Monzo Overdrafts survey re: r/UKPersonalFinance

What the hell is going on?

Results to follow!

Somebody’s rabble rousing and handing out pitchforks from a cursory read of the post.

Yea, my problem with the survey they have is it doesn’t include anything else.

Monzo claim that they solely/primarily use the customer’s Credit Karma credit rating, but evidence from /r/UKPersonalFinance users suggests that this may not be true.

That’s because it’s not true. Monzo have already stated that they use other factors to work out an internal credit score to evaluate a person’s eligibility.

The results drawn from the survey will be wholly pointless & irrelevant.


Reddit is the equivalent of reading graffiti on toilet walls

Entertaining and educational but not to be taken seriously


Exactly. It’s built around a premise that the creator seems to have invented, twisted from reality or (more charitably) just plain misunderstood.


Its amazing how many people there seem to think a made up number means they should be getting the best rates

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In fairness Monzo said

  • We’re moving from a fixed 50p per day overdraft fee to an EAR of 19%, 29% or 39% (variable), depending on your credit score.

The poster seems to have confused the external credit score with the internal one


I’ve changed the thread title (and moved it) to better reflect the nature of the topic being discussed. I apologise if this irritates anyone!

Can’t be that bad. I’ve seen many posts from SimonB on r/Monzo

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Clearly you haven’t been into the toilets at Monzo /s


It’s amazing how many people (both there and here) take it so personally when the Monzo computer deems them not worthy of the 19% rate :joy:


when they dont actually want an overdraft either :slight_smile:


Or credit at all. Which is the more strange of the two.

People have to much time on their hands at this point.

I find in a lot of cases, people are forgetting to account for credit they already have elsewhere. They’ll say things like “I already have a £2k OD with [LegacyBank] so I don’t understand why I can’t get an OD with Monzo.” But the answer is already in the question - they can’t get an OD because they already have one elsewhere.


Credit ratings take that into account. :slight_smile:

Yes but Monzo use all that info to come up with their own score based on their internal criteria

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And that’s fine, there is a law that the client can ask for a human to intervene to look at a request on a case by case basis.

The law of “Tell me. Tell me. I need to know. I want to know. It’s my right to know.”

So we have one part of the internet that know that score and the rate you get isn’t related making fun of the other part of the internet who don’t know that’s the case and think it’s above this credit score you must be getting x percentage and that Monzo are not applying that consistently.

If you’re on a banking forum I’d say you’ve got time to burn.

I lot of people easily amazed these days…

/Unpopular opinion



Beautifully put.