@TheoGibson @daniel You probably don’t hear a lot of positive feedback from rejected applicants, however I really appreciate the elaboration on the rejections that you’ve built in here
You’ve really put the Monzo transparency twist on it (where you don’t have to share the reason, it is not the industry norm to share the reason and it does not benefit you to share the reason, however you are sharing an overview of the reason for the sole benefit of the rejected user). I really like that.
I’ve had credit for nearly 20 years so I’m an OG credit user and I’ve never known a positive rejection flow. The best is probably when the lender only soft searches then says “sorry, you are not eligible at this time. If you have any questions about your credit rating please go to experian.com” and the worst is when it says you have a 9/10 chance of approval, then it hard searches your file and says sorry you’re not eligible
I know I have a high debt to income ratio and lenders should be rejecting me for affordability, however for whatever reason (I think usually because they are lowering their standards to grow their books) if I keep applying for something every 6 to 12 months I end up getting a very good deal somewhere.
With the Monzo loan application it has told me that Monzo wouldn’t want to lend to me as it wouldn’t want to add to my outgoings, which is an accurate understanding of my financials from a responsible lender’s point of view and is the most delightful rejection I’ve had in 20 years.
I really hope that Monzo never cuts out this transparency you have built in here. I can imagine if a high percentage of rejectees start contacting customer ops saying “but I can afford the monthly payments” etc then there would be incentive to get rid of it and replace with “go ask experian”, but let this message be evidence that it is a really smart feature and is much appreciated!