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How solid is Ollo pre-approval?

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How solid is Ollo pre-approval?

Received 2 offers for the Ollo platinum MasterCard this week. Offer says minimum $300 credit limit. Says 0% APR for first 9 months, then 19.99%. No annual fee. I researched this company a little bit and it looks like they were started by former capital one execs, I started getting the offers within days after I got a CLI with capital one...coincidence? But anyway it's a pre-approval NOT a pre-qualification letter. Is this solid? I sure don't want to waste a hard pull on this. I'd basically use it for 7 months and then pay it off in the last 2 months of the 0% APR then use it sparingly.
Exp: 655 EQ: 646 TU: 663 Capital One Quicksilver (recent CLI) and Captial One Platinum (secured + CLI)
16 REPLIES 16
Frequent Contributor

Re: How solid is Ollo pre-approval?

The pre-approvals are usually pretty solid but I have heard of a few people getting turned down with one. There’s a good chance that if you hold out on them they will sweeten the deal in a few months and offer you the Rewards version. Not sure about any 0% offers with that.
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $2K
Disco It #1 $5.3K
NFCU MoreRewards $4.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $2K
Disco It #2 $7.5K
DCU Visa $10K
NFCU Flagship Rewards $15K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
BK 7 discharged July 2016


Message 2 of 17

Re: How solid is Ollo pre-approval?

Nice thanks. So I have a good shot then?
Exp: 655 EQ: 646 TU: 663 Capital One Quicksilver (recent CLI) and Captial One Platinum (secured + CLI)
Message 3 of 17
Frequent Contributor

Re: How solid is Ollo pre-approval?

I think so. So long as you haven’t opened a bunch of new accounts or racked up a bunch of inquires in the last couple of months. How is your utilization?
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $2K
Disco It #1 $5.3K
NFCU MoreRewards $4.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $2K
Disco It #2 $7.5K
DCU Visa $10K
NFCU Flagship Rewards $15K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
BK 7 discharged July 2016


Message 4 of 17

Re: How solid is Ollo pre-approval?

my utilization is about 56% right now

Exp: 655 EQ: 646 TU: 663 Capital One Quicksilver (recent CLI) and Captial One Platinum (secured + CLI)
Message 5 of 17
Super Contributor

Re: How solid is Ollo pre-approval?

Your scores are right where Ollo likes their customers. Their offers are derived from prescreen data provided by Experian and are usually solid unless a large change in profile has happened since the offer was generated. 

 

Ollo likes customers who carry a balance — utilization is not a large factor for them. 

 

They target customers who are still considered subprime but most likely won’t be subprime for much longer. I got my Ollo card in 11/2017 and got my first post-BK prime cards in 3/2018 when I was approved for Discover, SSFCU, and AMEX. 


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 6 of 17

Re: How solid is Ollo pre-approval?

thanks for the info!

Exp: 655 EQ: 646 TU: 663 Capital One Quicksilver (recent CLI) and Captial One Platinum (secured + CLI)
Message 7 of 17
Super Contributor

Re: How solid is Ollo pre-approval?


@Kurtcobain19456 wrote:

thanks for the info!


No problem!

 

I can see that you are just like I was right now - two cards from Capital One and nothing else (mine were QS and PlayStation). When I added the Ollo card, that third card is what ultimately pushed my scores up to 660-680 and helped me score those three approvals. Adding a third card is optimal for FICO scoring and Ollo is certainly not a bad third card. 


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 8 of 17

Re: How solid is Ollo pre-approval?

I'll definitely consider applying!

Exp: 655 EQ: 646 TU: 663 Capital One Quicksilver (recent CLI) and Captial One Platinum (secured + CLI)
Message 9 of 17
Super Contributor

Re: How solid is Ollo pre-approval?


@Kurtcobain19456 wrote:

I'll definitely consider applying!


Keep us posted! Smiley Happy


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 10 of 17
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