Overdraft: denied increase from £400 to £500, I have a good credit score

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UPDATE. Thank you for the comment, the thread can be closed

I’ve recently applied to increase my overdraft from £400 to £500 and got denied without explanation.
I’ve been using Monzo for more than 7.5 years, and I’ve used overdraft maybe 5 times during all this time and for very small amounts.
I was also recently approved a large mortgage, so I think my credit score is good.
My salary is good also and it’s paid into Monzo.
The App won’t even let me re-apply to see if I made a mistake.
What can I do please?

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You can’t do anything, that’s their decision and unfortunately there is no further recourse.

Banks wont tell you why you’re not accepted, so this isn’t unique to Monzo. For whatever reason, they see it too much of a risk to lend you more money. I see you’ve focused on a couple of things, but it could be anything. Their lending criteria is based on lots of data layered from a variety of sources.

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What will also be taken into consideration is your overdraft usage. If you have £400 already and have rarely utilised it, then they may see no point in lending you more that may never be used.

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You will see this often because you’ve just taken out a large loan.

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Thanks everyone, so it’s either to do with me taking out a mortgage or not using the overdraft facility.

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Or any number of other things :person_facepalming:

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It’s likely the mortgage, but then also how you use your account.

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I’m curious when you say you applied for £500 - did it offer you that and when you accepted it declined you?

I haven’t checked for ages but I thought Monzo said “We can offer you up to £X” with a slider and you choose within a pre-approved range?

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