topic Re: Ollo card account closure in Credit Cards

OLLO Card Account Closure - Master Thread

Anonymous — Wed, 03 Feb 2021 21:54:44 GMT

I recently received a letter from Ollo advising me that my account had been closed. My account had never been late, and ALL my credit accounts are in good standing, and have been since I began rebuilding my credit 2 years ago. I had not, however, used the card or carried a balance for the last 6 months. My score is most certainly higher than it was when I opened the account.

I opened the account to increase my score, and it worked. As my score increased, I had access to better cards, with better rates, and higher credit limits, and have been using those. Now I will have a reduced total available credit and a new closed account on my credit report because they were not earning an interest on my account. Way to look out for your customers during a national crisis.

Re: Ollo card account closure

OmarGB9 — Fri, 21 Aug 2020 17:32:32 GMT

They're just managing risk. Nothing personal. You just said yourself you hadn't used the card anyway in the last 6 months. That's a pretty long while, and in this pandemic it was enough time for them to make the decision to close it. If your scores have improved along with your overall profile, why is this so horrible? A closed account doesn't hurt you unless the closed CC had a considerable CL that was helping pad utilization, which, to be honest, I doubt an Ollo card would have. What was the CL?

Re: Ollo card account closure

blindambition — Fri, 21 Aug 2020 18:02:06 GMT

You don't have to carry a balance, but a card needs to show usage. A card dormant for 6 months is a long time to some lenders. A couple of swipes every couple of months should prevent that. Even if just a couple of $$.

Re: Ollo card account closure

M_Smart007 — Wed, 26 Aug 2020 16:24:14 GMT

Sorry for your closure.

Re: Ollo card account closure

Anonymous — Mon, 01 Feb 2021 05:37:30 GMT

Just happened to me tonight...although I have yet to receive anything from with regards to it.Tried using the card tonight to make an online purchase,and the card was declined.Went and logged into my account on the Ollo website,and it said the account was closed.Account was in excellent standing.No missed payments,always paid more than the minimum,carried a balance of $200-$300 out of a $2500 limit(which was raised twice in the 2+years that I had it),and probably used the card 3-5 times a month.I am 4+ years post Chapter 7,and have been extra careful with my credit usage.They even sent me back in November,a 6 month 0% APR promo.My concern/question is:If a credit card company closes an account that was in good standing and not in default,does that hurt your credit score?

Re: Ollo card account closure

FinStar — Mon, 01 Feb 2021 05:44:48 GMT

@Anonymous wrote:
Just happened to me tonight...although I have yet to receive anything from with regards to it.Tried using the card tonight to make an online purchase,and the card was declined.Went and logged into my account on the Ollo website,and it said the account was closed.Account was in excellent standing.No missed payments,always paid more than the minimum,carried a balance of $200-$300 out of a $2500 limit(which was raised twice in the 2+years that I had it),and probably used the card 3-5 times a month.I am 4+ years post Chapter 7,and have been extra careful with my credit usage.They even sent me back in November,a 6 month 0% APR promo.My concern/question is:If a credit card company closes an account that was in good standing and not in default,does that hurt your credit score?

The closed account will still report to the CRAs for up to ~10 years and it will not impact your AAoA. The only immediate effect you may see is if this closure somehow impacts your overall utilization due to the loss of the available credit. But, other than that, the closed account is still factored into your AAoA until it drops off.

Re: Ollo card account closure

Anonymous — Mon, 01 Feb 2021 06:00:18 GMT

Finstar,

There was a $250 balance that I was planning on paying off next week on the card.Does the account being closed with a balance have any further impact,even though nothing was in default?

Re: Ollo card account closure

FinStar — Mon, 01 Feb 2021 06:05:26 GMT

@Anonymous wrote:
Finstar,

There was a $250 balance that I was planning on paying off next week on the card.Does the account being closed with a balance have any further impact,even though nothing was in default?

It can in some cases because it'll likely show as maxed since the available credit isn't there any longer. I'm not familiar how Ollo reports if there's a balance on the closed account, but let's see if other members can chime in their experiences.

I would definitely try to PIF as soon as practical to avoid such a potential scenario.

Re: Ollo card account closure

creditfan — Mon, 01 Feb 2021 06:14:05 GMT

it's same true to target MC, so I make sure to show some usage to the card every 6 months or so

Re: Ollo card account closure

Anonymous — Mon, 01 Feb 2021 06:21:07 GMT

@FinStar wrote:
@Anonymous wrote:
Finstar,

There was a $250 balance that I was planning on paying off next week on the card.Does the account being closed with a balance have any further impact,even though nothing was in default?
It can in some cases because it'll likely show as maxed since the available credit isn't there any longer. I'm not familiar how Ollo reports if there's a balance on the closed account, but let's see if other members can chime in their experiences.

I would definitely try to PIF as soon as practical to avoid such a potential scenario.

The problem is,I can't even access the account to get the balance.I know it was roughly $250.And I can't pay electronically because they shut down my online access.I tried calling them tonight and they were estimating a wait time of 30+ minutes.Totally ridiculous.I could see if I was late and maxxed out,but I was doing everything right.

