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App for Ollo or stay in the garden?

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Anonymous
Not applicable

App for Ollo or stay in the garden?

Hi, I checked Experian today and I'm pre-approved for Ollo, but I haven't app'd for it because it seems more prudent to garden what I have. 

 

Here's the stats:

Bk Ch7 discharged Oct 21

App-spree in January 2022

Approved for:

•CapOne Quicksilver One $39 AF $3k CL

•Credit One Wander 0 AF $1k CL

•PayPal Credit $1500 CL

•Declined for NFCU nRewards but approved on recon, $300 CL secured

•Two months into Self $25/month credit builder loan 

Exp FICO8: 625
TU Vantagescore 3.0: 708

 

Continue to garden or app for Ollo?

 

Message 1 of 10
9 REPLIES 9
FinStar
Moderator Emeritus

Re: App for Ollo or stay in the garden?

Hi @Anonymous - welcome to the forums.

 

Based on what you've shared above, I would personally garden. The BK discharge is less than ~4 months old and you've opened roughly 5 new accounts in less than 60 days. What would be the purpose of going for Ollo?

Message 2 of 10
Anonymous
Not applicable

Re: App for Ollo or stay in the garden?

@FinStar Agreed that was my intuition thank you. Only purpose would be to increase total avail credit. Which doesn't seem necessary right now. 

Message 3 of 10
FinStar
Moderator Emeritus

Re: App for Ollo or stay in the garden?


@Anonymous wrote:

Agreed that was my intuition thank you. Only purpose would be to increase total avail credit. Which doesn't seem necessary right now. 


Well, you have a few things going for you based on the tradelines you've been approved. As your profile ages, you can see about requesting a CLI on PayPal Credit after 6 months (requests are SP), look for the possibility of switching your Capital One card to Quicksilver (it may take a bit of effort but it's doable so be patient) in about ~6 months or so (future CLI requests are also SP). Wait for the NFCU nRewards card to graduate after 7 months or so (profile-dependent), and they typically can bump up the limit on some graduations (future CLIs are SP when requested online or the mobile app). This way, you can save any future HPs for other things.

 

Is the Ollo card Experian offer the plain/Platinum version or the 2% cashback?

Message 4 of 10
Anonymous
Not applicable

Re: App for Ollo or stay in the garden?

@FinStarthe Ollo offer is the 2% gas, 1% other, 0 AF.

I read up on the Quicksilver One upgrade to Quicksilver in the forums already, it's a pain but I'm hopeful. Thanks a lot for the rest of the advice I'll follow it. 

Message 5 of 10
FinStar
Moderator Emeritus

Re: App for Ollo or stay in the garden?


@Anonymous wrote:

@FinStarthe Ollo offer is the 2%. I read up on the Quicksilver One upgrade to Quicksilver in the forums already, it's a pain but I'm hopeful. Thanks a lot for the rest of the advice I'll follow it. 


Are you someone who would benefit from CC rewards in the long term, especially cashback?

Message 6 of 10
Anonymous
Not applicable

Re: App for Ollo or stay in the garden?

@FinStar I do well with rewards yes, I can put a lot of spend on and then PIF prior to statement roll. Right now I'm doing it with the Quicksilver One to eat the AF. 

Message 7 of 10
FinStar
Moderator Emeritus

Re: App for Ollo or stay in the garden?


@Anonymous wrote:

@FinStar I do well with rewards yes, I can put a lot of spend on and then PIF prior to statement roll. Right now I'm doing it with the Quicksilver One to eat the AF. 


Ok gotcha.

 

Well, the Quicksilver One earns 1.5% c/b, the only downside is the AF which eats up a portion of those earned rewards, unfortunately.

 

I suppose it depends on the math, would you really be ahead on 2% vs 1.5% (taking into account the AF on QS1)? If you feel it's only a nominal amount, then I would hold off. But, if you're cycling a lot of activity + payments on the QS1 to avoid reporting high utilization, then it's possible a 2nd cashback CC may not hurt much at this juncture. Otherwise, it's just adding another account with the potential of spreading yourself thin rewards-wise.

 

What are your goals credit-wise for the next 2 years?

Message 8 of 10
Anonymous
Not applicable

Re: App for Ollo or stay in the garden?

@FinStar Cool that's a great way to look at it. I'll play with it to see, it's probably nominal. As far as goals, I'd like to get a VA mortgage at 2yrs post-discharge. 

Message 9 of 10
FinStar
Moderator Emeritus

Re: App for Ollo or stay in the garden?


@Anonymous wrote:

@FinStar Cool that's a great way to look at it. I'll play with it to see, it's probably nominal. As far as goals, I'd like to get a VA mortgage at 2yrs post-discharge. 


Ok sounds good.

 

The only reason I asked is because everyone has different goals during a rebuild whether it's getting better/different cards, improve profile/scores, finance a vehicle, or in your case, a mortgage in a couple of years.

Message 10 of 10
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