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I am 6 1/2 months out of my Chp 7 discharge. Haven't applied for anything but, of course have been bombarded with offers, note "offers" from Credit One and loan places (with 200%+ interest rates), etc. I never received one with the word "preapproved" until Ollo started sending me stuff about two months ago. I wasn't going to touch any of them, didn't want to. The last two I got from Ollo were tagged as "preapproved" for their card. I read through all of the literature with it and NO WHERE did it say "preapproved" subject to credit review. In the body of the letter it stated they had reviewed my credit history and that I was preapproved to receive their card. OK. I know my FICO's are in the mid 600's so I went onto their website and filled in the app with their reservation number, blah blah.
Response from Ollo...........DENIED. WTH?
So folks, if you are starting with your rebuilding after your discharge, do not fall for Ollo's BS that you are "preapproved" for their card. Now, I have a hard inquiry on my credit thanks to their misleading note. Very frustrated.
Oh man, I'm so sorry that happened to you, however, I am very grateful you shared and provided us with a heads up. Thanks!
What was the reason they gave for denial? What is your TransUnion FICO score? (Not Credit Karma)
Also you may need to see if your reports show IIB for all you’re previous accounts.
I fell for the same thing a couple days ago!! It said I was preapproved for a card with no annual fee, and since i'm looking for a replacement to my Credit One I went ahead and applied. They denied it. Haven't received the letter yet as to why, but it was pretty annoying. To make it even more annoying they sent me another mailer today saying i'm preapproved, haha.
I was prequalified during my CH13 and was approved. It was for a whole $300 and I've seen a $100 CLI in like 6 months. I don't use it.
I just want you guys to know I got the same preapproval and I was Approve for $1600. My score when I applied was
Eq-598
Tu-602
Ex-609
my bk was discharge 4/2017
@Anonymous wrote:I am 6 1/2 months out of my Chp 7 discharge. Haven't applied for anything but, of course have been bombarded with offers, note "offers" from Credit One and loan places (with 200%+ interest rates), etc. I never received one with the word "preapproved" until Ollo started sending me stuff about two months ago. I wasn't going to touch any of them, didn't want to. The last two I got from Ollo were tagged as "preapproved" for their card. I read through all of the literature with it and NO WHERE did it say "preapproved" subject to credit review. In the body of the letter it stated they had reviewed my credit history and that I was preapproved to receive their card. OK. I know my FICO's are in the mid 600's so I went onto their website and filled in the app with their reservation number, blah blah.
Response from Ollo...........DENIED. WTH?
So folks, if you are starting with your rebuilding after your discharge, do not fall for Ollo's BS that you are "preapproved" for their card. Now, I have a hard inquiry on my credit thanks to their misleading note. Very frustrated.
Same thing happened with me but then I checked my reports and didn't see a hard pull.
@Anonymous wrote:I am 6 1/2 months out of my Chp 7 discharge. Haven't applied for anything but, of course have been bombarded with offers, note "offers" from Credit One and loan places (with 200%+ interest rates), etc. I never received one with the word "preapproved" until Ollo started sending me stuff about two months ago. I wasn't going to touch any of them, didn't want to. The last two I got from Ollo were tagged as "preapproved" for their card. I read through all of the literature with it and NO WHERE did it say "preapproved" subject to credit review. In the body of the letter it stated they had reviewed my credit history and that I was preapproved to receive their card. OK. I know my FICO's are in the mid 600's so I went onto their website and filled in the app with their reservation number, blah blah.
Response from Ollo...........DENIED. WTH?
So folks, if you are starting with your rebuilding after your discharge, do not fall for Ollo's BS that you are "preapproved" for their card. Now, I have a hard inquiry on my credit thanks to their misleading note. Very frustrated.
I can only share my personal experience with OLLO pre-approved offers; they sent me only ONE and with scores in the LOW 600's at the time (more than 18 months ago) I was instantly APPROVED.
I've since received TWO unsolicited CLI increases.
This may very well be one of those situations where something changed in your profile that negated the "Pre-Approval" from the time it was initially granted to the application date.
ugh, so sorry that happened to you. I did also get a pre-approved letter from them, and was instantly approved for 1000.00 CL, which they just recently increased to 1200.00 just this week. Do they have a number you can call?
I also did the pre-qual on Cap1 they gave me 3000, and I did burn them I had about 3 cards.
I started doing the pre-qaulifiy on sites first now, because BK lol
I got this today. Lol. I’m trying to hold out for better cards but 90% though......