Re: Ollo card account closure

FinStar — Mon, 01 Feb 2021 06:39:53 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Finstar,

There was a $250 balance that I was planning on paying off next week on the card.Does the account being closed with a balance have any further impact,even though nothing was in default?
It can in some cases because it'll likely show as maxed since the available credit isn't there any longer. I'm not familiar how Ollo reports if there's a balance on the closed account, but let's see if other members can chime in their experiences.

I would definitely try to PIF as soon as practical to avoid such a potential scenario.
The problem is,I can't even access the account to get the balance.I know it was roughly $250.And I can't pay electronically because they shut down my online access.I tried calling them tonight and they were estimating a wait time of 30+ minutes.Totally ridiculous.I could see if I was late and maxxed out,but I was doing everything right.

Do they have an automated phone option that can provide those details or do you have to speak with a live agent?

Re: Ollo card account closure

Anonymous — Mon, 01 Feb 2021 06:45:36 GMT

@FinStar wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Finstar,

There was a $250 balance that I was planning on paying off next week on the card.Does the account being closed with a balance have any further impact,even though nothing was in default?
It can in some cases because it'll likely show as maxed since the available credit isn't there any longer. I'm not familiar how Ollo reports if there's a balance on the closed account, but let's see if other members can chime in their experiences.

I would definitely try to PIF as soon as practical to avoid such a potential scenario.
The problem is,I can't even access the account to get the balance.I know it was roughly $250.And I can't pay electronically because they shut down my online access.I tried calling them tonight and they were estimating a wait time of 30+ minutes.Totally ridiculous.I could see if I was late and maxxed out,but I was doing everything right.
Do they have an automated phone option that can provide those details or do you have to speak with a live agent?

Tried that.Because the account is closed,it bypasses that option and routes me directly to an operator.I guess sometime in the next days,I will call and just wait out the long wait time.

Ollo Closed Suddenly Closed My Account Too

toi34 — Mon, 01 Feb 2021 07:03:29 GMT

I got the Ollo invitation after my BK a few years ago. I've received 2 cli's since. ALL my credit accounts since BK have never been late, over the balance or maxed out. I used Ollo card every month, but I pay in full 100%. I paid my $106 balance earlier today, and now when I go to check my account is says it's "restricted and closed". What gives? I'm on hold right now waiting to speak with CS. I guess it's not that big of a deal since I have better cards now -- BBVA and my CU's World Mastercard -- but I still want to know why.

@Anonymous wrote:
Just happened to me tonight...although I have yet to receive anything from with regards to it.Tried using the card tonight to make an online purchase,and the card was declined.Went and logged into my account on the Ollo website,and it said the account was closed.Account was in excellent standing.No missed payments,always paid more than the minimum,carried a balance of $200-$300 out of a $2500 limit(which was raised twice in the 2+years that I had it),and probably used the card 3-5 times a month.I am 4+ years post Chapter 7,and have been extra careful with my credit usage.They even sent me back in November,a 6 month 0% APR promo.My concern/question is:If a credit card company closes an account that was in good standing and not in default,does that hurt your credit score?

Re: Ollo Closed Suddenly Closed My Account Too

Anonymous — Mon, 01 Feb 2021 07:16:23 GMT

@toi34 wrote:
I got the Ollo invitation after my BK a few years ago. I've received 2 cli's since. ALL my credit accounts since BK have never been late, over the balance or maxed out. I used Ollo card every month, but I pay in full 100%. I paid my $106 balance earlier today, and now when I go to check my account is says it's "restricted and closed". What gives? I'm on hold right now waiting to speak with CS. I guess it's not that big of a deal since I have better cards now -- BBVA and my CU's World Mastercard -- but I still want to know why.

@Anonymous wrote:
Just happened to me tonight...although I have yet to receive anything from with regards to it.Tried using the card tonight to make an online purchase,and the card was declined.Went and logged into my account on the Ollo website,and it said the account was closed.Account was in excellent standing.No missed payments,always paid more than the minimum,carried a balance of $200-$300 out of a $2500 limit(which was raised twice in the 2+years that I had it),and probably used the card 3-5 times a month.I am 4+ years post Chapter 7,and have been extra careful with my credit usage.They even sent me back in November,a 6 month 0% APR promo.My concern/question is:If a credit card company closes an account that was in good standing and not in default,does that hurt your credit score?
I just want to know why as well,but more importantly,I just want to pay off the balance,which I had planned on paying off in the next couple of days,and be done with them.I don't want an unpaid balance lingering,making it look like I stiffed them.Please post a followup after you get off the phone with CS(and their 30+ minute wait)about what they told you.

Re: Ollo Closed Suddenly Closed My Account Too

toi34 — Mon, 01 Feb 2021 07:27:50 GMT

@Anonymous wrote:
@toi34 wrote:
I got the Ollo invitation after my BK a few years ago. I've received 2 cli's since. ALL my credit accounts since BK have never been late, over the balance or maxed out. I used Ollo card every month, but I pay in full 100%. I paid my $106 balance earlier today, and now when I go to check my account is says it's "restricted and closed". What gives? I'm on hold right now waiting to speak with CS. I guess it's not that big of a deal since I have better cards now -- BBVA and my CU's World Mastercard -- but I still want to know why.

