How to build credit file for 18 year old

born_again

kezzygirl said:

born_again said:

kezzygirl said:

UPDATE: Thankyou for all of your replies. We have had an eventful day. Firstly we visited the bank to close her trust fund and withdraw the £3200 she/we have saved for her since her birth. Quite a nice feeling knowing she has a little cash to get her started as myself and my husband have never been given anything. They gave her a cheque and she's paid it straight into her bank account. 

She has applied for an adult basic account with santander to transfer from her mini123 account. 
She is on the electoral role already.
We've opened a LISA on moneybox and she has set up a direct debit for £20 a month to pay in, aswell as paying in probably £2800 from her trust fund. Initially she was going to pay it all in the lisa, but thinking about it it would be good for her to have about £500 cash savings as she is running a car. 
We opened a virgin savings account at 5% Interest, so the £500 will go in there with also a little extra from her wage. 
She does owe us just over 3k to repay her car and insurance we bought for her, which she is repaying monthly. 

All in all, a good start and makes me feel good she is getting sorted on beginning adult life

VED on a monthly DD from her account.
Ins going forward from her account. 👍

Ved? What's that?

Vehicle Excise Duty 👍

Nasqueron

VED = car tax 

Often (wrongly) called road tax - nothing to do with the roads, it's a nominal pollution tax

Due annually, best done by DD if it's low like the Band A-C ones for old cards

DD + also that you can use that as a bank switch requirement for free cash