Article - Why going 'full Monzo' can damage your credit score

Why going ‘full Monzo’ can damage your credit score

Just came across this from the Telegraph from this morning. I’ve seen it discussed here in the past but thought (perhaps somewhat naively) that this was sorted now.

Interested to hear the thoughts of others and to find out whether anyone has any real world experience of this issue.


The article is paywalled but this has been discussed in length on here before. Just have a quick search :slight_smile:

Ultimately, nobody can say for definite if it does or doesn’t. Credit scores, whether you find them useful or not, are complex and unique per person. Much like when you’re getting a car insurance quote. A cheap to insure vehicle for one person, isn’t necessarily going to be the same for others.

So where I’ve noticed no difference, others have. But can that be attributed entirely to Monzo - probably not.


Key paragraph here:

“Monzo said it would start feeding data to Experian next month.
A spokesman added: “We’re always working to help our customers have more control and understanding of their financial lives. Reporting to Experian is another step.
“Over the coming weeks we’ll do more to demystify credit scores and how they’re calculated, and help people track their borrowing health and work towards goals like buying a house.“”


It isn’t having an account with Monzo that hits the score. It is the closing of the previous account and/or the fact that the credit score is the one with Equifax/Experian to which Monzo do not report (yet).

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I not sure why It harms you credit score but at this time right now monzo don’t report to all CRFs yet but I think they should report to them all it might help as well to not out people off from going full monzo.

What I’ve yet to see in these articles is evidence of people who have been demonstrably affected by this. On the other hand, I’ve seen plenty of people say they haven’t had a problem. The whole thing seems to be a theoretical issue rather than an actual issue. Or am I being the naive one here?


Mine went down for a couple of months after I closed my old account (had it open for 20 years) but now it’s better than before. It was only down about 25 points so not much

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Good to hear that Monzo are going to report to the other CRAs at long last.

I’m not sure what affect it actually has, but an interest rate difference of just 0.1% on a £100,000 mortgage would cost you an extra £100 in the first year alone, so I’m all in favour of trying to get the best credit score and best mortgage I can get.

That’s a great news, I hope they will add Equifax too in the future.

Now that’s an image…


It’s also a bit of shitty clickbaity article tbh.

Customers who bank exclusively with Monzo could end up with weaker credit scores, harming their ability to borrow or take out financial deals.

Here is says could. That’s not a yes we have proof.

Thousands of customers have cut ties with traditional banks and have a current account only with Monzo – known as “going full Monzo” or “#fullmonzo”.

This makes it sound like its just one or two thousand. Probably a bit more with 3.7 million customers. Also this isn’t what #fullmonzo means. :man_facepalming:

However, these fans of the company have reported that their credit scores have suffered after the shift.

Fans also know as customers. Reported to whom, the telegraph? Or them lurking on the Monzo forums?


Id be interested to know why someone has flagged my post which is a copy and paste from the original article :thinking: :thinking: :thinking:


Whilst I haven’t flagged and can still see your post. I was previously asked not to paste paywalled content, or describe how to get around it - may have been a staff lurker?

Edit: Its now changed to:

This post was flagged by the community and is temporarily hidden.
View ignored content.

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could be that then :slight_smile:

I think mozon need to report to all Credit Agence all offer banks do.

Here’s my regular but unpopular comment whenever this comes up:

I do not want Monzo (or anyone else) sharing my personal data with additional private firms without my consent. For me, it’s currently a benefit that data is only shared with one CRA, not pipe-hosed to all three.


The fourth article in a relentless series of anti-Monzo articles from the Torygraph. Anyone would think they would have a vested interest in trashing a competitor to their main advertisers.

Oh, hang on.


It’s ok, it’s not like Tory voters hold any sway over the entire rest of the UK… OH WAIT!

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Haha, take THAT, Telegraph!