Credit Score - Monzo Bills

Hi there,

I was wondering if anyone could advise me on the following,

I have Monzo Plus, and every month I get my credit score update. In order to improve my credit score, one of the tips I keep reading is to show that you are paying bills on time, etc.
The thing is, I´ve been paying all the bills in my household for almost 3 years now via Monzo. Yet my credit score seems to be unaware of that?

I´d like to make use of Monzo loans to build even further on my credit, but unfortantely I´m not able to as I don´t have any credit history.
What´s the best way of building up some history then?

I´d like to have a good credit score so I can have a decent mortgage in the near future.

Any help would be hugely appreciated!

Many many thanks,

  • Hannes.

Hi. Welcome.

What other thins does it suggest? Being on the electoral role is probably the most important thing.

Make sure you aren’t utilising over 25pc of any credit limits.

A lot of people have a small credit card or overdraft limit by choice as they deem it prudent, but its actually more beneficial to have a high limit and keep using it in the same manner

I currently have no overdraft or credits card…

Registering to vote is a good idea though, thanks!
Although me paying my bills should still be considered, wouldn’t you think so?

It will have a small impact but nothing major. It’s a weird one that paying that isn’t that much of a positive but not paying one is a big negative.

Only counts against things that have been taken out on finance or buy now pay later schemes im afraid or things taken out on contracts like phones.

A mortgage isn’t weighted very heavily against your credit score. It’s based more on affordability.

So they go through loads of bank statements, see what you’re spending your money on each month and then compare that with the costs of running and paying for the house you want.

They’re very strict on this so you might think that you can afford more but it’s very much a computer based decision.

So as long as your score isn’t catastrophic, make sure you clear most of your loans and cards you should be fine.

Get a mobile phone on a contract instead of pay-as-you-go, this should appear on your credit report as a direct debit.

Get a credit card and use it for some of your purchases each month, then pay it off in full each time you get a statement (or set up a direct debit to pay it off in full).

With the bills that you’re paying that aren’t showing on your credit report, it might be worth asking the question of the company you’re paying - it’s on them to make the report, if appropriate. They should (hopefully) be able to explain that either they don’t report, or that they’re reporting to a credit agency other than the one used by Monzo.

There are three main credit agencies - Experian, Equifax, and TransUnion.

Monzo use TransUnion; if the companies you’re paying only report to Experian and/or Equifax, that would be why you’re not seeing them in Monzo.

Thanks everyone! This has been very helpful!