For those of you out there who have increased your Flex limit - did it appear as a hard credit search on your credit file the next montth?
Has yours showed as a hard search?
@TheoGibson might know more on this, but I don’t think increases do (possibly wrong though), only applications on approval.
I asked @TheoGibson this when the option to increase your limit was first made available. He said there wouldn’t be another hard search.
I don’t know about Flex, but every time I’ve ever had my Nationwide or Barclaycard limits increased there’s never been a hard search.
I don’t even remember seeing a soft search - Barclaycard in particular seem to only rely on what I tell them my salary is.
No hard search for Flex or overdraft credit limit increases…
If we increase your limit we’ll report your new credit limit amount to the credit reference agencies, this may have an impact on your credit score
For what it’s worth - this could be a positive or a negative impact - it’s impossible for us to be able to tell if it’s a positive or a negative impact. Also it’s more than likely the impact will be negligible and will be a small positive impact with one lender but a small negative for another (Note that the credit score you get shown isn’t the credit score than any lender in the UK actually uses). Sorry - mini rant about credit scores over
Anyone know what the max limit Monzo offers on flex accounts is?
To update - attempting to increase overdraft limit warns of a hard check Flex can be changed freely without. This is EXTREMELY UNCLEAR in the Help documentation.
Where in the app are you seeing this? Can you send a screenshot.
I can feedback and get the wording changed.
I suspect it’s this document that shows up immediately after clicking change limit.
If you open an overdraft with us, we’ll leave a ‘hard check’ on your credit file which shows other lenders that you have an overdraft open.
I’m not sure if you’ve changed the flow, but the impression I get is that it looks like it’s making a fresh overdrafts application just to get to the page where you can change the limit, even if all you’re wanting to do is lower it.
The credit agreement pops up again which warns of a credit search underneath “What you are agreeing to.”
Am I agreeing to another hard search or not? I obviously had one when first activating the overdraft - I am asking specifically if you are increasing the limit.
No - you’re not - we don’t run one if you’re changing your limit - only when activating for the first time.
…i just looked in the app and agree this is a bit confusing I’ll see if we can get it changed next week for the “change limit” flow. Thanks for flagging - since it’s part of the credit agreement which gets re-used across both the “new limit” and 'change limit" flows it probably got overlooked.
Also nice to see that greater than zero people read the credit agreement
Awesome - just to add: your live chat staff just regurgitated these badly worded help articles to me which wasn’t very useful. I found it hard to believe there’d be a hard search associated with increasing a limit.
I’m sorry about that @amihail
Looks like a bit of conflicting information here with the article and our COps, as Theo as mentioned above this will be feedback and sorted so to become more clearer for others in the future.