Will Monzo ever have a credit building service?

Haven’t really been on the Monzo community forums for almost a year now, so it’s lovely to see all the changes.
Will Monzo ever have a credit building service? I have really bad credit, so it would be awesome if they implemented such an idea (like a credit card, or a lending service, where one can build up their credit score).

They have loans and overdrafts that offer relatively low amounts, so you could start with one of those?

They’ve not rolled out to everybody yet :neutral_face:

Overdrafts is out to everyone that’s eligible. Not sure how long it takes for new customers to be assessed.

Given Monzo is quite risk averse about lending it might not be the best option for credit building


Maybe… but not with bad credit file…

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There’s only one way to find out because small ones are more likely to be approved than larger ones. However not if they’re not rolled out fully yet :laughing:

Can you even build credit with an overdraft? I see an overdraft as negative as a payday loan.

Overdrafts and your credit score

An authorised overdraft is a form of credit. Using it responsibly - that is borrowing sparingly and repaying it in full - will add positive information to your credit history, which could help to improve your credit score. If, on the other hand, you have long-standing overdraft debts or regularly go into an unplanned overdraft, this can have a harmful effect on your credit score

Source ClearScore

Not a credit builder product as such but the following was mentioned in 2019 plans:

Help building and tracking your credit score
Credit scores and how they’re calculated aren’t transparent. But they make a real difference in the interest rates you’re offered and whether or not you get access to the credit you need. Could Monzo help you know what you need to do to improve your score, and let you know when it changes?

Link here: https://monzo.com/blog/2019/01/29/2019-features/