Simple Questions Thread (Newbie friendly 🙂)

Ask them to top up the card and tell them to swipe it

I’m trying to open an account but can’t get past first step of entering e mail address - have waited an hour for link. Have re installed app

HI Judith :wave:

Have you checked your junk/spam folders? It’s common for Monzo ‘magic link’ emails to end up there.

Especially if it’s Hotmail

Yes - it’s not there. I did see something about using a gmail acc. But I don’t have one

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Is your email a personal one, or a work/student account?

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If I open a monzo account as a sole trader, can i add another user? Or at least get a second payment card?

thanks
ben

You need to open a Monzo Business account and that will give you two cards.

More information here:

I understood that already - but can you get multiple cards on the ‘sole trader’ account or is it restricted to ltd co account only

Are overdrafts and loans granted based on account information, deposits, spending habits withdrawals or like most companies do you rely on credit reference agencies.

According to the feature table in the link I sent you, multi user access is on the ‘Pro’ Business account and is for ltd businesses only. Hopefully someone either from Monzo or who has two cards can confirm :slight_smile:

Monzo use a mixture of both to determine what they believe you can afford and will make you an offer based on that :slight_smile:

Some digital banks have been moving away from credit reference agencies. I had my identity compromised and an account opened in my name. Been nothing but a headache getting hold of the credit agency and the company who the account was opened with. The only credit I am able to obtain until this is sorted is that based on my accounts with what ever company I am with.

I hope in future they move away from the profit driven credit agencies and base their lending decisions based on income,out goings nd account activity.

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I think they may be a long way off that unfortunately.

They’ve recently (last few months) started reporting to Experian after only reporting to Transunion prior to this. They’re also being really cautious about how much they’re lending and to whom due to being “new” to this, so I can understand why they want to cross reference everything to be triple sure.

For example: Many people are reporting high credit scores (which are arguably meaningless) and are still being refused credit.

That being said, Monzo have recently improved the lending screens in app. If you’re interested in a loan or overdraft and you’re rejected they will now give you a reason as to why :slight_smile:

Hopefully in time as they get their feet they adapt their own system and criteria. I have had family obtain credit in circumstances that caused then to borrow when they could ill afford. As their scores were high very few checks apart from the usual are carried out. If those lenders were to have seen the incoming and outgoing for the previous few months the picture would have been very clear. They went on to have issues with repayment.

Thank you for clearing this up for me as well. I learntsomething new today!

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No problem :smiley: I’m not a huge fan of credit reference agencies either :-1:

I’ve never heard of a bank not using one though. Would it not be easy to game the system if they based it solely on income and account activity? I say this because a lot of people seem to bounce money through several accounts to take advantage of higher interest rates and cashback for example.

So theoretically, could I not stagger my salary to filter through my Monzo account to make it look like I have lots of disposable income when in fact it is going to other accounts to pay bills?

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Digital banks who lend, though?

Hey,
I’m looking for some help. I moved from UK to USA last year. I’ve used monzo for about 2 years, I still use it as my main bank even in USA as it helps me manage my money better. I went to a monzo usa meet up where I tried to sign up for a USA account, however I was told I couldn’t at that time because they didn’t have the functionality but I should keep a hold of the card and try and sign up at a later date when they had built the ability to have more than one account. Does anyone know if and how I would get my monzo usa account set up. It looks like the functionality for more than 1 account has now been built and I’d love not to have to transfer my money to the UK every month.

Thanks for any help and advice :smile:

I’m not sure how the USA waiting list is being handled at the moment. But I think if you send a direct message to @J.une, she could probably help or advise you.

Thank you :smiley:

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