Hi guys! So today my Monzo Current Account debit card arrived, yay!
I have a Barclays and a HSBC current account, and I’m sick and tired of their rubbish apps and customer service.
I’d eventually like to use Monzo as my main current account (get my salary paid in, and direct debits paid out etc). My question is though, will this affect any future credit card or mortgage applications? Will my credit history be affected? Is Monzo recognised as a proper bank?
Your advice is appreciated.
I doubt this will affect your credit score - maybe a temporary blip when you open a new account (happens with any new account) but should be fine otherwise.
Hey @Carney90!
Really good to hear you’re loving the new Current Account 
Monzo only does a “soft credit” check when you open your account, so it should make no difference to your credit score. If you were to apply for an overdraft (coming soon 
) then that would require a hard credit check which would show on your credit history.
Monzo is a fully licensed bank registered with the FCA and regulated by the PRA. Your deposits are protected up to a maximum of £85k by the FSCS scheme in the event of Monzo’s insolvency.
Hope that helps 
I would add, they don’t currently do “proper” statements (paper/pdf)
That is currently an issue with mortgage applications I found.
If you were to apply for an overdraft (coming soon
) then that would require a hard credit check which would show on your credit history.
Is the hard check for all applications or for successful applications only? I thought Monzo would do a soft check (no impact on your score) to decide if they can offer you an overdraft, and only do the hard check when/if you do actually accept that overdraft.
It’s also worth pointing out that Monzo also report to the Credit Agencies even though you have no credit with them regardless of whether you have an overdraft.
This is something that’s significantly different to the pre-paid offering.
I would personally say it’s insignificant. It means nothing on your credit report. It doesn’t effect your eligibility for anything.
Edit: To clarify - I mean never having a line of credit with Monzo and having a entry on your credit file.
We can do this! You will have to request them through support and let us know your requirements (digital PDF/physical with stamp/etc.). They take a while to generate and we can only typically do them during the week though. 
On the credit checks, it’s very normal to do a soft or informational credit check when opening a current account. We can use this information to give an estimate as to what kind of overdraft we might be able to offer. While these will show up if you were to request your full credit reports, they will not affect your score unless you were to actively accept and agree to an overdraft. At that point, it would have the same effect as any other overdraft.
While I can’t give direct advice here, if opening lots of bank accounts (with no overdraft) in a year were a problem, I would be in a lot of trouble. 
<aol> me too </aol>
BIG trouble.
As I pointed out by @Chalky , Monzo reports to the credit reference agencies. As @danbeddows points out, this shouldn’t matter that much unless you decide to take credit then use the account inappropriately.
This is what and how Monzo reports to the credit reference agencies after you open the account.
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