I’ve been with Monzo over 4 years now. I mostly use it to seperate my monthly spendings from my savings and regular payments (i.e. bills).
Last week I went to Barclays to see one of the personal banking people. I’m planning to apply for mortgage next year and just wanted to know how my financial status is looking so far.
I was shocked to learn that they can’t see my spendings with Monzo. They said that it doesn’t look good, I need to use my Barclays debit card for all my spendings, this will help decision makers to see my spendings month by month.
Also I asked for a replacement loan for an existing short-term loan (just to get better APR). They said they can’t offer me atm because they can’t see how I spend my money due to Monzo again.
Today I got an overdraft offer on my Monzo app and I clicked to see what it is and then it said they cannot offer me overdraft because of my credit history. My credit score is 999 in experien and 490+ on clearscore which are the highest levels. (Why on earth would you show me a notification and then decline when I click on it? Very misleading approach from Monzo and I am sure this will goto my credit history as a hard research)
This all made me so upset. All those years I’ve been actually damaging my finacial history without knowing.
I am not going to use Monzo from today onwards. I just want people to know this and careful especially if you’re planning to apply for a loan or mortgage.