime cards in 3/2018 when I was approved for Discover, SSFCU, and AMEX.

Re: How solid is Ollo pre-approval?

Anonymous — Tue, 30 Jul 2019 19:51:46 GMT

thanks for the info!

Re: How solid is Ollo pre-approval?

Anonymous — Tue, 30 Jul 2019 20:00:49 GMT

@Anonymous wrote:
thanks for the info!

No problem!

I can see that you are just like I was right now - two cards from Capital One and nothing else (mine were QS and PlayStation). When I added the Ollo card, that third card is what ultimately pushed my scores up to 660-680 and helped me score those three approvals. Adding a third card is optimal for FICO scoring and Ollo is certainly not a bad third card.

Re: How solid is Ollo pre-approval?

Anonymous — Tue, 30 Jul 2019 20:04:51 GMT

I'll definitely consider applying!

Re: How solid is Ollo pre-approval?

Anonymous — Tue, 30 Jul 2019 20:18:10 GMT

@Anonymous wrote:
I'll definitely consider applying!

Keep us posted!

Re: How solid is Ollo pre-approval?

Anonymous — Wed, 31 Jul 2019 18:30:23 GMT

Will do! My one and only collections account falls off my credit report in a few months and I might pay of my CC's at that time and wait to see if I get any better offers from them or other companies. Also around that time the majority of my inquiries will fall off so I might wait it out

Re: How solid is Ollo pre-approval?

Anonymous — Wed, 31 Jul 2019 18:35:13 GMT

Something to keep in mind — when your file is clean, you will be affected by age of youngest account, something that doesn’t currently affect you. Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files. You’ll also lose the FICO penalty for 1/2 cards with a balance by adding a third card.

Just food for thought.

Re: How solid is Ollo pre-approval?

BallBounces — Wed, 31 Jul 2019 19:42:44 GMT

@Anonymous wrote:
Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.

@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....

Re: How solid is Ollo pre-approval?

Anonymous — Wed, 31 Jul 2019 20:20:25 GMT

@BallBounces wrote:
@Anonymous wrote:
Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.
@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....

I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation.

Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent.

Re: How solid is Ollo pre-approval?

J-F168 — Thu, 01 Aug 2019 15:45:40 GMT

When I received pre-approval I was about one yr post DC and they approved me for $300 and I did heavy usage, after about 6-7 months they increase to $2500. Its been well over one year with low usage(about 100 montly) and no cli. I called them and they put a note on my acc for cli review.

Good luck

Re: How solid is Ollo pre-approval?

BallBounces — Thu, 01 Aug 2019 17:04:06 GMT

@Anonymous wrote:
@BallBounces wrote:
@Anonymous wrote:
Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.
@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....
I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation.

Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent.

Thanks, I wish we had better data on this. I find it plausible, but not convincing. I also wonder if aspects we don't consider play in to it as well. eg, Does a thick and dirty file treat AoYA thresholds differnt from a thin and dirty file? And how thick is thick, and how dirty is dirty?

Re: How solid is Ollo pre-approval?

Anonymous — Thu, 01 Aug 2019 18:59:44 GMT

@BallBounces wrote:
@Anonymous wrote:
@BallBounces wrote:
@Anonymous wrote:
Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.
@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....
I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation.

Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent.
Thanks, I wish we had better data on this. I find it plausible, but not convincing. I also wonder if aspects we don't consider play in to it as well. eg, Does a thick and dirty file treat AoYA thresholds differnt from a thin and dirty file? And how thick is thick, and how dirty is dirty?

I mean my file would definitely count for thick (AoOA > 9 years, AAoA > 3 years) and dirty (BK) but I don’t obsess over point gains and losses as much as others here and in fact only pull my scores once a month.