Using a Monzo Overdraft

We walk you through the process of signing up and using an overdraft on Monzo:

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Hey @bea, thanks for the post :slight_smile:

I’ve asked about increasing the limit a few times now, what is the process for this? This isn’t even mentioned in the post?

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Why does Monzo consistently peddle the myth that one’s ‘credit score’ is even a thing, let alone remotely important? After all, it’s a number made up by companies which don’t even lend, and of my three numbers, Monzo can see precisely none of them anyway.

References to your customers’ ‘credit scores’ are all over your blog, beginning with the Monzo University article, all implying the score is in some way relevant.

You have a chance for some real education about the importance of a clean credit history but seem happy to perpetuate something invented by the Credit Reference Agencies to sell people pointless services to curate these meaningless numbers.

What’s Monzo’s policy with regard to talking about ‘credit scores’?


I’d like to know this too - would be great to raise my overdraft a tiny bit now I’m moving all my payments across.

Account > Manage overdraft > Change overdraft limit (this is on iOS TestFlight, not sure if it’s in general release yet).

I am on iOS testlight too. I’m using the max they offered me but would like to apply for more.

I have excellent credit score… Monzo offered me £100 overdraft but other banks up to £5000.
Monzo forces me to move all my income to them to increase overdraft😡

That’s not an option I’m afraid -

…that only you and the Credit Reference Agency can see.

I hate to break it to you, but that number doesn’t mean anything; they made it up.


I have an excellent credit record (small short term debts, regular income which exceeds all of my spending, never missed a payment) but Monzo refused me an overdraft with no explanation offered.

To be clear, I only applied to see what would happen, so it doesn’t concern me that Monzo refused my application, it just seems to be a little haphazard at the moment.

It’s the first time I’ve ever been refused credit in over 40 years of banking, so it would seem that Monzo are VERY conservative in their lending policy. :thinking:


Even if you have a good record on credit repayments other factors will be taken into account by some lenders like how long you have been settled at your current address or how often you have moved in the last 5 years or if you are renting or have a mortgage. So a simple relocation due to starting a better paid job can still have a negative impact on a decision.


computer ses nooo


Thanks for that info. I’ve lived here since 2001 and am the home owner.

As I said, I’m not that bothered, it just seems odd.

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“but we’ll continue to review it” …

more info on this would be appreciated :slight_smile:

What would you like to know?

more information obvisously :joy:

how often will they re-check, will they use your Monzo repayment history, account balance, where you spend your money etc. For example, I go into my overdraft because I transfer as much money into savings platforms as possible, if I have a large unexpected payment I’ll utilise the overdraft. If Monzo could see this wasn’t because I was spending money on nights out, they may be more open to upping my limit :slight_smile:

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They will tell you why you’re not eligible -

& they can see this -


My guess is that they re-evaluate at different times for different users, depending on when they have new data for your credit report.

Yes please Monzo. Be more than a money happy bank. Be an educational tool, this also helps attract parents who want their kids to learn what credit is. Most of them never explain it properly which leads to financial irresponsibility.

Build something like ClearScore which clearly and simply explains what credit is and how to build it. They focus on selling you loans and CC but they explain everything pretty well. I had no idea what credit was and why I was denied all financing options I applied for eg. iPhone upgrade program. Be a financial institution not a business. And if people are more informed they’ll default less on their repayment so it’ll help you too.

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So they should do more stuff like this then? :slight_smile:


Haha yeah pretty much.

Good job. Finally something done quickly. /s

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