Low overdraft (for not so good credit score) £20.00 - £40.00 overdraft

That’s sounds like a lot!

I think Credit Ladder seems the best of the bunch - from my limited research anyway!

Their is many great steps to take (that’s agreed) but your main current account is probably the best reporter of them all as they know all your habits! Spends! Bill! And know exactly how much you deposit on a regular basis! So they would be the best to offer some sort of credit regardless of score but on behaviour

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So we could get back to the beginning of topic could a bank offer some sort of credit line to a customer regardless of credit score

You can now open a savings pot with only £10 through Monzo

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Doesn’t Monzo offer a £20 buffer even for those without overdrafts anyway? Can’t remember where a saw that. Maybe I’m getting confused with the free (for the moment until the new FCA regulations come in) £20 buffer on overdrafts. Would love to be corrected by someone who knows.

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No, that’s only for offline payments

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What’s an offline payment?

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things like transport for London where they don’t check if you have enough or take the money til after

I think foreign currency transactions and pay at the pump settling are also included

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£20.00 buffer comes with a message somewhere along the lines of not following t’sand c’s and could delete your account possibly, so for everyone that has clicked through the overdraft option which says sorry we can’t (understandable) another option maybe? Other than another fintech Ponzi scheme! Secured overdraft maybe or a money spinning subscription overdraft linked to plus

Who is offering a Ponzi scheme?

Loqbox was suggested earlier. He referred to that as a ponzi scheme so perhaps he means this?

But that’s not a Ponzi scheme. It’s about a million miles from the definition of one

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is it so hard to actually look into the bigger smaller picture of really bad credit scores and your main account Monzo

Loqbox and any other fintech provider has nothing to do with your main account where your salary is paid
And your behaviour is how would I put this? Harnest or collated sorry for my non good English

But how is that a Ponzi scheme?

Loqbox is basically creating a 0% loan of an amount you define, so it can help report to the three CRAs that you’re good at paying a fixed amount each month?

Technically Nutriboom is a pyramid scheme and not a Ponzi but I like the show and this image sums up this thread nicely.

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I’ve lost what this thread is trying to achieve but your salary paid in and balance doesn’t get reported regardless.

However if your only bank account is Monzo then it will only be reported to TransUnion that is your bank, and lenders solely using Experian/Equifax may trigger having no bank in the report they hold. This may or may not affect your rate/amount (Monzo have stated they are planning on reporting to the other two). I haven’t spotted any issues from #fullmonzo people getting loans/mortgages etc in the forums but its hard to know the impact.

Your score on each CRA is just a indicator, they all given reasons as to why they have deducted points.

Some things you can do like make sure everything listed is factually correct and you are on the electoral roll, some things you can’t change like how long you’ve been living at your current address. Applying for multiple credit be that new banks accounts/loans etc will always reduce, and best to not do them in a short space of time. The length of your bank account avg age held is another factor to consider as lenders like stability.

Showing you can pay back a credit card or loan, mortgage/rent without missing payments will give you brownie points, having an overdraft not so. Always best keeping out of overdraft even when it’s been agreed, as suggested an emergency pot is better.

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If only Monzo gave out loans to low credit score customers (comments expected) low credit scores doesn’t mean your in debt bad credit score means could mean past mistakes but no actual debt or risk so the topic of conversation to start was low value overdraft and maybe in future low value credit card or loan to which they would be reported and either paid or not that’s the risk it’s the reporting that earns the points and to point out to a few theirs value in that regardless

I’m not sure if you’re agreeing or disagreeing, or just adding further comments?

Monzo intend to offer loans to everyone regardless of report and history.

However at the moment they want low risk to start with, which (should) mean people with good+ reports with no CCJs, defaults etc should be able to get an offer.

However Monzos loans at the moment are lucky dip in that people with excellent reports that would have no problem getting £25k elsewhere are being given £1k or no offer of a loan, whilst people on bad reports being given £15k at a decent APR. I’m hoping they improve the algorithms as it’s a mess atm, and they ballsed up the PR.

Makes no sense unless they are (near) competitive with services like Zopa.

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Zopa does not have any information on the client unless what the credit reference agency’s supply Monzo has your full salary history and behaviour and much more data than the main credit reference agency’s