I applied for this card post bankruptcy, after the first attemp to apply I received it with a $1,500. CL. My credit scores were 610 and 621. I still have and use this card.
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR 24.99%* Variable
- Annual Fee $0
- Purchase Intro APR Not Applicable
- Purchase Regular APR 24.99%* Variable
Most Helpful Positive Review
Most Helpful Negative Review
I applied for this card for its cash reward program and got $2500 limit off the bat. Great! And I used It for a year. It does the job, pays the reward, nothing fancy there. It's just another credit card. The problem i have with it while i was using it was its slow posting of the transactions and statements. While all my other major credit cards update info on their online portal almost in real time, Ollo card really likes to take its time. Days sometimes weeks. It makes things hard to manage.
Then I got a new Discover card that offers free balance transfer, so i decided to switch over. On the Discover end, the transaction was verified and posted online the very next day. But on the Ollo end, it was still holding on my transferred $2300 balance and wouldn't let go for 2 weeks. My credit score dropped 34 points instantly because I literally just doubled my $2300 debt for no reason. Until i called in Ollo customer service and faxed in all the paperwork to open an investigation. Then the transaction was posted after 2 more weeks. This balance transfer process took 1 month to complete on Ollo's end, but cross 2 billing cycles. So my credit score kept dropping another 30+ points in the second month. After Ollo cleared my transfer, it took them another month to have it reflect on my credit score. Just because I made a balance transfer, my credit score was hugely damaged for at least 3 months. 3 months later today, my credit score is still trying to slowly climb back to where it was before I made the balance transfer, but still 10+ point shy.
Based on my personal experience with Ollo, It's an ok card to use if you are really in need. But if you really care about real time management and credit score, STAY AWAY from it.
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