Improve credit with Monzo

I wish there was a way to improve your credit by spending on your Monzo card. It would make the need for a credit card redundant.

Not too sure how it would work, but it would be great if you could spend as normal and it would help raise your credit score.

Or a facility where the overdraft acts as the credit - so you can choose to spend with the overdraft & repay every month in full in order to improve your credit? The key difference being, you’re not using your overdraft as a fallback but you’re actively choosing to use it even if you have money in the account?

Hope this isn’t too rambly. I just want a way to increase my credit score without having to spend on my CC as it ruins my budget/set up that I have with Monzo…

Putting aside that Monzo only report to 1 CRA… Just by having your Monzo account and available credit will improve your score over time.

Don’t get too transfixed on spending on your CC card and paying it back. There are lots of other things you can do to improve your score outside of your bank account too :slight_smile:

Well Monzo could offer a locked savings pot and create a loan at the amount you want to save and at 0 APR. So £20 a month for 12 months and get back £240 and they report that you’re paying the loan back each month. Pretty much Loqbox.

Credit scores are pointless though.