Unfortunately I’m leaving Monzo

Whilst it’s a little surprising you’ve had loans and paid them back and then can’t get another one, if your credit rating is as good as you seem to believe it is, just take a loan from someone else?

If you can’t, then there are probably reasons not being divulged that mean your credit rating isn’t as good as you think it is.

The free credit rating websites all show your preapproved offers, job done surely?

No I haven’t wasted my time on that sort of stuff I’m afraid. I tend not to read a lot of the internet, in fact, since anyone can write anything without responsibility or review.

Faster payments can take up to 48 hours within the rules I believe (next working day, anyway) but I’ve never seen one do so. I hope they’ve received the money otherwise you’re waiting on the wrong bank.

Find it weird that you’d join a forum for a bank, to just post saying that you’re leaving.

Surely, you’d just close your account instead?

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Tbh I don’t mind this and it does seem relevant to a credit application just to prove your stated income is true.

I smell some fake news

Edited for the person that took offence :roll_eyes:

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Don’t believe everything you read in a tabloid or on the internet, take everything with a healthy pinch of salt and do your own research.

Flagged! Apparently you can’t wish someone well.

Let me rephrase. When I said “Bye then.” I was succinctly trying to capture the fact that some people will choose to leave Monzo and that’s ok. No hard feelings, if Monzo isn’t for you then there are many other options and I hope you find one that suits you better.

Sincerely.

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I don’t. Santander confirm the same e.g. https://www.santanderforintermediaries.co.uk/products-and-criteria/mortgage-lending-criteria/

“AIV is a method we use to verify an applicant’s stated income by comparing Current Account Turnover sourced from Credit Reference Agencies.”

Thats creepy to be honest
Makes me glad that I switched to monzo as my main account as they only report to 1 CRA rather than all of them.

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The whole point of the CRAs is to know as much about your financial situation as possible so that lenders can use them to make as accurate assessment in determining risk and responsibly lend. If the lender just gave a huge form each time you wanted a loan the applicant can easily fake the history to game the system. By not being on the two big CRAs if a lender uses them to obtain your report held with them you won’t appear to have a current account. That could impact their scoring of you in determining how much and APR, it might not. If I was in the lenders shoes someone who isnt keeping their money under the mattress would be a plus.

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I do get the sense that their lending criteria isn’t very consistent. I was eligible for a 15k loan at 3.7% after 3 months it’s now 3k.

Things like your disposable income, wage and rate of expenditure doesn’t seem to enter the equation.

Not overly bothered by this mind you as I try to avoid debt like a plague but just some clarity from Monzo would go along way.

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I agree it isn’t consistent, or highly influenced by certain factors. I’m a 21 year old new grad with <3 years of UK history, <6 months of even having a credit file (with a mediocre score by the only credit service that will actually show me my ‘thin’ report. CreditKarma won’t generate one for me and Experian can’t verify my identity), <3 months of being in a job, but have a £15,000 loan at 3.something% APR, and £1,000 overdraft offered. The only redeeming factor is a (relatively?) high salary, so I wonder if they weigh that quite heavily.

Because that makes to much sense

Bit of a click bait headline for such a mundane topic :man_shrugging:

You’ll be back when you remember how bad the other banks suck. I do regular bank switches and part of that involves pretending to be a customer for up to a year to get full bonuses. I can confirm they are all still terrible and Monzo is much better.

The cause of your rejection could be Monzo re-writing their lending criteria (which all banks do all the time depending on how much they want to lend at any point in time), or it could be you.

There are also loads of things that can make your credit score drop (by credit score I mean your actual desirability to a lender when they analyse your credit reports, rather than a ‘shot in the dark’ number given by Experian). A recent change of address / no electoral roll info, more than one or two recent credit searches, slow account updates meaning the report could show account balances that are out of date, a change in salary etc - just a few of the million reasons a lender might change their mind about offering a line of credit.

Monzo have not offered loans for very long and you have already successfully paid off 2 and had an overdraft as well. Just speculating (as you were) but maybe you are making a lot of credit applications and this is affecting your scores and desirability to lenders? Have you tried applying elsewhere to see if it is just Monzo rejecting you or if it’s orhers too?

I’ve never been offered a Monzo overdraft or loan and I think they are very cautious lenders, which is a good thing when the tabloids are very eager to paint them as the new Wonga.

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Give Starling a try - my salary and DDs are all there.

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Or just leave quietly :shushing_face: hopefully no one notices

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just by you saying you had two previous loans in such a short time since loans been introduced, they see that as risky that you need to keep on borrowing money plus an OD

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I mean, Monzo are not obliged to offer loans, so… :man_shrugging:

If you’re able to repay loans so quickly it would be simplest to reverse the process and instead save up for things rather than taking on debt in the short term. Just seems an easier approach.

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I have contacted HSBC bank they confirmed money is with Monzo and Monzo not responding to my messages regarding to incoming payment.

Monzo loans are a mystery to me. I have a Experian credit score of 999 which i have had for over a decade. My income is well above the UK average but i was refused an overdraft at Monzo. Clearly Monzo hsve got this all wrong

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