I’ve just joined monzo (switch completes by the end of this week) and the default seems to be that I’m not allowed a loan as my credit score is too low.

I don’t have any adverse credit so this is confusing me??

There is a lot happening at the moment, and pretty much every bank is tightening the availability of credit. Have a search of the forum and you’ll find topics covering this.


With every bank, becoming an account holder won’t automatically make you eligible for a loan from that bank. Each one will make their own assessment of you, independent of your Credit Reference Agency ‘score’. Lots of factors are taken into consideration, including the state of the bank’s loan book and the economic outlook, as well as the creditworthiness of the applicant.


Also, you’ll be able to see your credit score within the app by the end of this month. So this should give you some insight on what you can improve to make yourself eligible.

Keep an eye out for it :eyes:

Or you can do this now by going to


I’d echo what others have said around the current situation and credit being generally harder to obtain in the present economic climate. All lenders are going to be extremely cautious at the moment.

Also, not having any ‘adverse’ credit doesn’t necessarily mean you would have an excellent credit score. Lending decisions are also heavily influenced by previous responsible behaviour. If you’ve never made much use of any credit facilities (even if you’ve always been super responsible) there potentially just isn’t enough data to consider lending to you.

I’m speaking very generally of course as I don’t know the specifics of your situation but there’s a lot more to a lender making the decision to offer credit then just a lack of any ‘issues’ on their report. :slight_smile:


This is true.

For example. You stated that you’ve closed your old account and moved to Monzo, therefore your score will have taken a hit and it will show in the coming months :slight_smile:

In addition to all the above, Monzo will likely take a month to see what comes in and goes out of your account. If you have no income (for example) they likely won’t offer you a loan regardless of your credit history.

I found I wasn’t offered a loan until I had a few bills being paid monthly out of my current account (used to be paid from elsewhere). Even though I knew I had a good credit score, this seems to be one of Monzo’s specific criteria.

I think Monzo have always been clear that it’s the way your account is used that plays a large part in their credit assessments. Credit score seems largely irrelevant although I suspect they use for a top-level overview of a person’s background.


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