@Anonymous wrote:
Just happened to me tonight...although I have yet to receive anything from with regards to it.Tried using the card tonight to make an online purchase,and the card was declined.Went and logged into my account on the Ollo website,and it said the account was closed.Account was in excellent standing.No missed payments,always paid more than the minimum,carried a balance of $200-$300 out of a $2500 limit(which was raised twice in the 2+years that I had it),and probably used the card 3-5 times a month.I am 4+ years post Chapter 7,and have been extra careful with my credit usage.They even sent me back in November,a 6 month 0% APR promo.My concern/question is:If a credit card company closes an account that was in good standing and not in default,does that hurt your credit score?
I just want to know why as well,but more importantly,I just want to pay off the balance,which I had planned on paying off in the next couple of days,and be done with them.I don't want an unpaid balance lingering,making it look like I stiffed them.Please post a followup after you get off the phone with CS(and their 30+ minute wait)about what they told you.

I waited 30 minutes and no one answered. I'll try again tomorrow. You should push a bill payment from your bank to Ollo and make sure it's a few dollars over what you owed to cover any sneaky interest. This way they'll have to mail you the difference and you'll know 100% you don't owe them a dime.

Re: Ollo Closed Suddenly Closed My Account Too

Anonymous — Mon, 01 Feb 2021 07:31:25 GMT

@toi34 wrote:
@Anonymous wrote:
@toi34 wrote:
I got the Ollo invitation after my BK a few years ago. I've received 2 cli's since. ALL my credit accounts since BK have never been late, over the balance or maxed out. I used Ollo card every month, but I pay in full 100%. I paid my $106 balance earlier today, and now when I go to check my account is says it's "restricted and closed". What gives? I'm on hold right now waiting to speak with CS. I guess it's not that big of a deal since I have better cards now -- BBVA and my CU's World Mastercard -- but I still want to know why.

@Anonymous wrote:
Just happened to me tonight...although I have yet to receive anything from with regards to it.Tried using the card tonight to make an online purchase,and the card was declined.Went and logged into my account on the Ollo website,and it said the account was closed.Account was in excellent standing.No missed payments,always paid more than the minimum,carried a balance of $200-$300 out of a $2500 limit(which was raised twice in the 2+years that I had it),and probably used the card 3-5 times a month.I am 4+ years post Chapter 7,and have been extra careful with my credit usage.They even sent me back in November,a 6 month 0% APR promo.My concern/question is:If a credit card company closes an account that was in good standing and not in default,does that hurt your credit score?
I just want to know why as well,but more importantly,I just want to pay off the balance,which I had planned on paying off in the next couple of days,and be done with them.I don't want an unpaid balance lingering,making it look like I stiffed them.Please post a followup after you get off the phone with CS(and their 30+ minute wait)about what they told you.

I waited 30 minutes and no one answered. I'll try again tomorrow. You should push a bill payment from your bank to Ollo and make sure it's a few dollars over what you owed to cover any sneaky interest. This way they'll have to mail you the difference and you'll know 100% you don't owe them a dime.

I was paying through their portal,which I no longer have access to.You think if I try to send it from BofA(my bank)to them( I have their payment mailing address)that it would go through?

Re: Ollo Closed Suddenly Closed My Account Too

Anonymous — Mon, 01 Feb 2021 07:43:25 GMT

I just scheduled a payment through BofA to them.We'll see what happens!

Re: Ollo card account closure

Anonymous — Mon, 01 Feb 2021 07:59:22 GMT

It happened to me tonight also. I made a payment tonight , Then I tried to log back in , and said my account was closed. My credit line went up an additional 1000.00 in December . I called them, and after a 3 hour wait, they told me there were some technical issues going on that should be resolved by noon on Monday , and my account should be open . If not , call them back .

Re: Ollo card account closure

Anonymous — Mon, 01 Feb 2021 08:41:49 GMT

@Anonymous wrote:
It happened to me tonight also. I made a payment tonight , Then I tried to log back in , and said my account was closed. My credit line went up an additional 1000.00 in December . I called them, and after a 3 hour wait, they told me there were some technical issues going on that should be resolved by noon on Monday , and my account should be open . If not , call them back .

Well I will be curious to see,if that is in fact true,or if they were just giving you the runaround.Please report back.I will actually check my account tomorrow as well,to see if there is any change on mine.

Re: Ollo card account closure

Anonymous — Mon, 01 Feb 2021 09:03:43 GMT

It happened to me as well 5 minutes ago. 730 fico, I always use it to the max every month and pay it off every month, as it is my best card with its 2.5% cashback. I went in to pay off the statementbalance as it is due in 5 days. Tried to call their callcenter but the waitingtime is more than 30 minutes so I googled instead and ended up here. It must be a mistake.