Not sure that information has been released but it’s an interesting question.
I think I remember reading 37K somewhere.
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Well remembered, you’re right and it’s from this
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I wonder how this compares to legacy banks?
37k out of 750k + current accounts seems low to me
One thing to remeber is that Monzo are still being very careful who they lend to. Hopefully this will change in the future for those that want an overdraft.
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So can soft searches be relied upon to provide enough information for a company to base a financial decision on?
18 posts were split to a new topic: Removed Posts 09/07/18
Here is scenario: Your pay day in 2 weeks and your car broken down, you left it in a garage for repair relying on Monzo overdraft and the car will be ready tomorrow but today you got the message you no longer have access to money. You will not be able to get the car back without the full payment, it will be difficult to you to get to a job on Monday…
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You contact help like they have asked you to if it causes financial hardship
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Don’t confuse matters with logic, @Rat_au_van!
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This action by Monzo put my credit score down by 124 points…
That’s very surprising as it would take until the next credit report to show up usually
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In any event, a credit score is an arbitrary number. I can’t believe people put any stock in it, considering every lender will come to their own conclusion based on your existing credit/debts etc, NOT on any credit score that the CRA has magicked into existence.
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If you have a premium account you can see the changes instantly.
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Noddle doesn’t have premium accounts that I can see?
That doesn’t mean Monzo will actually help you financially.
I used to bank with Smile, an ethical bank as part of the Coop, and before their crisis I needed a £20-£30 overdraft to avoid a charge the next day and they simply said no.
It isn’t in their terms so therefore cannot be relied on.
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They does, £30 a year
My last score were generated by Noddle on a 6th July (afternoon) just after overdraft has been removed. New report shows I am no longer have credit with monzo-that put my credit percentage to a higher number consequences- minus 124 points…
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I struggled to find any reference to this on their website, but there was mention on a blog post after some searching. So, apologies, you are right, there is a “premium account” of sorts.
Any other changes?