Advice on overdraft eligibility

I’ve been trying for over a year to be eligible for a Monzo overdraft. I barely use my Monzo card as it is useless for me, but I’ve really wanted to embrace the features of the app. Without an overdraft it would be too much administration for me to switch over from my HSBC account.

I earn in the higher tax bracket, my share of my mortgage is about £350pm, I have 1 dependent child, my credit rating on Clearscore is 470 which they class as “looking bright”.

Why am I not being accepted? I have applied for and paid off credit cards with much higher limits this year without any problems.

It’s the app which really sells it for me as the HSBC app is rubbish. Can anyone recommend other banks with great apps?

This is of course very speculative but I think it’s quite likely because you barely use the card.

When you check loan eligibility, the app will now tell you broadly why you aren’t eligible and one of the reasons you can be ineligible there is if Monzo ‘can’t tell enough about your income and outgoings’ or something similar.

So I think reasonable to suspect they at least partially rely on your use of the account to estimate/gauge your affordability level.

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Thanks for your reply, it is a bit catch-22 I guess. This is the feedback I get when I apply.

Mines bipolar. Sometimes i can have £250, Sometimes £500 and sometimes i get " Sorry we cant offer you an overdraft right now". Monzos lending is strange, they dont just go off your credit score, they use internal criteria too

I’ve never been eligible for a loan or an overdraft despite being #fullmonzo. Because I have a :monzo: Joint account



There is the obvious problem. They have no idea what you earn or spend.

I get that, but they ask when you apply.

My wife not working - housewife currently. Monzo offered £1000 overdraft 19.9%. She never used Monzo
I accepted £2000 - 29.9% used Monzo as main account

Loan and overdraft offers are offered mainly via your data from Credit Karma, not really how you use the account. Monzo has been clear very recently about this point. Monzo even seek your salary details from Credit Karma, not from the actual deposit into your account :man_facepalming: .

How essential is the overdraft to you? Do you have any savings that could effectively recreate it yourself?

If it’s just so you don’t miss a payment, Monzo tells you in advance of any direct debits and any changes to the amount, so if you have the money elsewhere, you can move it to cover it.

That’s a pretty low score. Work on what they suggest in combination with what others have said above.

That’s out of 700 so could be improved, it’s well known the actual score is meaningless. Check over your report and see what it says, the app for Clear Score does provide feedback on each category as to what’s good and bad.

So get it all checked over and see if anything stands out as wrong.

I think it’s a fairly well documented fact that Monzo’s lending criteria is unpredictable. No one here knows how it works.

As an example, a while back Monzo were prepared to lend me a four figure sum for a year, but wouldn’t trust me with £20 overnight.

The best advice I can give is to accept it and move on.


I think others have mentioned it here but usage of the account as well as credit score might also play a part in decisioning.

I personally found that once I had used my monzo account regularly I became eligible. I moved over small amounts of money regularly and used the card for day to day spending on lunch or cakes for the kids (and me :laughing:).

Try using the account/card for a month and then check again.