Low value overdraft… for minority of bad credit scores but salary paid into monzo regular… (secured overdraft?)
What’s the value in such a small amount?
Why don’t you just work on the issue at hand (your credit score) and you’ll then be able to get a decent usable amount?
The lowest is like £50 anyway, of which the first £20 is free.
Isn’t that in your range?
Their is always a value (in money) low overdraft with a fee of some sort equals value but with risk (very small) and it’s easier said than done working on the ‘issue’
For such a tiny amount I would say it’s not worth the risk at all. It will probably cost the bank more to chase the debt that it’s worth.
I’d just stick £20 into a pot called ‘Emergency fund’ and use that
So no debt with old ccjs and bankruptcy equals risk but no way of improving credit score an emergency pot is the answer wish I’d thought of that first
If only their was a way of a reporting from my current account to boost score by having an emergency pot
Applying for and using an overdraft is only going to make your credit score worse.
There are plenty of easy things you can do to improve your score, along with lots of services out there to help
I know you’re being facetious, but this is fairly basic scrutiny that the idea is falling down at.
There is: https://www.loqbox.co.uk/
Your main account not in overdraft available credit improves credit score
As does having some savings. You’ll then save on overdraft fees and you’ll learn to be more financially stable as a result to name a few
All that being said, improving your credit score isn’t entirely to do with your finances. Have a read up on it and check out some of the suggestions that come with your report.
Would my main current account Monzo report that I never went into my small overdraft or paid my ‘loqbox Ponzi scheme’ by Monzo credit card to every credit reference agency to improve my score
Having a bankruptcy on file ‘yes all objections and comments and dislikes understood’ but having a regular salary paid into Monzos Bank of England account ‘full Monzo’ And supporter of their better than legacy…
It’s a little hard to understand your broken English so forgive me if this isn’t what you’re asking.
The Loqbox suggestion that @Codf mentioned would improve your score better than a £20 Monzo overdraft because it reports to all agencies.
In the grand scheme of things credit reference agency’s will adapt to the reporting companies regarding your score from new start up and fintechs that’s if they report to ‘them all’ or just a select few ‘or one’
You’ve lost me now, I don’t understand what you’re saying. Sorry
I’m happy to help if you can reword it or elaborate?
At a stab in the dark… Monzo only report to one agency. Is that what you wanted to know?
Yes I wanted to know that thanks for your input you’ve been most helpful… I do apologise for my broken English
No need to apologise, glad I could help
I’m going to take this a bit off topic
I’ve read about Loqbox and I think it’s a good idea. However I noticed that their website says “don’t have £20 per month? Check out credit improver”
Now I was hoping for another savings product for people with even less money. No. They want you to buy a book for £10 per month for 12 months - £120 for a sodding book all in the name of “improving credit scores”. Talk about kicking people when they’re down
Sorry for my broken English but it’s not off topic