Hello everyone. I just got approved for Monzo Flex and I’m absolutely elated. It’s my first credit card as well. They’ve given me a credit limit of £50, which I understand is quite low, but as it’s my first credit card I’m still happy.
My question is, if I use flex responsibly over the next few months, can I expect a credit limit increase? Or is it tied purely to income? If I can get a limit for using it responsibly and paying everything back, how long until I can expect to get a limit increase?
If you’ve not had credit, monzo won’t know how you handle credit. Over time, responsible usage and other things like using monzo as your main account, having your income paid into it so they can see how much you earn and also see how you spend it, you are in better odds of being eligible for an increase in most instances.
Thank you so much for your replies! According to Experian I’ve also been pre-approved for a capital one credit card, which on the website says has a minimum credit limit of £250. Do you think it’s a good idea to apply and get this credit card as well and use it sensibly alongside monzo, or is it likely monzo would view another credit card negatively?
Thanks so much. I won’t go for the capital one card then, I’ll just use flex and make sure everything is always paid back and hope for the best!
Last question, you said about getting income paid into monzo, does it count if I’m getting it paid into my Santander account (as they have a monthly minimum payment) and then having it transferred straight away into monzo?
Yep I know! I would like to keep my Santander open as well though as a back up and they want my salary paid into it as a minimum requirement, so I don’t have a choice unfortunately. I do have open-banking on Monzo Plus so maybe they can get a better overall picture of my income that way.
Not coming up on clear score for me, just the CapitalOne card I got pre-approved for above. I think I need to build my credit history with Monzo as above before considering applying for other credit cards!
On the 123 graduate account, on “key facts” document it says the following: “There is no monthly minimum funding requirement, however you must pay money into your account with your primary form of funding, for example, your salary”. I assumed that meant I have to have salary go into it?
Would it not show as a credit card on CRAs? I thought it would as it has section 75 protection etc like other credit cards? So you’d recommend I do get the capital one card? Thanks!
Yep! But as I say, I’ve never had credit before so I’m really grateful that they approved me rather than just declining me outright. I’m sure it’ll go up eventually!
Out of curiosity did you try some of the other banks? I remember when I move into the UK, I went to HSBC and was given £3k in overdraft and they asked me if I want a credit card and they gave me £2k limit. I had 0 credit history in this country as I just moved 1 or 2 weeks prior that. So potentially you can get better limits somewhere else.
Also you need to be careful because if you only have that credit card your credit score will probably go down because of the credit utilisation. It’s usually wide to spend in between 1% and 10% of total credit. but given that £50 is the total limit you’ll easily go beyond that.
