Monzo Help - Joint accounts and credit scores (2024)

FAQs

Does a Monzo joint account affect credit score? ›

Opening a joint account may impact your credit score. When two people open a joint account, this is reported to credit reference agencies to let them know that two people are jointly liable for the account. This creates a financial link between the two account owners.

If one person has a lower credit score, a joint account in good standing can help to improve this score over time.

Monzo Flex will appear as a revolving credit product on your credit file, which is similar to a credit card. We'll report your credit limit and your balance every month. In the long run, Monzo Flex can help to build your credit score if you stay within your credit limit and make your payments on time.

Monzo are stricter than other banks for joint account it seems, if they've said no then that's the end of it. You can wait and re-apply or try another bank. Joint accounts are still available and being opened, you just have something on one/both of your profiles that mean they don't want to give you the joint account.

Manage money as a team

All your joint spending shows up in a single transaction feed for transparency and financial unity. Each transaction is automatically tagged with your profile photo, so you'll know who paid for what. Less time figuring out who owes how much, more time enjoying life together.

Monzo does not automatically appear on all credit reports in the UK. Monzo historically only reported account information to TransUnion, one of the three major credit reference agencies in the UK, and not to Experian or Equifax. However, since January 2020 they've also started reporting to Experian.

The joint credit card's payment history will be reported to credit bureaus and that history will appear in each owners' credit report: meaning that both joint account users will have their individual credit scores affected by the use of their joint credit card.

Using a joint bank account does not affect your credit score.

Lack of control. You cannot control how the other party spends your money. If your partner decides to spend frivolously, you will both feel the blow. This sort of problem can lead to many fights about what is necessary to spend on and what isn't.

Signing up for a Monzo account does not involve signing up for any credit or loan products - so we do not pull your credit score, and have no impact on your credit history.

Why is Monzo bank so good? ›

Monzo is mobile banking that puts you in control of your money. With our intuitive spending and saving account and no overdraft fees you can optimize your budget, manage payments and subscriptions, and save money.

We're authorised and regulated by the Financial Conduct Authority. We're also a member of the Financial Services Compensation Scheme (FSCS), so your eligible deposits are protected up to a value of £85,000 per person. We apply UK laws and have a team of experts to fight financial crime too.

Although Monzo doesn't give reasons for declining the application, this may be because these businesses are considered high risk because of the high chances of fraudulent chargebacks or because of their sensitivity to national safety.

Unfortunately, you can't have a joint account between more than two people.

Joint Checking Account Will Not Help or Hurt Your Credit.

It uses what's called a 'soft search', which won't impact your credit score and other lenders won't be able to see it. Was this article helpful?

Joint account holders' credit files are financially linked

So when you apply for credit, such as a mortgage or credit card, the lender could choose to view the credit files of the person you're linked to as well as yours.