Starling Discussion & Feedback

( #1127

As far as I understand it they’re still using their initial investment from Harald McPike. He offered 80m in stages when Starling hit certain targets. I’ve read several reports over time that say ‘Starling gets extra £10m from McPike’ or such, but when you drill down it’s part of the £80m originally offered, and another stage has been reached, not another £10m on top of that. From what I can see, and I could well be missing things and be wrong, they’re actually being pretty frugal really as, as I say, other than that initial sum I can’t find other money going in.

(Dan Mullen) #1128

Well, they’ve just invested in a large marketing campaign so I’d argue they are interested in numbers. What they’re probably more interested in though is having profitable customers - numbers mean nothing if you’re not making money.

(SimonL) #1130

Keep seeing people saying that starling won’t open accounts for people with bad credit history but they did for me and I haven’t got good history defaults etc and they opened one for me with a £250 overdraft

(Dan) #1131

Guess individual circumstances differ, e.g. when your last default was, currently annual income, utilisation of current credit, address history, age etc. Credit checks are highly complex.

(SimonL) #1132

Yeah does anybody actually understand credit score etc as each company looks at them in their own way!!!

(Dan) #1133

Credit scoring is a scam. Companies cannot see your credit score, they just look at your report and make a decision based on the data in your report. Some companies will outright decline anyone with any defaults in the past six years. Other companies may accept defaults but may not accept anyone who has made six credit applications last month. And companies’ requirements changes on a daily basis, according to fraud/profitability/loss needs. When I worked in sales, a customer might get declined for credit today, but sometimes got accepted tomorrow with the exact same details, because the needs of the business changed.

( #1134

I think this is the key, I have a feeling there’s something, be it 2 defaults OK but 3 not, defaults on everything apart from overdrafts fine, whatever it may be there’s something that ticks the ‘no’ box with Starling that, i guess entirely understandably they don’t want to say, but they certainly do, as we’ve seen time and time again, give accounts to people with bad credit.

As i always say, as someone in the entertainment industry i have a pretty poor credit score, for no reason other than my career choice. People think i’m a bad risk because i dont get a set sum going in every month, and actually my former boss who has somewhere north of half a billion cash in the bank on top of his other assets also has always had a pretty average credit score, and is considered high risk, because of his career choice and not ‘playing the game’ in terms of appearing to tick the right credit boxes.

(Dan) #1135

Flip that over, to someone who is a millionaire and owns their own property and car and has no debt, are equally likely to get declined for credit because they have no evidence that they can be a responsible borrower.


Advertising having an effect:

Hi all, I have seen a lot of advertisements for Starling recently and have generally been aware of app based banking for a while but am thinking of switching across to them as am quite fed up of my current clunky and poor service bank.

It also seems to be very efficient and easy to open an account. From my research online it seems to be reviewed quite positively but I wanted to check if anyone here had any more insight on Starling and whether they are a sensible choice as a current account. I know they don’t necessarily have the best offers in terms of current account interest but I am attracted mostly by its ease of use and efficiency.

(Shreyas Zanpure) #1138

An interesting perspective on credit rating.

(Jamie 🏳️‍🌈) #1139

The major flaw is that’s an American viewpoint.

The banks don’t have anything to do with generating the number shown to you by Experian.

And the number shown to you by Experian has nothing to do with you getting accepted or declined when you apply for a credit product.

(Shreyas Zanpure) #1140

So you are telling me that defaulting on loan payment with a bank does not reflect in your Experian rating? As @Stockleyo mentioned in one of his earlier posts, while lenders might not see an exact number, they should see your credit history (number of loans, cards, bank accounts, defaults etc). The guy on Quora simply showed his credit report with zero score to underline the fact that having no debt results in zero score. I do not see how being American has any bearing. If you do not make money for the lender, he will not lend to you. That’s all it means. Maybe you work in the industry and explain a bit more in detail.

(Jamie 🏳️‍🌈) #1141

No I’m not. I disagree with the entire premise of that “interesting” view:

You’re “rewarded” with a high credit score when you play the game in the way that makes them [banks] the most money, and penalized when you don’t play the game the way they want you to.

I don’t know how American credit scores are generated. Maybe they’re directly related to lenders. In the UK, lenders have no direct say on the numbers shown to you by Credit Reference Agencies, neither do they take these numbers into account when deciding if you’re a good or a bad risk to lend to (ie. If you’ll make the bank lots of money without causing the bank grief by defaulting)

Look, people will always be able to borrow. That’s how fuckers like Wonga and Amigo get to exist. But, treat proper credit sensibly (DON’T use Amigo), honour your contract and repay when you said you would, and you’ll find lenders who are willing to give you better terms in the future. That’s all your credit history does.

And ignore the number – the Credit Reference Agencies make it up purely to get you hooked on curating your number, which earns them money.


The only solid reason for checking your report is fraud and identity theft


Starling is out with a set of video adverts, they are all a lot of fun but this one’s my favourite.

(Nathan) #1144

Thats a nice ad i have to say :slight_smile:

(Rob Crawford) #1145

I rarely come across these types of ads in the wild as I use an AdBlocker, but have to say they’ve done a fairly decent job here. Just looked at their YouTube channel to watch the rest and have to say some of them sound a lot more scripted and awkward than others, but they’ve definitely hit all the key features and demographics.

I’m eager to see what Monzo come up with, as I know they are planning a big advertising campaign soon. Seeing other Fintech banks getting ahead on the advertising race makes me wonder whether the general public will get bored of hearing about features like real-time notifications and bill-splitting. Hopefully Monzo will be able to pull out something that reflects the true identity of the brand and not just the features. Think of it as “head vs. heart” since we’re in the Starling thread… :monzo: :hot_coral_heart:

(Ben ) #1146

All the advertising stuff reminds me of the wave of brands advertising in Podcasts and YouTube.

More adverts than I can even count for Casper Mattresses, Hello Fresh, Squarespace, Skillshare and all the rest.

Wonder if the Fintech lot are about to get all up in my podcasts.

(Harry) #1147

I’ve just sat and watched all of these new adverts and I’ve gotta say, in my opinion, they are awful.

I can’t stand the whole ‘actor talks to camera about a product’ approach, it feels too fake for me to buy into it.

I also can’t stand the music in the background of them :rofl:


Nice ads… much better than Nationwide’s singing sisters :))