The last of the sub-prime cards now CLOSED!

[CGeorge]

Back when I had in the tank credit, I was approved for an Ollo card. It offered cash back, and at the time, I don't remember there being an annual fee. Even had I been aware of an annual fee, if it was reasonable, I would not have minded to pay it, because, since I was in credit re-building mode, I figured that this was the price that I had to pay. And of all the credit cards that I had for those with poor credit, this one seemed to be better, because of the cash back rewards. In two years, I have increased my credit score by 200 points, I long ago cancelled those other sub-prime cards (two Credit One cards and about three others), but I had neglected to cancel the Ollo. Until today - there it was: a $39 annual fee. There could have been an annual fee with this card, but I did not remember that. I called Customer Service - and there was no reversing that fee. I paid the bill, and then cancelled the card/closed the account. But the purpose of this post is that I dintinctly remember when I cancelled all of those other cards, they always turned my call over to a customer retention person - and did everything to keep me. They always waived the annual fees and other junk charges. But Ollo truly does not care - they tried nothing to retain me. But, wow - now, all of my sub-prime credit cards are in my rear-view mirror! It has been a long two years, and with an Amex Gold + five revolvers, two Discovers, and a multitude of others - Ollo served its purpose, but no more.

[Anonymous]

Congrats on the accomplishment!  I'm sure it feels good to leave the last one in the dust.  I agree there is no point in keeping cards that don't work for you especially when you have creditors like Amex and Disco that have nice rewards.

[Anonymous]

Congratulations! I hope to do the exact same thing within a few years time. Cheers!

[19eighty5]

Congratulations on turning the corner and closing out this chapter!

[CGeorge]

You will get there - I know it!

[FireMedic1]

Congrats! I remember throwing my sub prime Cap1 cards in the bucket!

[GApeachy]

OP, Congrats!  I don't know Ollo cuz they wouldn't give us the time of day 9 months ago....I felt so, so rejected.  But now, after reading this, it's a big "up u!" and glad they did us a favor.  Thanks for posting and whoo hoo to you!  Enjoy your prime cards and pat on the back! 

[gorgon]

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@CGeorge wrote:

But the purpose of this post is that I dintinctly remember when I cancelled all of those other cards, they always turned my call over to a customer retention person - and did everything to keep me. They always waived the annual fees and other junk charges. But Ollo truly does not care - they tried nothing to retain me. 

My experience has been that no big banks ever tried to retain me in the last few years. The only posts I see on here about getting push back when trying to close are from predatory lenders because they play off of fears about "losing all your account history" and the like. They also want you to stay for their ridiculous APRs and annual fees. IMO a reputable bank is not going to argue with your decision to close a card. They may ask why you are closing, but this would be strictly for their information.

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[Anonymous]

Congratulations on all your new, fabulous card! Yes, say goodbye to all the old crummy cards that you don't need anymore!