cancel
Showing results for 
Search instead for 
Did you mean: 

How solid is Ollo pre-approval?

tag
Anonymous
Not applicable

Re: How solid is Ollo pre-approval?

Will do! My one and only collections account falls off my credit report in a few months and I might pay of my CC's at that time and wait to see if I get any better offers from them or other companies. Also around that time the majority of my inquiries will fall off so I might wait it out
Message 11 of 17
Anonymous
Not applicable

Re: How solid is Ollo pre-approval?

Something to keep in mind — when your file is clean, you will be affected by age of youngest account, something that doesn’t currently affect you. Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files. You’ll also lose the FICO penalty for 1/2 cards with a balance by adding a third card. 

 

Just food for thought. 

Message 12 of 17
BallBounces
Valued Contributor

Re: How solid is Ollo pre-approval?


@Anonymous wrote:

Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.  


@Saeren, can you point to empirical or anecdotal data on this?  I actually asked this a couple weeks ago and not sure that my mind was changed.  Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

 

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have  .....

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 13 of 17
Anonymous
Not applicable

Re: How solid is Ollo pre-approval?


@BallBounces wrote:

@Anonymous wrote:

Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.  


@Saeren, can you point to empirical or anecdotal data on this?  I actually asked this a couple weeks ago and not sure that my mind was changed.  Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

 

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have  .....


I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation. 

 

Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent. 

Message 14 of 17
J-F168
Frequent Contributor

Re: How solid is Ollo pre-approval?

When I received pre-approval I was about one yr post DC and they approved me for $300 and I did heavy usage, after about 6-7 months they increase to $2500. Its been well over one year with low usage(about 100 montly) and no cli. I called them and they put a note on my acc for  cli review.

Good luck

EX 716 - EQ 707 - TU 724
BK 7 D/C Dec '16.
Message 15 of 17
BallBounces
Valued Contributor

Re: How solid is Ollo pre-approval?


@Anonymous wrote:

@BallBounces wrote:

@Anonymous wrote:

Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.  


@Saeren, can you point to empirical or anecdotal data on this?  I actually asked this a couple weeks ago and not sure that my mind was changed.  Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

 

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have  .....


I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation. 

 

Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent. 


Thanks, I wish we had better data on this.  I find it plausible, but not convincing.  I also wonder if aspects we don't consider play in to it as well.  eg, Does a thick and dirty file treat AoYA thresholds differnt from a thin and dirty file?  And how thick is thick, and how dirty is dirty?

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 16 of 17
Anonymous
Not applicable

Re: How solid is Ollo pre-approval?


@BallBounces wrote:

@Anonymous wrote:

@BallBounces wrote:

@Anonymous wrote:

Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.  


@Saeren, can you point to empirical or anecdotal data on this?  I actually asked this a couple weeks ago and not sure that my mind was changed.  Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.

 

I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have  .....


I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation. 

 

Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent. 


Thanks, I wish we had better data on this.  I find it plausible, but not convincing.  I also wonder if aspects we don't consider play in to it as well.  eg, Does a thick and dirty file treat AoYA thresholds differnt from a thin and dirty file?  And how thick is thick, and how dirty is dirty?


I mean my file would definitely count for thick (AoOA > 9 years, AAoA > 3 years) and dirty (BK) but I don’t obsess over point gains and losses as much as others here and in fact only pull my scores once a month. 

Message 17 of 17
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.