Closed an account and im under 18.

[Deleted User]

Hi everyone, just want some confirmation here.

So I've closed an old bank account and I didn't have it open very long, but im under 18 so I'm going to assume this won't go on my credit file/credit score when i turn 18????

T-G-C

If the account is closed for at-least 6 months before turning 18, their credit reporting mechanism should not submit it to the credit reference agencies. Since a minor cannot sign a credit agreement or have such facilities offered to them, there would be no purpose for reporting the account. This applies especially to youth accounts such as Adapt from NatWest etc. which are not reported until around 1-2 months after reaching 18, verified from personal experience.

Once on the electoral roll at 16, most credit reference agencies begin to start gathering data about you, which prevents having a non-existent profile with them after coming of age to start using credit services. CRA data cannot be accessed or used by lenders or yourself until your 18th birthday. If you have signed up to services such as PayPal underage, old identity searches that they conduct for KYC compliance may show after accessing your report for the first time, however these will be aged and not make a difference to anything.

[Deleted User]

I closed the account within like 1 month before turning 18, this was about 2 weeks ago, and I'm about to turn 18 in 2 weeks. What do you think will happen?

[Deleted User]

Just tweeted natwest and they said it won't be reported since it remained a young persons account when I closed it. Thats good.

T-G-C

DELETED USER wrote: »

Just tweeted natwest and they said it won't be reported since it remained a young persons account when I closed it. Thats good.

That's correct, the Adapt account would not be reported at all until the time frame I previously mentioned after coming of age. What is amusing is that even though the account starts being reported, Adapt still cannot accommodate an overdraft or buffer until you move to Select, which from my own experience can take up-to 12 months unless you go into the branch and nag them, but I couldn't be bothered.

As soon as I moved to Select in May, I was offered £700 as an overdraft but if the same happens with you, take advice from someone who has been there and worn the t-shirt: do not use overdrafts, short-term loans or have multiple subprime credit cards. It all feels fine at the time, but getting more and more credit can have a delayed reaction on you mentally, especially when you are 18, so avoid it at all costs. Stick with one subprime credit card and use it simply to build a stable and attractive credit file.