Monzo was offering me £1,000 before and now won’t offer me an Overdraft at all. Despite TransUnion stating I had an “Excellent” credit score, Monzo considered it to be “Low”
That finally resolved itself, but now apparently my income is too low. Not really sure how high an income they are looking for, but I know plenty of people who make less who have overdrafts.
Transunion score or any other credit agency score is meaningless, you just don’t fit monzo criteria. Monzo say “We can’t offer you a loan because we don’t know your income”, despite being full monzo.
Monzo really have tightened up their lending as a result of Covid. I never changed the overdraft on my account (£1000) when the new lending policy came in, as I didn’t need the higher lending offered. Shortly afterwards, they removed the offer of the higher overdraft and the loan (think it was up to £13,000). I don’t use my account as all aside from a pot, so I’ve been expecting an email letting me know they’re completely withdrawing lthe facility.
I’ve got a new offer
£3000 - 39%??? No. Thanks!
That’s just one of the 3 teirs they have, I don’t use my overdraft so the fee is £0 in the 1st place, overdrafts ideally should be the last thing you consider using
It’s a really good sign that they are increasing the overdraft amount again
£500 was too low for a lot of people
Homepage still says £500. Wonder if they are increasing it for existing customers first or if they just haven’t changed the page yet
I still have £5000 - 39.9% with Nationwide… used it a lot few years ago for 50p per day, 39.9% useless expensive option…
Now they refused to reduce - keep or cancel…
Yes me too but I don’t want a new credit check when I have never used my overdraft so I don’t need a bigger limit.
I had hoped that would relax their lending criteria but for me, nope.
I reduced the overdraft a while back but now I can’t increase it. I’ve never actually used it but I like having that security. However it’s too low to use the account for anything critical like mortgage payments etc.
It’s a vicious circle now, I can’t use it as my main account as the overdraft is too low and I can’t raise it.
Make your own overdraft by generating some savings from roundups and things and keep it in an emergency pot - you’ll earn money on it then too 
This is what I’ve done and I just skim off the top when it goes above what I determine to be a good safety threshold.
I completely forgot about my round-ups as i kept the pot hidden, its always a cool suprise to check on it after a couple of months. Pennies truely make pounds 
I have this and if you use salary sort you can put bits in with that each time you’re paid too. I’ve not seen my pot balance for ages, and plan to only look if I need some money in an emergency. 
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