It probably has very little to do with you and a lot to do with Monzo. The Experian score is just their shot in the dark of how creditworthy you might be, it does not take into account the two main factors - your salary and how much money Monzo wants to lend out at any point in time.
In the years I’ve banked with Monzo I’ve qualified for loans from NatWest, Nationwide, Ratesetter and Halifax, and have got new credit cards from fairly difficult to qualify for lenders like AMEX and MBNA and we’ll as all the rest, and all Monzo has ever offered me is a tiny overdraft. I’m not hung up about it as I know it’s just them being very cautious.
(Made up numbers for illustration) If they wanted to lend £100m out and they have 5m customers, that’s only £20 a customer available for them to lend. Instead of offering half the userbase a loan of £40 they are likely only offering 1% of the userbase a loan of £1k or 0.1% of users £10k. And those 0.1% of customers would not only have an excellent credit score but also a very high (probably £100k+) demonstrable income going into their account over a long period of time.
I earn around £25k so I presume i am very far away from ever getting a loan with Monzo.
I wonder if anyone who has a monzo loan would care to share their income? If it’s sub £30k then I’ll eat my hat!
I reckon that is the key metric they are going by, not whether Experian thinks you are a 875 or 999.
Just speculatiion though.