Surely you can see that the act of OPENING an account immediately leads to HAVING an account? It’s impossible to OPEN an account and then not HAVE it and thus trigger the reporting.
Of course, but what people asked about was if opening an account would show on their credit file. Remember what the original question was
To clarify the importance of this, lest it seem pedantic, is that the credit impact of a search for account opening (hard search) is completely different from the credit impact of having an account.
I’m sorry but the answer to the question “will opening account show on my credit file” is “yes”. Only someone who was trying to intentionally mislead would answer that question negatively.
How so? I have no connection to Monzo, I don’t work for them or have any other incentive to mislead. I’d say ‘no’ - because the opening doesn’t show. Opening hard searches have a negative impact, and are thus generally what people care about.
So a “hard search” is not the same as an “account opening”. Monzo do not currently do any hard searches but they do report that an account has been opened. The account opening most certainly does show because it will appear in the list of accounts that you have open.
Obviously, we have to agree to disagree on the meaning of the terms, but don’t assume malice. To me, and I think to others, the ‘opening’ refers to the actions that occur before the account is created. These, which are the most negative to your credit report, don’t show.
Once this is finished, the account will show, yes. Maybe there’s a more clear way to phrase this? But I don’t think there’s any intentional misleading at all.
I don’t believe you (or anyone else) is intentionally trying to mislead anyone As you say, there is absolutely no incentive to do that on anyone’s part.
I think it probably just comes down to interpretation of terms and I think Ian’s most recent reply describes what Monzo does quite well.
Agreed on that, it was an excellent reply! I’m very impressed how open Monzo is!
It’s only ‘yes’ if you’re assuming that the result is an account being opened and kept open.
If Monzo do their soft check and then turn down the account application for any reason, then it’s a ‘no’. And that’s when the soft/hard distinction is important, because if Monzo were to do a hard search and then not open an account, that could negatively affect you, couldn’t it? But with a soft search? No-one can see you’ve been turned down, so no effect.
At least, that’s my understanding. Obviously if I’ve got it wrong at any point please do correct me.
I remember a sig on usenet that went along the lines of:
Somone who knows more than me will correct me if I’m wrong and
someone who knows less than me will correct me if I’m right!
It’s a common tool in finance leading.
The customer must give permission?
I don’t underwrite I’ve never asked that question. But it forms part of the credit check before acceptance.
Fortunately I have no need for credit, so any company requiring that much access will be told to take a long walk off a short pier
I’ve just received mine and I don’t plan to make a fullll switch yet, but I’m moving most of my activity over to it. The main holdback is not having access to paying in cash yet, although as soon as we can pay cash in I’ll be ditching Santander for good.
I plan to carry on using mine as a petty cash account, there is no real reason to swap everything else that I can see.
Plan to get my salary paid into Monzo this month, going to give it a trial run. Will keep my other accounts open and funded though as a backup.
Definitely a good plan. Not just in using Monzo, but for every bank. it’s fine to have two, or ten, current accounts. Having a spare backup can’t hurt. Unless they charge you fees and you forget to put money in
I’ve basically fully switched as in there are no outgoings or incomings into my Nationwide account however I transfer £13 a month back to the Nationwide account for the account fee that provides me with mobile phone insurance, travel insurance, breakdown cover (and allows me preferential rates on mortgages)
And to be honest I don’t see me closing that until I can find products to replace it and mobile phone insurance for the 2 of us (both swapped to monzo and it’s a Nationwide joint account) is like £24 at the best! And then travel insurance is about £100 something a year (we travel quite a bit to see other half’s family in Ireland)
So yer we’ll see when I actually do a “full switch”
I’d love to move over to Mozno fully and have my salary paid in, but don’t know if I lose my account benefits if I’m not paying my salary into my old account each month? (NatWest Platinum) does anyone know? Happy to continue with the account fee for now as I get breakdown/travel insurance/ mobile phone cover.