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

la531983

Jleeuk said:

MorningcoffeeIV said:

Jleeuk said:

MorningcoffeeIV said:

Jleeuk said:

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

No.  You're not going to like this, so brace yourself........it will probably drop further. Because it's another change. And do you remember how scores are like snowballs?

So just remember than a low score make no difference to anything.

I may as well get loads of loans and credit cards and not pay, then I'l change my name and start all over again.... 

Why would you do that? Changing your name doesn't change you not paying for things.  You actually stay as the same person. It's not like Doctor Who.

Facts have a habit of being factual. Annoying, I know...

It was a joke, basically you've told me a low score means nothing to lenders and that it won't affect me getting finance 

Correct. The data on there will, though.

elsien

You are still confusing credit store with credit history. It is your credit history that lenders used to decide whether to offer you a service or not.

So yes, a series of missed payments or not paying at all would affect lending because your history shows that you are unable to keep up with payments on time.
 

But anything that is pending that is correcting the following month won’t matter because it’s not a permanent record on your history of a missed payment.

Jleeuk

Thank you all for todays lesson, it will slowly sink in to my brain just like my credit score is slowly sinking....

Barkin

Jleeuk said:

Thank you all for todays lesson, it will slowly sink in to my brain just like my credit score is slowly sinking....

My score plummeted too, when I settled my mortgage early and suddenly had heaps more money sloshing around every month... 

Hoenir

Jleeuk said:

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 

Contractually overdrafts are repayable on demand. The ball is in the bank's court until such time as the debt is repaid. You appear to be using this as a loan rather the way in which overdrafts are intended to be used. The fall in credit score is therefore a Red Flag warning to other financial institutions as to the manner in which you conduct your business. Seeking further business loan finance while walking away from a personal liability won't be be viewed favourably. 

[Deleted User]

Hoenir said:

Jleeuk said:

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 

Contractually overdrafts are repayable on demand. The ball is in the bank's court until such time as the debt is repaid. You appear to be using this as a loan rather the way in which overdrafts are intended to be used. The fall in credit score is therefore a Red Flag warning to other financial institutions as to the manner in which you conduct your business. Seeking further business loan finance while walking away from a personal liability won't be be viewed favourably. 

Tut, tut, tut ....... You've not been paying attention throughout this thread.

CliveOfIndia

Hoenir said:

The fall in credit score is therefore a Red Flag warning to other financial institutions

I don't see how that would work - seeing as how financial institutions can't even see the gimmick score dished out by the CRAs.

The fact that you're regularly using your overdraft will be recorded on your credit file and will be visible to lenders.  It's up to them what they choose to make of that fact - it may or not be a factor in their internal credit scoring algorithms (although it will usually be viewed negatively by most lenders).

But the CRA score, in itself, is completely meaningless.  I'm not sure if that might have already been mentioned once on this thread ? 

sourcrates

OP, as the other regulars have been telling you, the credit score you see, is for your eyes only, at best its just a possible indication of how a lender may view you, it means nothing in real terms, and is not used or seen by lenders.

When you apply for credit, lenders use their own, private credit scoring system, to check your credit worthiness, the general public are not privy to this process.

MrFrugalFever

To the OP....

My Equifax 'Credit Score' is 724 out of 1000
My Transunion 'Credit Score' is 619 out of 710
My Experian 'Credit Score' is 999 out of 999

Why all so different? Well because they are separate companies each analysing my own data for my own benefit to show me a fictitious score as a marketing gimmick.

To further explain this 'gimmick score', about 18 months ago I changed address, whilst still having a settled IVA (insolvency) Public notice on my reports. Equifax, for whatever reason, removed all my accounts one week and IVA, gave me a credit score of 890+ and then days later re-instated my accounts showing new address, including the IVA and took my score back down to 540 ish. 

The score really is just utter nonsense but I can understand why people get hung up about it seen as its such a big focal point in all of the brokers apps (Clearscore/Credit Karma/Totally Money etc). That and the marketing emails telling you how many points you have increased or decreased.

Lenders *may* see a credit score, but it won't be the score you see it'll be their own internal, commercially sensitive score that they have for themselves. Remember, Equifax, Experian and Transunion do not lend you money.

Providing you have not missed payments, made late payments, declared bankruptcy, been served with a default or county court judgment then you stand a good chance of credit acceptance, but ultimately the lender will assess your record and history to determine if they wish to conduct business with you or not.

Jleeuk

For all those who didn't read what I wrote correctly

I HAVE BEEN PAYING MONTHLY WHAT I OWE AND HAVE NEVER MISSED!

monzo because they are stupid idiots have put a mark on my credit file stating my account is being queried and it now looks like I have missed payments which I haven't. They offered me breathings space which I declined and can prove I declined then a week later when they finally bothered to reply to me they completely ignored me and said my account had breathing space....