Monzo Help - Joint accounts and credit scores (2024)

FAQs

Does Monzo joint account affect credit score? ›

When you open a joint account, it can affect your credit score. That's because credit reference agencies know that two people are responsible for that account. So there's a link between the two owners. That means if that person's credit score is very low, a lender might turn you down for credit.

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

Whether you're married, siblings, or even just roommates, a joint Monzo account makes it easy to track who made each transaction. When you make a joint account, the only thing that is shared is that account - your personal account will remain private and not visible to the other joint account owner.

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 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.

While the payment history for a joint credit card will separately be reported to both joint account owners' credit reports, there are no credit agencies that provide a joint credit card credit score.

Shared bank accounts help minors get access to bank services. Pros of shared accounts include a shared approach to money and better-informed couples. Cons of shared bank accounts include lack of privacy and shared consequences to financial decisions.

In fact, none of the UK's three leading credit rating agencies (Experian, TransUnion and Equifax) include marital status in their records. And there is no such thing as a couple's credit score. So it's crucial to know where each of you stands when it comes to money.

For many people, a credit builder loan, secured credit card, or student loan could be a good way to build credit from scratch. Once your account is open, make at least your minimum monthly payment on time to build your good credit history.

A partner, spouse or someone who lives in your house. Shared accounts are for soulmates and housemates or anyone else as long as they're eligible.

Why is Monzo rejecting my joint account? ›

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.

The Monzo Flex Credit Card could help you build your credit score if you make your payments on time and stay within your credit limit. You can see if you're eligible in minutes, with no impact on your credit score for checking.

We report information about current accounts and loans to TransUnion and Experian. We also use data from TransUnion and Experian to help us make decisions about who we can responsibly lend money to (for our overdrafts and loans). The score you see in your app comes from TransUnion.

Your Monzo account and any pots you have count towards your affordability score. You may see your Monzo pots show as separate accounts in your affordability report, but don't worry this won't affect your score in any way.

If you keep the account in good standing by making monthly, on-time payments, a joint account can help improve the credit score of a cardholder who could benefit from a positive credit history. It can also be a useful way to establish credit for someone who needs it.

You can't have multiple joint accounts. Also bear in mind that this connects you both financially which can have severe consequences on your credit rating if one person starts to lose control. Choose wisely who you create one with.