OLLO Card Account Closure - Master Thread

[Anonymous]

I just got dinged on Experian also. I am beyond furious about this. 

[Anonymous]

I literally have had my card less then a month and made a large purchase I was going to pay off before the due date. Then I just got a notification that my account was charged off on Experian, I am just coming out of bankruptcy and trying to rebuild my credit. I am beyond furious and disputing this right away. Some major BS. I plan on calling when there isnt an hour+ waiting time. Glad to see I'm not the only one because I was freaking out.

[soxfaininfl]

I received a charge off from my Ollo account on my Experian credit report. I've never been 30 days late with them, and I've had this account for over 2 years. **bleep**? 

[WD2005]

I just got hit too. To make matters worse they have me as having a past due payment. My payment is due on on the 27th and my most recent payment was on 1/22. The only reason I even have a balance is because they had a no interest through April promotion that I took advantage of to buy Christmas gifts. I've had the card for like 3 years, zero limit increases and now this? Looks like I'll be closing this account once its resolved. 

Oh ya, the charge off amount reported to Experian is my balance high, which was $1150 and my current balance is half that. Unreal!

[OmarGB9]

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@Anonymous wrote:

I literally have had my card less then a month and made a large purchase I was going to pay off before the due date. Then I just got a notification that my account was charged off on Experian, I am just coming out of bankruptcy and trying to rebuild my credit. I am beyond furious and disputing this right away. Some major BS. I plan on calling when there isnt an hour+ waiting time. Glad to see I'm not the only one because I was freaking out.

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I wouldn't dispute yet as that may complicate it further. Some people are reporting that their accounts have been fixed, so just be patient.

[WD2005]

Same here. I just got hit with it. On hold with them now. I'm beyond angry

[OmarGB9]

This is a know issue, see the master thread here:

https://ficoforums.myfico.com/t5/Credit-Cards/Ollo-card-account-closure/td-p/6114024

[Anonymous]

Go figure... I get the alert from Experian 30 min ago.  My EXP was fine when I checked it before considering truck shopping.

We were in the middle of buying a new truck when all of this went down. Looked at and decided on a new truck one day, returned to finalize later.  In the meantime, my score took a 40pt+ hit with the charge-off on this and there was no way to get around it.

Pulled and instant reject from Chrysler... and they hold our current 3 year perfect truck loan.  Our trade is rolling out of warranty as I type this.

I've looked at my reports and things are back to normal right now, but will it still be fine if we go back? doubt it. They DEFINITELY owe more than a 'sorry'.

[blindambition]

I would not want to be one of their CSR right now!! While mistakes happen, as well as system glitches, reporting negatives like this is just WOW. I feel for all affected, especially any who might possibly be in home buying process... This could put a serious snag and delay in process.

[DisabledNavyVet]

Same here - why is this not national news I don't know... major credit card issuer "glitch"...