Itās nice to have it in the app, but I can already see it elsewhere. Iām sure others will find it hugely beneficial though and Iām gonna file this (feature and thread) under āmore important to othersā.
To check for my credit score you would need to know what credit cards I own and if I been paying back regularly. How is Monzo going to know without long forms?
I think itās a good idea to help people realise on what stage of āFinancial Healthā they are and create awareness on the topic. A lot of folk do not check those things and they are like āWhat? Why I canāt get this loan for my dream car?ā. Small things like this one makes Monzo a little bit more user friendly regarding Financial Health.
Why? It is a fictional number which has no bearing on anything, as lenders do not see it nor use it to make decisions. Kinda seems like a waste of dev time?
@ people who are upset that credit scores arenāt real and donāt actually mean anything
consider that maybe this feature isnāt for you as you have understanding about how credit āscoresā really work. Instead, for the average user who doesnāt go out of their way to see how credit works, this is a really neat feature that can gradually open peopleās eyes and help them improve their credit history.
Not every feature is for everyone, but when you consider Monzoās core values this feature makes total sense and is a welcome addition to what monzo does.
I disagree - for people who donāt know about credit scores and how they work, it will make them start focusing on the fictional number. NOT showing the number, but a program of education within the app would be better than showing the number.
Letās get ready:
āI have a score of 699 out of 700 and Monzo donāt offer me a loanā
My score is perfect however monzo donāt give me an overdraft
I hear what youāre saying but I still fail to see focusing on a number is a bad thing. Credit histories are complex and boring and most people donāt care. Assigning a number to things and condensing a large problem into a neat package is always going to have itās drawbacks but it makes things easier. And easier is what the average user will want.
Improve your credit history, credit score goes up. Itās only an indicator
Wholeheartedly disagree with this. If people didnāt care about their credit before this then trying to educate them with a series of lectures is just gonna push them further away.
From the sounds of things the feature is going to advise people on how to improve things anyway. But if itās done right in monzo language then thats awesome