Prequalification link for Ollo card!

[Anonymous]

Hi everyone,

I apologize if this has already been posted elsewhere, but this morning I discovered a sort of round-about pre-qualifcation link for an Ollo card.  The card itself seems pretty good, the Ollo website says it is geared for people with less than perfect credit.  It has no annual fee and an interest rate of 24.9%.

My data points: filed for bankruptcy January 11, 2018.  Discharged Sep 18, 2018.  I applied this morning through the pre-qual link. They pulled my Experian credit report.  My Experian score is 601.

I was instantly approved for the Ollo Cash Rewards card and given a $1000 spending limit.

OK the way to find out if you are prequalified is through the Experian Credit Match site.

https://www.experian.com/credit/credit-cards/

The site lists credit cards that Experian feels you have a good chance of getting.  For me, at the top of the list was Ollo and it had a little blue sticker over it that said, "prequalified."  So, I guess it's not really a pre-qualification link per se, but it sort of let's you know if you are prequalified for the Ollo card.  The other options that it gave me, Ollo platinum card, Fingerhut and Navy Federal Credit Union nRewards secured did not have the blue prequalified sticker on them.

When I clicked the link, it took me to the Ollo website and at the top of the page it said, "You are prequalified for the Ollo Cash Rewards Card"

Again apologies if this is posted elswhere or otherwise common knowledge but it was news to me and good news at that!

[FireMedic1]

Congrats on your approval. All these sites that have recommendations with pre-quals and so forth really arent reliable. Its all marketing that go by your Vantage score usually. They dont see your full credit report. Experian knows your FICO from the free site. But I have a BK and it says I qualify for AMEX cards and other cards that wouldnt give me the time of day with a 3yr old BK. Be careful.

[Anonymous]

Hi Firemedic,

I agree.  As I wrote, the site suggested Navy Federal nRewards but I know for a fact that I won't qualify for that becuase the customer service rep told me I would not qualify for any of their products including the secured card. I don't trust the suggestions, but I wonder if the Ollo "prequalification" is legit.  It was for me, maybe others can try and report back.

[FireMedic1]

Pre-qual and pre-approved are different. Pre-qual is a lot less than pre-approved. But then it may have a better chance at approval than a pre-qual. You can see who is pretty solid on Pre-approved on the forums. Cap1 and AMEX to name a few. Even pre-approved letters can be misleading. As we sy here. YMMV. But your were approved. Thats the best part. Congrats again and good luck on your rebuild.

[Anonymous]

Sorry, I didn't realize there was a difference between the words "prequalification" and "preapproval."  It may very well have said, "preapproved" not "prequalified."  I guess my post is useless.

[Nova5041]

Yeah its just another way to get you to apply for cards, some are legit and others are far fetched. But congrats on getting the ollo card, its a great card and kinda acts like a prime lender from my experience.

Also the Ollo card is by invite only. Fyi

[FireMedic1]

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@Nova5041 wrote:

Yeah its just another way to get you to apply for cards, some are legit and others are far fetched. But congrats on getting the ollo card, its a great card and kinda acts like a prime lender from my experience.

Also the Ollo card is by invite only. Fyi

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Be gald to send you the 21 invites stacking up on my desk. I'll mail them all back in January! LOL!

[Nova5041]

LOL, no kidding! Im a cardholder and i still receive them in the mail. I only have 5 though!

[WD2005]

I have an Ollo card. Started with a $300 SL when I opened it in early May. Scores were in the lower 600s. Scores are now in the mid 600s. I also opened a Discover It with a $800 SL around the same time. Since then I've had a NFCU secured graduate from $500 to $2K and my Discover CL is up to $2400. Ollo, in the meantime, has given me a whole......$100 increase. I won't close it, because it has no fees, but I use it sparingly. 

[FireMedic1]

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@WD2005 wrote:

I have an Ollo card. Started with a $300 SL when I opened it in early May. Scores were in the lower 600s. Scores are now in the mid 600s. I also opened a Discover It with a $800 SL around the same time. Since then I've had a NFCU secured graduate from $500 to $2K and my Discover CL is up to $2400. Ollo, in the meantime, has given me a whole......$100 increase. I won't close it, because it has no fees, but I use it sparingly. 

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Congrats WD! Thats how you do it. Bigger and better things will start coming your way in time!