Ollo Platinum Mastercard vs Mission Lane Visa

Intro: 2 Great Rebuilder Cards

Both the Ollo Platinum and Mission Lane Visa are two very good cards for rebuilders. Both cards offer decent credit limits and a track record of credit limit increase and have reasonable annual fees (in Ollo's case no annual fee). Unlike many other subprime credit cards, both do not charge any monthly fee or one-time processing fee. They both have mobile apps and offer free FICO scores to their cardholders. Both cards will also approve those who have just been discharged from bankruptcy. Let us now compare these cards in greater detail.

The Basics

Ollo Platinum Basics

The Ollo Platinum is a subprime credit card either for rebuilders who have rebuilt for a couple of years, cleaned up their credit and are on the path to prime status but are just not there yet. They are also for people who have just been discharged from bankruptcy and have all of their debt wiped out and can start from a clean slate. They have no annual fee and also do not charge any foreign transaction fee. While they have no official starting credit limit, they tend to range from $500 to $2,000 and they also have a track record of increasing your credit limit. Ollo has a very slick mobile app and also offers a free FICO score to their card members.

Mission Lane Visa Basics

The Mission Lane Visa is also a rebuilder credit card for those on the path to prime but are not quite there yet. They also approved people who have just been discharged from bankruptcy. The annual fee ranges between $0 and 59 and the starting credit limit ranges from $300 to $1,000. If you pay your first 7 bills on time, Mission Lane will increase your credit limit. Some have reported increases as high as doubling or tripling of their initial limit. Furthermore, it has a very good track record of increasing your credit limits thereafter if you continue to use your card regularly and pay on time. They have a very nice app and also provide free FICO scores.

Similarities

• Free FICO score - Both card provide free FICO scores to card members.


• Credit Limit Increases - Both cards have a track record of credit limit increases. Ollo gives periodic credit limit increases while Mission Lane Visa will definitely increase your limit after 7 months if you pay your first 7 bills on time. Furthermore, they have a better record of increasingly your credit limit more frequently thereafter.


• Mobile Apps - Both cards have mobile apps where you can manage your accounts. While this may not seem like a big deal, many subprime credit cards do not have mobile apps.

Differences

• Soft Pull or Hard Pull - When you apply for a Mission Lane Visa, you first go through a pre-approval process with a soft pull that has no impact on your credit score. Ollo Platinum on the other hand will perform a hard inquiry right away and you will know very quickly whether you are approved or denied or perhaps your application might be "pending". Regardless, you will face a hard inquiry right away .


• Foreign Transaction Fee - The Ollo Platinum does not have any foreign transaction fee while Mission Lane Visa charges the standard 3%.


• Annual Fee - The Ollo Platinum has no annual fee. The Mission Lane Visa has an annual fee ranging from $0 to $59. So with them, you could also get a no annual fee verison though many of you will likely get one with a modest annual fee.


• Starting Credit Limit - The Mission Lane Visa has a starting credit limit of between $300 and $1,000. The Ollo Platinum on the other hand, has no fixed starting credit limit. People have gotten $500, $1,200 or $2,000 starting credit limits.

Which is better? Very Close Call

Both the Mission Lane Visa and Ollo Platinum are both excellent credit cards for rebuilders and especially for those who have just been discharged from bankruptcy. Both cards have a very track record of approval people who have been discharged just months after their BK. Unlike other subprime credit cards, they have very functional mobile apps and both their payment systems are very good. You do not hear complaints about lengthy payment holds for both card that are just so common with other subprime credit cards. Both cards also provide free FICO scores and have a track record of credit limit increases.

Ways which Ollo Platinum is better

The Ollo platinum is better than Mission Lane when it comes to the lack of annual fee, foreign transaction fees and potentially starting credit limit. As mentioned earlier, Ollo Platinum has no annual fee whilst the annual fee for Mission Lane ranges from $0 to $59. So while you could get a no annual fee version of Mission Lane, with the Ollo Platinum, there will never be an annual fee. Having said that, even if you have to pay an annual fee for Mission Lane, it is very reasonable. Ollo Platinum also has no foreign transaction fee and hence is a better card to use if you travel abroad outside the US.

You could also potentially get a higher starting credit limit with Ollo. While Mission Lane Visa caps your starting credit limit to between $300 and $1,000 (though they have a fantastic record of increasing it far beyond this amount), Ollo might start you off with a starting limit that is higher than $1,000. Folks have gotten approved for $1,200 or even up to $2,400.

Ways which Mission Lane is better

Before you apply for the Mission Lane Visa, you have to go through a soft pull pre-approval process which does not impact your credit score. In contrast, when you apply for the Ollo Platinum, you will immediately be faced with a hard inquiry. If you are concerned over this and want to save your hard inquiries for cards you know have a higher chance of approving you, then Mission Lane would be the better choice as your chances of approval increase a lot if you get pre-approved.

Mission Lane also appears to have a better track record of credit limit increases. As long as you pay your first seven bills on time, you will get a credit limit increase. Some have reported a couple of hundred dollars in credit limit increase whilst others have reported doubling and tripling of their initial credit lines. Furthermore, Mission Lane Visa has a great record of continuing to increase your credit limits way after the first increase (which happens after month 7). Many have reported regular increases and have achieved limits of $3,000 to over $4,000 in overall credit limits.

Verdict: It's a TIE

I would say that this shootout is a TIE. While Ollo Platinum has the edge in annual fee, foreign transaction fee and perhaps starting credit limit, Mission Lane has a better track record of credit limit increases over time. Furthermore, for those concerned about hard inquiries, Mission Lane makes you go through a soft pull pre-approval process first.

Both are great cards and you will not go wrong with either of these cards.