Update: APPROVED - Ollo Optimium 2.5% CB Worth Coming Out of Garden?

[UpwardTrajectory]

Hey all!

It's been about 9 months now since I've started my rebuilding journey and things are looking great - 732 CK, about the same at other FAKOs now (except for a 680 due to a pesky paid-off collection with Experian), 4 AU cards with limits +10k (CSP, BOA Cash Rewards, Chase Amazon Prime, AMEX NPSL), thanks to my spouse, and a Capital One Quicksilver at 3.3k (from 2k) and an Apple Card at 1k (made it out of the $200 limit, woo!).

I carry zero balances and PIF every month. I have about $9k in SL debt that I could pay off at anytime to greatly improve my score (though obviously on pause). I've learned greatly from my mistakes five years ago (4 paid closings, 1 paid charge off officially done in March) and I am grateful income will continue to be very stable at my level.  

The Apple Card came in August, the CO in March (and alongside 3 other rejections).

About that Quicksilver, though - recently I was given a mail offer for the Ollo Optimum, which carries a 2.5% cashback. I got this alongside a Wells Fargo Active Cash offer, too. I thought the offer was spam but it seems like people have been really happy with it.

So, given I'm almost a year into this journey, and with no target cards as of right now (Apple was my main one, my own CSP would be nice but I have an AU one), should I take the pre-approval for the Ollo Optimum and replace my CO Quicksilcer with it? 2.5% is a pretty good boost from 1.5%, and my CO Quicksilver is still my go-to for non big purchases (AMEX Platinum AU) or non dining (CSP AU). 

Should I apply for this card, and would it be good to apply for others this time as well, like a DiscoverIT or another AMEX, like a revolver? Or, should I just garden, plan more, and wait until those student loans are paid off knowing my score will receive a huge boost then? 

Thanks!

[Anonymalous]

If I were offered a flat 2.5% card with no annual fee, and I wasn't planning on applying for a mortgage in the next year, I'd jump on it. It's one of those unicorn cards that everyone wants and few get.

[UpwardTrajectory]

Thanks for the reply - I am not planning for a mortgage, though I would like to apply for a nicer apartment/rental in about a year. I would imagine that wouldn't be too affected by recent inquiries? 

[Anonymalous]

IME, landlords use credit checks to filter out the worst candidates. If you meet whatever threshold they have, you should be fine. It's mortgages where it really matters, because having a high enough score to qualify for a better rate can save you far more money than you'd ever earn with credit card rewards.

Note your score will drop due to a hard pull and potentially because the average age of your accounts will diminish (and if you haven't applied for anything for over a year, it might move you to a new scorecard). But unless you're like me, with a thin and young file whose age is anchored by one very old card, the drop should be fairly modest.

[ChargedUp]

2.5% is on everything is certainly nice and can add up in a hurry. Keep in mind that the Ollo cards usually have less than stellar starting limits and limited CLI potential.

Otherwise, I don't see a reason not to grab it! Keep moving forward with building your profile and eventually jump on the AOD 3%'er if you like!

[UpwardTrajectory]

Thank you...and I applied and am...approved with a 5K limit! 

I am stoked (and this can be moved to the approvals now if possible!) 

Question is...should I keep going to apply for other cards (like a VISA of my own since all I have are MCs)? Or stop here? 

[ChargedUp]

Congrats! That's actually a HUGE SL for this card!

Time to go post in approvals or maybe one of our loyal mods will move this thread over!

BTW, if there's nothing that's really catching your eye as far as cards, I'd wait it out a little while doing some homework on what rewards Visa's would suit you best as your file is on the thin side. You may be able to grab one more if you do have something in mind though.

[UpwardTrajectory]

Hey all! Earlier in the week I got a pre-approval for the 2.5% Ollo Optimum, which I then asked the forum about and got an approval for $5K! (my thinking and detail is here - double HP, TU and EXP which is a bummer but hey, it worked 

The Optimum is going to replace my Cap 1 Quicksilver, but I'm here to ask if I should keep it going and app for something else - the thing is, I don't really have any other cards I'm targeting thanks to my spouse AUing me for a lot, but I do kind want a VISA of some sort?

Here's a quick rundown of where I am:

FAKO: 720 ish, except for a 680 on Experian due to a paid off collection 

Student Loans: $9k, though paused and can pay off any time

Capital One Quicksilver $3.3k (up from $2k, came in August after 3 other rejections) 

Apple Card $1k (up from $200, approved in August, most recent prior to today) 

Ollo Optimum $5k (new, coming) 

CSP $12k AU 

AMEX Platinum AU

BoA Cash $10k Rewards AU 

Chase Amazon Prime $7k AU

My question is - Would it be good to get more cards now to make sure the HPs fall off at once and to build the portfolio or just garden?

Thank you all and I am grateful to this forum for rebuilding me in great form!

[gdale6]

Grats on your Ollo approval

[M_Smart007]

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@UpwardTrajectory wrote:

Thank you...and I applied and am...approved with a 5K limit! 

I am stoked (and this can be moved to the approvals now if possible!) 

Question is...should I keep going to apply for other cards (like a VISA of my own since all I have are MCs)? Or stop here? 

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Congratulations on your Ollo approval ..Happy New Year🎉