Pre-approved offer from ollo

[Anonymous]

Hello All,

I wanted to seek advice on wheather to apply to this new offer or not. I know more credit limit will increase my % spend and thats my main goal but I dont know if an hard inquiry is worth it. I have a home loan, a car loan and 3 credit cards. Discover 12500/4800, Capone 2500/135, Amazon 1000/5. Score Eq 681, TU666, EX640.

[RobertEG]

Does the offer include the statement that it is being made based on a listing obtained from a CRA?

If so, it is more than just a solicitation offer, it becomes a "firm offer for credit" under the FCRA, meaning it must be granted if you apply and are found to still meet the criteria they submitted to the CRA to obtain the screening and listing.

[Anonymous]

How will I find that out ? will it be on the offer or I need to call them to verify ? Thanks

[dynamicvb]

I got a pre-approval letter from them and applied to only be turned down. It actually made me nervous afterward as I thought it may be some phishing that I fell for as I started looking up the owners of domain names, etc.. and got a lot of conflicting information and none of it seemed something like a financial institution would have. They do seem to be legit after some more research, but this really sounds like one of the subprime lenders, so you seem to already have better cards. 

[Anonymous]

Thanks I will bump it.

[Hex]

I think the preappoval is real (at least it was for me). I had read things about the Ollo card here that had given me pause about applying. People report long delays in payments posting when they send payments from their banks. I have paid it online on their site 3 times and the payments post in about 2 days. My score was in the low 700’s when i applied. I kept ignoring the preapprovals and when I eventually went to apply the preapproval had expired. They usually hard pull Experian but I think because my preapproval had expired they HP’d both Experian and Transunion for me. I was approved for $3K. I think they had sent me at least a dozen preapproval offers before I applied. The one thing I did notice is that as I
Ignored the preapprovals the offers kept getting better. First it was for the Platinum Card. Then the rewards card with an annual fee and finally they offered rewards and no annual fee and that’s when I applied for it. My point is if you wait you might get a better offer. It took about six months before I got the best offer. The card reports like revolving line of credit to all 3 CB’s. I like the card.

[Buckwheat2U]

I did the same.  Waited and got sent about 6 offers. Got the Rewards card with no AF and a $3K CL which is really all I was after so I can keep my util way down.  I'll throw some stuff on it then send a payment, set it up for autopay etc.   If it turns out to be a decent card all the better.   For someone about 9 months after Ch13 DC can't complain too much.

[joeydtx]

I received a pre-approval letter from them for the Rewards/No AF card, was pretty excited in the thought of having another CL under my belt.  Hopes were dashed as I was declined... hate those "preapproval letters" 

[Anonymous]

I've gotten at least two preapproval letters for the Ollo (rewards version) in the past three weeks or so, and earlier this summer I got several over the course of May and June for both Platinum and Rewards before I went with Sync's 2% PayPal MC instead; that appears to have stopped them for a while, but now they're st. Both of them carry single-figure APR quotes which is usually a pretty good sign of approval, but with Ollo I just don't know. The general rewards structure (a plain 1% without quarterly categories or any other sweeteners) is just too weak, and I don't really do enough CC spend on groceries, restaurants or gas stations (I usually use cash, though I'm making an exception for Discover's first-year 5% + double cash back) to justify getting a card whose best rewards are in seldom-used categories.

[Anonymous]

I got this offer too and applied, but I forgot to unlock my experian report.  Now I have a hard hit and no card.   Is there anything I can do???