Yes and No. While they won’t tell you if it was down to a poor credit record they have been known to tell applicants if there was an issue with their address, i.e. different format on an application to that shown on CRA files, or if just moved into a new home that they have not been resident at an address long enough. It depends on the lender.
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Under the Voluntary Standards Of Lending Practice they have to tell you if it’s because of a credit agency report.
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Yes, but that’s all they’ll say.
“Go look at your Credit Report”
You still won’t know what in the report a lender isn’t happy with.
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Should be obvious if you look at your report shouldn’t it? Things like missed payments, having too much credit nearly maxed out or applying for too many products in a short time span are well known.
If it’s not credit report then it’s banks individual criteria, and I can see why that would be kept private.
Still don’t know if Monzo signed up for that tho, so might be an irrelevant point.
They will normally tell you which particular CRA they checked, though some advise you check your information all 3 CRA.
Often it is not a matter of finding something they dislike (though they may do like CCJs) but just your data is outside their criteria for a particular product. Taking an example of credit cards, you may be rejected for a platinum card but with the same credit file you may have been accepted for a gold card, so the data they looked at is not good or bad per se, just neutral. It is their product criteria and application assessment that matters more than any imaginary credit “score”. The credit file is just data, and any " score" shown to you as an individual when you log in is just for your benefit and there is no standard scoring method across all agencies. No score or numerical rating is actually sent to any lender.
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Guys, please can you turn off the repeated offer of an overdraft facility that I do not intend to accept. Every time my balance drops below £20 I get an extra alert reminding me that I am still eligible for an overdraft.
Thanks.
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The application bit was really nice looking but I did find it a tiny bit clunky in places (latest Android beta version 1.25.0).
The overdraft notification in the feed just went round and round in circles popping a prompt up telling me I needed to go to my account page to get to it. Why not just bring up the overdrafts page instead? After it was all approved, the notification took a while to disappear properly. Cleared it a few times and it kept coming back.
I can’t remember which screen it was on by the capitalization of the heading was a bit weird, something like “Turn On overdraft”. The warning saying it will leave a dirty mark on your credit report was very clear. Actually make me stop and think (which doesn’t happen often).
I got my overdraft today 
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I echo this! I have no intention of using Monzo’s overdraft facility in the forseeable future. Therefore, I do not need nor want constant reminders of eligibility when my balance is low. At the very least, reduce the threshold for reminders to £10 if need be so that it is in line with the Coin Jar feature’s cut-off balance.
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I read the info on overdrafts on the account tab, tapped the not interested at the end. Shopping today brought me under £20 but I just got the add funds prompt and not an overdraft prompt.
Maybe if you try that you won’t get the alert?
(Whoever wrote the info on overdrafts section gets a 
)
Following a discussion I started here: Pre-ordering authorising the full amount months in advance I figured I’d bring this into the main overdraft feedback thread for more focused thoughts (and to bring more attention to it).
Right now, the Monzo app says my balance is -£37.41. I am not getting any charges. The reason for this, it turns out, is because some of the transactions I have are pending, not finalised. One on CDJapan which isn’t due to finalise for another month, and another on Amazon Japan which is finalising today or tomorrow I think. If I take off both these orders, I’m under the £20 no charges limit.
Because of this, I have no idea when I’ll start paying overdraft charges, and have to keep calculating how much I really have left in my account before I start paying for my overdraft.
I get the clarity of having everything come off balances immediately, but when it comes to overdrafts, this isn’t ideal at all, because the balance figure is complete rubbish.
I’m not sure what to suggest to get around this without reverting back to traditional bank methods of “available” balance, etc, but there definitely needs to be a separate figure somewhere to show real balance when approaching the charges threshold of an overdraft.
In the short term, there should be a note in the app remarking that, by law, pending transactions are not taken into account when calculating overdrafts.
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I have found the overdraft process to be very “non-monzo”
I was ineligible, and I recieved the automated screen of “I’m sorry but we don’t think you exist”
It would have been far more useful (and saved a lot of COPS time!) If the screen had said "We can’t find your record in Callcredit (who we use for credit checking). We suggest you sign up for Noddle to check that everything is as it should be. We will automatically re-assess your eligibility in X days. Please contact our COPs if you have any other queries.
It is very frustrating that the COPs have no access to this process, and can’t really help in any way other than to make vaguely reassuring statements. (as always they are very nice about it, but it’s a bit frustrating that they can’t actually help)
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Another bonus Overdraft use.
I got a notiifcation that my upcoming £600 standing order wouldn’t go ahead because I didn’t have enough money in my account. That’s because my SO from Nationwide didn’t go on Friday night.
Rather than faff about logging in to Nationwide and cancelling this months transfer and doing the transfer manually. I just upped my Monzo overdraft to cover the SO. Now the transfer from Nationwide has actually happened, I can change my overdraft back to £100 again.
I’ve typed this poorly but the amount of effort required was so minimal. An elastic overdraft is perfect for this situation.
Now, if Monzo were to offer me a mortgage at a competitive rate then I could leave Nationwide fully 
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I would like an overdraft forecast of some kind that says “so far you have accrued £1.00 in overdraft. If you don’t leave overdraft until your salary comes in on 25th May, you will pay £9.00 on 31st May” or something to that effect. It might tie into the new summary features where you set your pay day. The “charges so far” screen already has a “rest of month” charges, but that’s not useful when I know I will get paid before then and leave overdraft.
Strangely, given the comments about it being conservative, I was eligible for £500 several weeks ago (shortly after upgrading).
My credit is showing as 2/5 at Noddle - bankruptcy from late 2014 but everything past then fine. So slightly surprised, but pleased, to get one. Especially as the traditional banks point blank refuse to consider anything until the bankruptcy drops from the credit file! Income is fairly good (IT contractor, but not the big money like most of them!) which I assume is the reason I scrapped through!
One thing I was hoping to do is use it to build my credit file further (e.g. I have £500 overdraft and am only using £10 or whatever) - but Monzo data still isn’t appearing at any CRA (although the hard search is, so they definitely searched my file properly!). Do Monzo report to CRAs monthly? I thought they had to due to the Principles of Reciprocity…
Evening.
Monzo report to CallCredit which you will see on your Noddle report. Have you been using your overdraft in the period up to your last report?
Yep, my report was refreshed today and I can’t even see the Monzo account on there, let alone the O/D
I guess it will come with time then!?
I have a loan that reports 3 months behind which is irritating as I only have 1 repayment left.
Is the hard check showing on the report from when you applied for the overdraft?
Have you considered something like loqbox as a way of rebuilding your credit? I don’t use it so can’t say how good it is but love the idea. It’s better than paying fees and incurring more debt (no matter how briefly) just to have something on your credit report
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Could be luck of the draw too. Theres a potential 2 month delay entirely based on timings, imagine the hypothetical scenario:
1st March. You take out your overdraft.
31st March, Monzo reports to credit agency (now 30 days from original date).
30th April, Noddle produces a new report for you. (now 60 days from original date).
Obviously all those days are made up, but it demonstrates that there can be some delay in your report being accurate.
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Or it may never happen. Monzo doesn’t show on my credit report, and I think there were one or two others reporting the same on the forum.
One of them could resolve it after contacting support, but for me support had no idea why Monzo doesn’t show.
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