Current account switching to Monzo could hurt your credit rating

Just needed to share this in-case anyone else falls foul to their credit rating being hit with a Monzo current account switch.

I didn’t know this before switching, but found after switching to Monzo my credit account took a real hit unfortunately. Obviously this may not be the same for you, however I wanted to share to help others avoid it.

The reasons I wanted to switch were to leave a bank who I don’t see as very pleasant or ethical, and I wanted to support Monzo more as I get better service with them.

Losing the oldest

However, by switching from oldest current account and not having other accounts my credit rating dropped. That’s because the average of my bank “accounts ages” was drastically reduced.

Monzo no-show

The other thing I didn’t realise was that Monzo doesn’t show up on my credit report, so it doesn’t look like I’m “earning months” to improve my average age of my bank accounts either.

This has a knock on effect my credit report can’t see my savings, so it doesn’t make my score increase in any way.

What to do?

Just, maybe don’t switch yet.

Still, if you’re thinking of switching, consider switching from one of your newest accounts.

Also, consider that Monzo may not show up on your report and so won’t be earning you credit points.


It’s all a load of poop anyway this credit report rubbish, but it’s a game we have to play, so I hope that helps.

Categorized as Musings

By Dan Course

Senior Instructional Designer. Partnerships, people, products, delivery, agile tech and online edu. Naturally curious, innovative and willing to challenge the status quo.

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