monzo have ruined my credit score and won't help they just ignore me even the ceo does

BoGoF

Jleeuk said:

la531983 said:

Jleeuk said:

la531983 said:

Jleeuk said:

Yesterday I woke up to 103 points off my credit score

Thankfully, this three digit score that only you see, and isnt used in any lending decisions, is meaningless, and only used to cross sell other financial products.

Can you explain that? The score determines whether you have a good credit file or a poor one. My score is now poor because monzo have said I missed payments when I didn't 

Because I already told you. In the UK, lenders dont see it and dont use it to make lending decisions. Only you see it. Its merely used to cross sell you other finance products. Why do you think its different on every credit reference site?

People obsess over it, when its meaningless.

Ok then explain to me how this credit file works when applying for loans and bank accounts, my 'credit file' now looks like I am untrustoworthy as I missed payments when in fact I didn't 

Does it actually show missed payments or are you just assuming based on some pretend score dropping? A question you have been asked several times already.

Jleeuk

MorningcoffeeIV said:

You haven't said anything about your credit files.

You said your pretend score is lower and that Monzo have 'queried' your payments.

You've now added that they are reporting missed payments, so that's a start.  Now take the next step and break it down. You say you have two accounts  - a credit card and an OD.

What does each show? By month. Including defaults. And whether payments are as per the agreement - not as per something else. And nothing - repeat nothing - about your score. 

On my credit file it says that monzo queried my payments and account status changed, it also says "This could happen if you had a payment in arrears the previous month, but were up to date on the month of this report"

As I said, never missed a payment. This is on clearscore by the way if you're used to how they display things.To me it suggests that monzo updated my account status as me missing a payment. It says CURRENT STATUS - Query

After checking it doesn't show seperate details for the flex or OD just shows payments made to monzo, while I understand you say the score means nothing having a notification of missed payments does 

Jleeuk

eskbanker said:

Jleeuk said:

I closed my monzo account and I still owe money for their flex credit card and money for an oveerdraft and the past two months I paid using my halifax account in to the account they provided for payments

This reads as if you closed a current account while it was overdrawn, which sounds unlikely, can you clarify?

I apologise I didn't explain myself correctly, I informed monzo I will be closing my account but yes you are right it can't be until I pay what I owe which I have been doing. I no longer use the account 

MorningcoffeeIV

So no missed payment then.  Just a query which will be resolved and won't worry other lenders.

Sorted. 

Jleeuk

MorningcoffeeIV said:

So now missed payment then.  Just a query which will be resolved and won't worry other lenders.

Sorted. 

Can you please explain how it wil be resolved and removed from my credit file, it does say it was added because I may of missed payments. I'l accept my score  means nothing but why has it gone down so much after monzo adding a query to my file?

la531983

Because it goes up and down for no reason. Bankrupts can have a "perfect score", again it is meaningless.

MorningcoffeeIV

Because scores react negatively to change, like a snowball reacts to being shoved in a microwave. But neither credit scores nor snowballs will change how lenders see you.

Once the payment is allocated to your account, it will show as paid - assuming you did pay it correctly.

Jleeuk

la531983 said:

Because it goes up and down for no reason. Bankrupts can have a "perfect score", again it is meaningless.

103 points is a big difference, I haven't even had nowhere near that whether up or down so something has made it happen. I also know if I was to do a credit application now I would not get what I have previosuly been accepted for. Ok so I don't know these things fully work but for you to make out it means nothings I can't agree with because it clearly has some effect on someones eligibilty for finance. I know someone with a low score who can't even open a bank account with anyone not even these digital banks 

la531983

Jleeuk said:

la531983 said:

Because it goes up and down for no reason. Bankrupts can have a "perfect score", again it is meaningless.

103 points is a big difference

I really dont know how many times it has to be said. I'll say it again though. The score, and any change in it, is meaningless.

Jleeuk

MorningcoffeeIV said:

Because scores react negatively to change, like a snowball reacts to being shoved in a microwave. But neither credit scores nor snowballs will change how lenders see you.

Once the payment is allocated to your account, it will show as paid - assuming you did pay it correctly.

Ok I understand now, so once monzo erases that query my score will go back up at least 103 points whether it means nothing or it does 

The reason I am panicking is because I am in the process of going for a business loan and I know from past experience a low score makes a difference to everything