topic Re: Closed Ollo Card in Rebuilding Your Credit

Closed Ollo Card

southernblueeyes — Sat, 24 Sep 2022 23:12:40 GMT

After 2 1/2 years into my rebuild I no longer need or use my Ollo Card. Only $2700 limit and no rewards. So I closed it today. Very thankful for Ollo giving me a chance and helping me with rebuilding my credit. Sometimes you have to crawl before you can walk. 😁

Re: Closed Ollo Card

IamWesty12 — Sat, 24 Sep 2022 23:16:51 GMT

@southernblueeyes wrote:
After 2 1/2 years into my rebuild I no longer need or use my Ollo Card. Only $2700 limit and no rewards. So I closed it today. Very thankful for Ollo giving me a chance and helping me with rebuilding my credit. Sometimes you have to crawl before you can walk. 😁

@southernblueeyes congrats on taking steps before running again. Must feel so rewarding to close out Ollo and see how far you have come!!!! Great job!! Enjoy having good credit!

Re: Closed Ollo Card

OmarGB9 — Sat, 24 Sep 2022 23:58:34 GMT

Congrats!

Re: Closed Ollo Card

Jeffster1 — Sun, 25 Sep 2022 01:34:40 GMT

Congratulations in putting that part of your life behind you. It feels good. I closed my Ollo and Mercury cards a couple weeks ago, ams am now waiting for Merrick to fix its EQ reporting problem so that I can close it reporting its correct zero balance.

While I was considering it, I posted the thread below to this same forum...

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Begin-closing-rebuilder-cards-Am-I-there-yet-Need-advice/m-p/6571118

I didn't realize how some would react, inferring that I was now a credit snob. One poster...who suddenly left soon after ...became not-so-subtly insulting. Acquiring better cards is the goal of so many of us, I'm sure. I will always appreciate OLLO in being one of fhe first to give me a chance after a DC but I outgrew it. In fact, when I called Ollo and Mercury to close, I made sure to tell them that I was very happy with their service but needed ro consolidate. I'm sure it's not easy being a CSR for a subprime card. Not easy anywhere but especially not there.

In any case, I do appreciate what Ollo and Mercury did for me. Ya gotta start out (again) somewhere.

Re: Closed Ollo Card

FireMedic1 — Sun, 25 Sep 2022 09:59:25 GMT

Nice. Thats how its done!

Re: Closed Ollo Card

SUPERSQUID — Sun, 25 Sep 2022 11:43:36 GMT

@southernblueeyes wrote:
After 2 1/2 years into my rebuild I no longer need or use my Ollo Card. Only $2700 limit and no rewards. So I closed it today. Very thankful for Ollo giving me a chance and helping me with rebuilding my credit. Sometimes you have to crawl before you can walk. 😁

I am closing my ollo on monday the 26th.

I have had it 2 years and my limit is still 600 with no rewards, i have no use for it with cards 6 - 10,000 with rewards and lower interest.

I am grateful they gave me a chance as one of my first rebuilders after bk7 but its time to say goodbye.

Re: Closed Ollo Card

Zoostation1 — Sun, 25 Sep 2022 23:59:34 GMT

@Jeffster1 wrote:
Congratulations in putting that part of your life behind you. It feels good. I closed my Ollo and Mercury cards a couple weeks ago, ams am now waiting for Merrick to fix its EQ reporting problem so that I can close it reporting its correct zero balance.

While I was considering it, I posted the thread below to this same forum...

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Begin-closing-rebuilder-cards-Am-I-there-yet-Need-advice/m-p/6571118

I didn't realize how some would react, inferring that I was now a credit snob. One poster...who suddenly left soon after ...became not-so-subtly insulting. Acquiring better cards is the goal of so many of us, I'm sure. I will always appreciate OLLO in being one of fhe first to give me a chance after a DC but I outgrew it. In fact, when I called Ollo and Mercury to close, I made sure to tell them that I was very happy with their service but needed ro consolidate. I'm sure it's not easy being a CSR for a subprime card. Not easy anywhere but especially not there.

In any case, I do appreciate what Ollo and Mercury did for me. Ya gotta start out (again) somewhere.

The Mercury (First Bank & Trust backed) cards have some better options now than they did in the past. Looks like they're aiming for near prime customers in addition to sub prime these days with a no AF flat 2% CB mastercard (mail offers indicating 3-5k SLs in some cases). This is a potentially appealing option for people rebuilding that aren't quite able to get prime cards with subs yet.

Re: Closed Ollo Card

Jeffster1 — Mon, 26 Sep 2022 00:10:47 GMT

@Zoostation1 wrote:
@Jeffster1 wrote:
Congratulations in putting that part of your life behind you. It feels good. I closed my Ollo and Mercury cards a couple weeks ago, ams am now waiting for Merrick to fix its EQ reporting problem so that I can close it reporting its correct zero balance.

While I was considering it, I posted the thread below to this same forum...

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Begin-closing-rebuilder-cards-Am-I-there-yet-Need-advice/m-p/6571118

I didn't realize how some would react, inferring that I was now a credit snob. One poster...who suddenly left soon after ...became not-so-subtly insulting. Acquiring better cards is the goal of so many of us, I'm sure. I will always appreciate OLLO in being one of fhe first to give me a chance after a DC but I outgrew it. In fact, when I called Ollo and Mercury to close, I made sure to tell them that I was very happy with their service but needed ro consolidate. I'm sure it's not easy being a CSR for a subprime card. Not easy anywhere but especially not there.

