Current account credit score

[Richard1 (Richard Edwards)]

Just wondered what the position will be in credit scores for the current account?

I have an aweful credit score and am concerned that I won’t be able to move from the prepay to the current account

[jamieps (Jamie Penman-Smithson)]

I believe they’ve confirmed that they will only credit check you if you request an overdraft.

They will probably perform a soft search for money laundering prevention but your credit history is irrelevant for that.

Plus you’re opted out of overdrafts by default, so you’d have to explicitly request one.

[Avishai (Marta)]

Richard, here’s official from Monzo:

Launching The Bank

You shouldn’t need to pass a credit check to get a current account with no overdraft. But we may need do an identity check. We’re not planning to support the prepaid card in the UK for the long term - it adds a lot of operational complexity without much benefit. We’ll try to offer a basic bank account which should be available to more-or-less everyone in the UK, so it seems like a pretty good replacement for the prepaid card.

Overdraft is opt in, so unless you specifically want it, Monzo won’t do a credit check. I can confirm, clearscore only showed soft search (that one that’s invisible for lenders) when I got CA opened.

[Drew58 (Drew - Joint account feature parity please Monzo)]

@Richard1

Just wondered what the position will be in credit scores for the current account?

I have an aweful credit score and am concerned that I won’t be able to move from the prepay to the current account

A point on this - once a CA is open the account is on your credit file whether you have an overdraft or not. It will leave green marks on your file. Whilst it possibly is not as good as a credit card or loan showing the amount you are repaying it should help.