Monzo and Credit Scoring


Do you need to pass a credit scoring application to be accepted for the Monzo Current Account? Been chatting about the account with friends :slight_smile: .

Not at all - the account itself doesn’t require any kind of credit - they only run a soft check (quotation search) to see if they can offer you an optional overdraft.


To open a Monzo Current Account you only have a soft credit check for what @anon23935806 states as well as identity and money laundering checks. It will, however, appear on Noodle as a bank account.

Applying for an overdraft will trigger a hard credit check.


Applying for an overdraft will trigger a hard credit check.

Note that you can only apply if the soft check passed and so you’re sure to get it. There’s no risk involved as opposed to some credit cards where you apply and they do a hard search right away and leave a mark on your report even if they eventually decline you.

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Great answers guys! Spot on.

Here’s some more info from Monzo on this -

When you sign up for a Monzo account or upgrade your account, we run something called a “quotation search.” Sometimes known colloquially as a “soft credit check” or “soft footprint,” this type of search will not affect your credit score.

When you upgrade your account, we run this type of check to determine whether or not we’d be able to offer you an overdraft, in case you want one in the future.

& that’s all the checks they do :slightly_smiling_face:

quotes from this blog post -

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Is that really true? (that you are sure to get it, and there is no way they decline after the hard check.) It would be very unusual. Also, why run a hard credit check, if it won’t impact on the decision at all?

From my understanding, the hard check isn’t much a check but a means of marking a credit application on your report, which makes sense as you’ve applied for credit and got it.

I don’t see why Monzo would tell you that you’re eligible for an overdraft but decline you when you actually apply, that’s why I said it was (almost) guaranteed. The only edge case I can think of is when your report changed between the initial soft check and the hard check (upon application) in a way where you don’t meet the criteria, but as reports seem to be updated every month, you’re pretty much guaranteed to get an overdraft as long as you apply within the same month from when you were offered it.


Unlike a credit card where all could apply the soft check on customers decides if they will be able to apply for an overdraft, they get offered the option if they pass their soft check, then you can chose to apply when the option appears in your app, when you do apply then the hard check is recorded to show you have got the overdraft. That was my understanding of how Monzo do it. You won’t be able to apply if the soft check indicated a decline, so you will not get a hard check showing a decline as may happen with other credit companies. If that makes sense.


Great explanation, thanks :pray:t3:


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