In any case, I do appreciate what Ollo and Mercury did for me. Ya gotta start out (again) somewhere.
The Mercury (First Bank & Trust backed) cards have some better options now than they did in the past. Looks like they're aiming for near prime customers in addition to sub prime these days with a no AF flat 2% CB mastercard (mail offers indicating 3-5k SLs in some cases). This is a potentially appealing option for people rebuilding that aren't quite able to get prime cards with subs yet.

True. My Mercury card had a $3050 CL and my Ollo card had a CL of $2500. I believe Mercury began at 2500 and OLLO began at 2000. I used them hardly at all. They felt near-prime. None of the "ick" of the other subprime cards. Both had rewards. Both gave me a chance. No complaints with either.

Re: Closed Ollo Card

FLLGuy — Mon, 26 Sep 2022 00:50:50 GMT

This post reminded me I should be doing the same thing. I too have an OLLO card aquired during my 2nd yr of BK 13, i'm alos greatful they gave me shot but, in reality this card is the lowest CL of all my cards @ $2100. I only run $50 every 6mos for my PO box. My only hesitation.......i have none. Time to let go say thank you and good bye for now.

Re: Closed Ollo Card

Laredo — Mon, 26 Sep 2022 01:05:19 GMT

I has the Ollo platinum, Ollo rewards, and Mercury. Had about $10K CL between all of them. I recently closed them since I have acquired new cards. I am post ch13 and I thank Ollo and Mercury as well to have provided me a chance to get me where I am now. I feel bad that I closed them because they helped me out.

Congratulations and keep looking forward. Happy Ollo helped you out as it has many of us. Great job and keep us posted as you continue on the journey.

Re: Closed Ollo Card

FLLGuy — Mon, 26 Sep 2022 01:03:31 GMT

***Update*** Called and closed I had a $9 statement credit. thank you for the reminder.

@FLLGuy wrote:
This post reminded me I should be doing the same thing. I too have an OLLO card aquired during my 2nd yr of BK 13, i'm alos greatful they gave me shot but, in reality this card is the lowest CL of all my cards @ $2100. I only run $50 every 6mos for my PO box. My only hesitation.......i have none. Time to let go say thank you and good bye for now.

Re: Closed Ollo Card

FLLGuy — Mon, 26 Sep 2022 21:36:21 GMT

Since we're on the subject of closing OLLO, just now got an email that OLLO was aquired or merging with Ally Financial. This will either favor the same or better, who knows it's anyones guess at this point.

OLLO_ALLY.png

Re: Closed Ollo Card

HeyNurse90 — Tue, 27 Sep 2022 20:11:51 GMT

Congrats!

I'm looking forward to the day when I can close my Credit ones lol 🙂

Re: Closed Ollo Card

FLLGuy — Wed, 28 Sep 2022 02:38:24 GMT

@HeyNurse90 - closed Credit1 also a few months ago after closing on a new mortgage. I am thankful credit1 helped my credit rebuild. Some complain but in all honesty Credit1 serves a purpose for a certain audience for a certain period of time.

when you do make that call to close tuem out, get ready for their persuasive offers.

Re: Closed Ollo Card

Bosslady951 — Thu, 29 Sep 2022 03:40:40 GMT

Congratulations on your progress. I am rebuilding and still have my Ollo card. My scores have jumped over a hundred points recently and last week I was approved for an American Express Gold card. I am so pumped!

Re: Closed Ollo Card

Jeffster1 — Fri, 30 Sep 2022 20:54:33 GMT

I closed my OLLO earlier this month. It was time. I have no complaints but it was just time. I had moved on.

I think of OLLO with respect. It's a rebuilder card without making you feel subprime. I know that sounds crazy, but I really had no complaints whatsoever. Just waiting to close Merrick as soon as it reports correctly to EQ.

Re: Closed Ollo Card

FLLGuy — Fri, 30 Sep 2022 20:56:10 GMT

@Bosslady951 excellent that's a huge jump 100pts+ - nicely done! In all fairness, OLLO wasn't a bad card for me it just didn't grow with me as offers improved. Nicely done with your Amex approval - keep at it.

Re: Closed Ollo Card

SuperFlyEDSguy — Tue, 11 Oct 2022 04:56:10 GMT

@Jeffster1 wrote:
They felt near-prime. None of the "ick" of the other subprime cards. Both had rewards. Both gave me a chance. No complaints with either.

Wow! You really said that extremely well! 👏👏👏 Probably because you're 100% correct!

Mercury and Ollo don't necessarily feel like "Prime" cards, but I also didn't feel like a loser for pulling one out either. They felt like petty much any Visa or Mastercard product available through Any Bank U.S.A. And, for the most part and I was very grateful that they gave me such opportunities to rebuild after crashing-and-burning as hard as I did! 🙏

Conversely, you have issuers like Cap 1 that try so hard to give the appearance of being "mainstream," but the reality is that they're not much better than First Premier, Deserve, and the like! My oldest card is unfortunately with Cap 1, and I'm sure it's less than ironic that it's also my card with the second lowest credit limit! Trying to request a CLI with Cap 1 is verging on being comparable to getting a root canal! It simply hurts! 🦷🩸🤕

I said in a post just a few hours ago that "What's in your wallet?" should be more likened to the joke of the day than it is to a corporate slogan! 🤦‍♂️