Overdraft Feedback

So how do we the public make judgement on what is best for our credit worthiness

I would like to take control of my credit worthiness rather than stumble around various financial institutes

Good scoring :+1:

tbf, there was talk that car loans are the next economic crash…

Plus cars have horrible depreciation rates, so make bad collateral?

I’m not dissimilar to any of this, revolving credit, active credit file, multiple accounts all in good standing however I do have an active credit card thats got 12 years of good history so I wonder if that’s what monzo is looking for. I also have no overdrafts elsewhere which might help

I have been trialing the joint account

No overdraft being offered on joint accounts even though the risk is being shared by two parties

Not sure how this would work as my main housekeeping / billing account as I would want some form of overdraft buffer ( just in case )

No overdraft being offered on joint accounts yet

I guess the functionality hasn’t been built yet and :monzo: are not yet reporting financial association to Callcredit(now transunion)

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True but my car loan equates to 2.5% of my net income per month

Not exactly breaking the piggy bank so not exactly a high risk factor

Not sure how I will be able to successfully trial with DD and SO when the overdraft is not available as a buffer and exists on my existing joint account

So at the moment I seem to be just tinkering around with an occasional purchase. Not exactly an account stress test

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I’m about to go #fullmonzo on Monday on my joint account fingers crossed! :money_mouth_face:

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Or more likely according to the risk profile of the product or service, so a bank may use different scoring systems for different products rather than just one scoring system for their customers.


Hope it all goes well!! :smiley:

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Apologies for not being clear enough, this is what I meant.

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Direct debits transferred on Wednesday just final account balance to transfer on Monday!

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i know you said it wouldn’t be changing any time soon, but it costs far to much to be competitive.
I pay the same £15,50 a month, but as well as zero interest overdraft, get worldwide travel insurance, phone insurance, gadget insurance, breakdown cover.
use the travel insurance all the time, used breakdown cover 4 times last year.

I don’t think its competitive compared to a lot of the market and will hurt sign ups when you really want to expand. As a lot of people use them every single month. Used to be one of those people but thankfully not these days.

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The latest beta version of the app has removed the option for me to request an overdraft “find out about overdrafts.”

What happens now? When will I know if I’ve become eligible for an overdraft?

You’ll receive a notification when you become eligible.

I would still like a list of pending transactions (and ideally a balance for calculating when you’re actually really overdrawn) rather than having to go through each one for the past few days, plus any CDJapan pre-orders I have.

Like yesterday I “went overdrawn” but at least one transaction was still pending and put me back into the black when put back onto the balance.

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Well, yesterday I added on the transactions listed as “pending” to my overdrawn balance and saw that I was definitely getting charged for a day yesterday and will do until I get paid at the end of the month.

I didn’t get charged and I have no idea why. There might be another pending transaction somewhere from more than a couple of days, but I have no way of finding out. I saved 50p though, so I guess that works.

However, since this figure was misleading, I went and spent more last night as I was convinced I was already overdrawn and therefore not going to get charged any more as it’s a daily rate. Now I’m not convinced I should’ve done and should’ve left it until tomorrow night to get my petrol…

In short: not knowing what my pending transactions are is potentially costing me money now.

Surely if you already assumed you were overdrawn, then ended up paying to be overdrawn, you didn’t end up costing yourself any more money?

As far as I can see, you already think you’re paying to be overdrawn, it’s just sometimes you’re not.