Well, yes in theory, except that particular article is the one I refer to above. It was a perfect opportunity to educate, but just seemed to corroborate the myth of people having a ‘credit score’ they can check.
I am apparently not eligible for an overdraft. The message on monzo said they suspect I don’t earn enough. I think it’s because I don’t put my salary into monzo, I just top it up when required. I don’t earn a large amount of money but I have a full time job.
I have a good credit score and have never missed a payment in my life. I have an overdraft with another bank and I’ve never gone into it. It’s just nice to have one, just incase.
What do Monzo define as income? Some lenders exclude certain social security benefits while others say any money you get from any legal source is income.
Did I miss the definition or is it the latter (because that’s the figure I used)?
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In a credit Union we used AAIAM (Aggregated Annual Income Averaged Monthly) where we took weekly wages or monthly salaries, 4 weekly working tax credit or child tax credit, and child benefits, but not non-guaranteed income such as bonuses or commission with the annual amount then divided by 12 to offset any irregularities in payment dates.
Which is probably not what Monzo does 
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Maybe not. But if a dialogue box asks for income that makes sense as including things like bonus or commission is inappropriate as they are variables with no guarantee.
Agency worker’s income is variable with no guarantee either
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Yeah I don’t think we should make any assumptions about this really.
It’s probably best to have your salary paid into Monzo & then leave it to them to decide how they want to calculate your salary for the overdrafts.
In an ideal world yes but I transfer money in and when they asked income I included everything. Now I’m wondering if I did it right or accidentally gave them incorrect information due to lack of clarity
Edit: I’ve asked in chat. Will feedback when they reply
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If someone could share a screenshot of the screen where users are asked to confirm their income, that would really help here 
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The transparency should include advice on which benefits can be counted, being able to indicate if your salary/wage is received nett or gross of tax (i.e. a £45,000 PAYE salary after deduction of tax is different to a self employed earning £45,000 without tax deducted and having to pay it out later as an expenditure), if bonuses or commissions can/cannot be included. Otherwise different users will declare different things.
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Oddly, I wasn’t asked for my income, but for my salary. I don’t have one.
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They asking the lending team and will get back to me
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That’s been my eternal issue, moving. I’ve moved every year I’ve been in London - 11 years.
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Thanks, I agree with Rat that a definition for annual income would be helpful there 
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Well, since they don’t provide one, I think the most obvious definition of “annual income” after the introduction “overall finances” is “every penny that went into my account over the previous 12 months”, incl salary, bonus, interest, investment returns, benefits, etc. If they don’t want me to understand it that way, then they have to provide a defintion 
Obvious, yes. But pre tax income would be more accurate. If you are on PAYE your tax and NI payments are part of your income, you just don’t have any discretion on whether or how much you pay.
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Haven’t got back to me yet so I guess that means they’re very busy, lending team are also very busy, and this information isn’t easily accessible (which I find slightly bizarre)
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Generally with these you are asked gross annual and net monthly.
Though the screen does not clarify it.