OLLO Card Account Closure - Master Thread

[Shopaholic824]

Just got off of the phone with Ollo after a 53 min and 13 second wait. I was told that they have already reported the errors to all credit burreaus and are just waiting for them to update and "this may take "a few business days." Also, nothing we can do on our end but wait. Figured I would save everyone a 54 minute phone call. 

100% sure I will be closing my Ollo card after this mishap is straightened out. Too costly of a mistake especially since I am apartment hunting for the time being-- this is not going to be easy to explain in the application if it has not fallen off by then.

[WD2005]

I had a similar wait time and the rep was not exactly apologetic. I will also be closing my account once this is resolved. Its not a great credit card to begin with.

[sarux3]

Ugh, what a hot mess this has turned out to be.  It appears that my account had also been reported as charged-off bad debt, even though I was at $0 balance and nearly always pay in full every month.  I got the notice first from myFICO and then from Chase's monitoring service this morning.  So, I logged into Experian and Credit Karma, both of which refreshed reports for me today.  According to those two services, all three bureaus are currently showing Ollo as being in good standing with no derogatory comments.  By my experience, myFICO monitoring tends to lag on reporting to consumer by about a day, so it appears to me that TBoM has already fixed the reporting on my accounts.  I dunno... I've got the monthly 3-bureau report pull available through Experian, so I may run that in a couple days just to make sure it's all on the up-n-up.  If my credit profile continues to grow, I may expedite closing Ollo out sooner than later.  This is an unacceptable "glitch", and I'm just thankful I wasn't trying to make a big move at the time.  My heart goes out to everyone who was affected during an auto or home purchase

[NeverGivinUp]

Well add my DH to the Experian Ollo "Charge-Off". Got the Alert a little while ago. I checked his Experian, no change yet to his score (it actually went up a point) & Ollo show on the report as current, no lates. So far it only shows under alerts. When I logged into Ollo, everything there shows fine. I'll keep an eye on Experian & not go into complete panic mode yet.

[toi34]

Ollo seemed to have rescended the "closed" and "charge-off" notation from Experian and my lost points were added back. I'm still monitoring TU and EQ. 

The payment I initiated on January 31st was credited to my account and is reflected on the website. I now have a $0 balance.

Since my reports are accurate again, and my payment was credited, this account is being CLOSED NOW! I'm on hold waiting for CS as I type this.

The fact that a glitch of this type could even happen is BEYOND NEGLIGENT. I'm sure this messed a lot of people up. I cannot risk this ever happening again, and I don't want to have worry about it. The card has no benefits except for no annual fee, and the CL is only $1700. I don't need it, it's not worth the risk, and I need peace of mind moving forward.

Good luck to those of you who are still being affected. I wish a speedy resolution for you too.

[Remedios]

You're free to close any account, but this isn't first time lender had a glitch, and it won't be the last time.

First reported instance of this type of closure with Ollo was mere 3 days ago, and it appears that they already fixed it, though some may still get the alerts because those typically lag behind the scoring change. 

My EX alerts are almost universally present a day after the change actually occurs. 

While this is rather unfortunate and stressful, making emotional decisions isn't exactly the way to go about it.

If you have no use for the card, close it.

If you have use for the card, don't hold grudges, it's not a daily or monthly thing. 

[mrcraft]

My credit reporting seems to be back in order.  I checked early this morning, and my scores were exactly what they were before this issue.  Afterwards, I got a warning email that my account was flagged for "charge-off."  So, it does look like those warning messages are delayed.

[Anonymous]

damaged done, my credit took a hit! anyone seen any offical statement from OLLO regarding their oversight, this mistake is causing alot headach for alot of people. I will definitely cancel my card when if ever it fixed. sigh....  

[toi34]

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@soxfaininfl wrote:

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**? 

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** You're account has been charged-off in the future!!!!!!!! This is an absolute mess. x100

[toi34]

ACCOUNT CLOSED! 

It's not that there was a glitch, like I said in my post it's the type of glitch -- "charge off". This is serious for some people even if it's not that big of a deal to you. And yes I'm emotional, I'm very upset like a lot of others.

Good riddens Ollo.