I've had an Ollo card since August 2019 with no issues, but I had the card paid off so I missed any issues with their recent system glitch. Until today. They just reported my statement balance to TU in the middle of the month with a balance. They may have done this because there had been no report on the last two statement dates of Feb 7 and March 7.
This mid month post makes it difficult to achieve AZEO when I don't know when they are reporting. It also could had adversely affected my credit if reporting a high utilization on that card. Luckily I was only at about 5 percent. I'm going to call their customer service and find out when they will be reporting going forward. Also going to keep my usage lower or pay more frequently.
Has anyone else with this card had a mid cycle report to the credit bureaus?
@blindambition I had not made any large purchases. The highest was gas for 58. My guess is they are playing catch up since they didn't report to the credit bureaus since Jan 7th. I had a zero statement balance in Jan, Feb, and Mar so I just assumed the next time it reported it would be zero.
Definitely something to watch because a large transaction just before their report date could have dropped my scores.
I have a couple more pending transactions but will pay the balance to zero ASAP then use a different card until they report zero. My guess is they will post again on the normal statement date of around April 7th.
I lucked out and missed all of the issues last month. Thought it was a good card but concerned now. I don't need any hiccups in my score because of their unpredictability.
Ollo hasn't updated my information to the CBs since the CO debacle. I'm not very happy about that since they gave me a $1400 CLI after, and I've paid my balance down. My utilization looks much higher than what it is because of them. My regular statement date is coming up so I'm hoping they finally rectify the situation soon.
@FantumGrey They updated mine on 3/16. I would think they'd get yours corrected and update now, or at least at the statement date. If they update mid cycle please post back here. I'm going to call them tomorrow to see what the plan is.
I contacted Ollo customer service about the mid-cycle report to the CBs. The customer service rep indicated that they would be back to normal reporting as of the statement date starting with this next statement date. Others may have different statement dates. Mine will report on April 6th. I will continue to use this card in the future primarily for the 2% cash back on gas, grocery, and pharmacy, but will make sure my total does not go over 29% utilization for now in case they have any more issues.
I also asked them how they handle credit line increases. They don't accept requests for CLI but periodically review the account. I've had the card for almost two years and have had regular increases. They've been using Experian Fico9 score for monitoring the account.