Last Monday when I logged on to Credit Karma there was a preapproved message for the Ollo Platinum Mastercard with 0% APR for 9 months. I googled the card and from what I could find it looks like a new company started by someone at Capital One, with cards geared towards those in the late phase of a rebuild. I went ahead and applied and got a notification that they would need more information, and that I would receive a letter in the mail. I also immediately got a notification from Experian that Ollo had done a hard pull.
On Monday I got a letter from them saying they were unable to verify my identity. They asked me to provide a copy of a recent utility bill or bank statement, a photocopy of my social security card, and a valid driver's license. It asked me to EMAIL this info or fax the info for expedited processing. It also gave an address to send the information. There was no phone number on the letter. I kind of just wanted to say forget it, but I didn't want to waste a hard pull. I did a google and found the customer service phone number. I told the girl on the phone my situation and that I didn't feel comfortable sending these documents via email. I asked if there was a way I could securely submit the information via their website, or customer service. She acted like I was crazy and offered no help at all. Again, not wanting to waste a hard pull I decided to send by fax. I don't exactly have a fax machine anymore since that technology is a little outdated, so I used the FAX app and paid to fax the documents.
Yesterday I called the customer service number and told them what happened and said I would like to verify that they received the documentation and check the status of my application. Again, this guy acted like he had no clue what I was talking about. He even said "are you sure this was for an Ollo card?!"... uh, yes?... He told me no account had been generated for me and to call back between 8am and 4:30pm Eastern Time and ask to speak to the credit department. This morning I called the number and asked for the credit department, the girl on the phone pretty much laughed at me and said "we don't have a credit department". I told her about my phone call yesterday and she said "we don't have a credit department, I don't know why they told you that". I asked her who I could talk to regarding my application and to verify they had received my fax. She told me there's nobody I could talk to, and if I sent a fax she's "sure they received it". I was just like uh... ok...? And that was it! She couldn't help me any further. Even if I hear back from them with an approval, I don't think this is a company I want to do business with in the future. Their customer service is pretty terrible.
If you get an offer to apply, proceed with caution.
I was already disinclined to accept the preapproved mailer I got the other day for the Ollo Platinum, since it's a plain-vanilla card and I don't really want any more plain-vanilla cards; and as for their Rewards card, it has an annual fee which makes it a nonstarter on principle. This just makes me warier of Ollo.
As an update, I have not heard back. I called customer service again yesterday and spoke to a supervisor. I was advised that the number I was calling was only for established accounts. When I asked to speak to someone to confirm they had received my faxed documents and check the status of my application I was told I would have to speak to the credit department and they only do business via fax and email. She told me she doesn't even have the number for the credit department. I have a hard time believing that.
I am considering lodging a complaint with the CFPB, but in the interest of keeping all vibes positive re my rebuild and not wasting a hard pull, I decided to make a final effort by sending all docs via snail mail, priority with signature confirmation.
Assuming they move forward with opening my account (they pulled my Experian score which was 674 at the time), I will take advantage of the 0% intro APR and no annual fee, and then into the sock drawer it will go. I strongly warn against app'ing for this card until the company gets it's act together.
I had no trouble setting up my account, but I used the card twice, once in each of the first two billing periods. Paid it off each time, and each time they took a LONG time to credit my payment. They even hit me with a late payment fee on the 2nd go-around. I paid it off, cut up the card, check it once a month ago via their website (no mobile app that I know of) to make sure there aren't any weird charges or anything.
I absolutely refuse to deal with this company, but I'm curious to see how long they'll leave the account open.
I have no idea why people apply for credit from these dodgy companies then complain when things go sideways.
Based on a recommendation from Credit Karma? Really? They exist only to earn kickbacks from applications made through their site so ALL their recommendations should be taken with more than a grain of salt.
@MaizeandBlue The reason I applied is because I'm in the latter stage of a rebuild and do not often get 0% APR offers on non store cards. I researched the company and only found positive info about them being a great new card company started by someone from Capital One. The reason I am "complaining" about "things going sideways" is so there will be other information online when someone else googles the company before applying. As for CK, I like to app for cards through Credit Karma when possible because I appreciate the valuable free service they provide and I like to support where I can.
I'n brand new..... this forum came up in a Google search about the OLLO card. I was just looking for a place to use this card for a cash advance. Anyway, just to let you know; I also got a PREAPPROVED offer. I'm also in the very late stage of rebuilding. I went to the online GET APPROVED website, entered the minimum information they asked for, clicked enter, and boom.....ab out 15 seconds later had an approval for $3,000. I'vw only used the card once so far for gas, but as this has been positive for me, I will let you know if anything happends on the opposite end of the spevtrum. Thanks