Asked cops few times about overdraft increase…
They replied that they have no option to increase overdraft at the moment…
Any information/updates? Thanks!
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Is the limit still £1000?
Just out of pure curiosity - I’ve just opened a Monzo overdraft.
I have to say - The sign up process was very easy, the information was nice and simple, and it was extremely straightforward.
As someone who has criticised their pricing structure in the past - I see the value in the wording and explanation being very simple!
To say that overdraft fees are one of the ways that Monzo can generate an income - They sure put a lot of warnings and advice about NOT going overdrawn - So I like that.
I’ll never use it (hopefully), but I just wanted to say well done to the UX team on this!
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I searched, but couldn’t find the answer.
Can you move the overdraft slider up and down as much as you want, without it impacting your credit score (once you’ve been approved for a £1000 overdraft for example)?
It probably won’t change much if you’re pre-approved for 1000, but if you only take £200 and use all of it, you’re using 100% of the available credit which might be considered bad to other lenders.
If you take the full £1000 and only use £200 out of the £1000 that other lenders can then see, you’re only using 20% of available credit which is likely to appear better on your credit report than using the full 100%
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Yeah - I won’t ever use any of it lol.
I’m of the understanding that using 0 of £1000 comes with it’s own down sides (if you are using none of your available credit, potential lenders will be equally as cautious).
But it seems to be a minefield.
The question was more about… Do Monzo do a hard credit check every time you adjust your overdraft limit?
I know they do one initially, but do they do it every time you change the limit?
Speaking of overdrafts @simonb lol - Any chance you can help with this one?
We have a concept of a “shadow limit” which is the maximum we would offer and then a separate limit which is defined by the customer. Changing the customer limit doesn’t impact the shadow limit and therefore we don’t need to do a hard credit check when it’s changed.
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2 things.
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Thank you.
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Extra props for using the term “shadow limit” - Possibly the coolest phrase I’ve heard in a while!
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Are the shadow limits ever reviewed?
We can do a manual redecision from our COps Tooling (this is a new feature!) upon customer request 
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Why does this make me think of the shadow realm from Yugioh? 
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Monzo overdrafts remain very peculiar. I have over £25K in credit lines with other banks and cards, and for years these have been paid off in full each month by direct debit. Even Starling offered an overdraft instantly on my setting up an account with them. By contrast Monzo seems to have a rather Medieval approach to overdrafts, which illustrates the dangers of doing things by computer algorithms.
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Monzo may not be lending to you because you have over 25k of credit lines.
Also, every lender chooses their own criteria. Because they do not lend to you does not mean they are lending wrongly. Not sure how they’d be medieval when a computer algorithm decides the outcome though 
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Hey Nick,
Sorry to hear about that.
Whilst I obviously can’t comment here about any individual case, what we can do is escalate your query to our lending specialists if you send a message through in our in-app chat. They can then, if appropriate, collect some additional data from you and trigger a redecisoning check.
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Any ideas when/if overdrafts will be available on joint accounts?
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It’s the Express, but still:
Monzo overdrafts remain very peculiar risk averse, and you have said your credit is a “mixed bag”. Maybe with the 6 extra months of using Monzo regularly since your original post, that’ll be enough to sway them?
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Bump for this one. I would happily move my shadow limit from my sole to my joint Monzo so I can move the bills over too.
At the minute I have ‘joint’ payments coming from my sole account as that is where the overdraft is (as I want to ensure all payments are made regardless if I remembered to move the money across in time or not).
@simonb ?
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If Monzo has algorithms that refuse even the most piffling overdraft to someone to whom many other banks are willing to extend substantial credit then that does not strike me as a very sensible business model. As I said, while I have good lines elsewhere it all gets paid off each month.
It would seem not, and I have been a Monzo user almost since inception.
Thanks for the offer but I’m raising the point not because I need or want an overdraft with Monzo but to highlight how ridiculous it is that someone like myself who has no debt and probably at least 20 times the income of your typical user gets turned down flat. In 2017 I put about 30 or 40K spending through Monzo, after being turned down for an overdraft in 2018 I have put through almost nothing. Perhaps this is not entirely rational on my part, but my feeling is that if Monzo is going to stick two fingers up to me I will do the same to them.
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