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Should I close Amazon Pay Later?

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GTSaketh

GTSaketh

TF Premier
Hi, I opened Amazon pay later two months ago to build credit history. Now I got a secured kotak 811 cc. Should I close them as they show as consumer loan. Some say it's good to build credit history and some others say it's bad to have consumer loans on credit history. I really don't understand who to trust or listen.
 
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Yeah... Close it ASAP.... Bcoz firstly they are shown as 2 personal loan accounts in credit report and secondly even if you are not using then also your report shows that you have fully paid pay later account 🤣🤣 funny thing...
So if you have credit card then shun all pay later accounts
 
Riya said:
Yeah... Close it ASAP.... Bcoz firstly they are shown as 2 personal loan accounts in credit report and secondly even if you are not using then also your report shows that you have fully paid pay later account 🤣🤣 funny thing...
So if you have credit card then shun all pay later accounts
Click to expand...
Won't it help that he is regularly paying the loan every month. Isn't it a good sign?

Also it will help to increase credit mix as some credit bureau consider it as a factor.
 
godslayer said:
Won't it help that he is regularly paying the loan every month. Isn't it a good sign?

Also it will help to increase credit mix as some credit bureau consider it as a factor.
Click to expand...
Personal loan is again kind of unsecured loan... Getting a secured loan helps in a better way...
Moreover you'll get unnecessary number of payments made in your report
 
GTSaketh said:
Hi, I opened Amazon pay later two months ago to build credit history. Now I got a secured kotak 811 cc. Should I close them as they show as consumer loan. Some say it's good to build credit history and some others say it's bad to have consumer loans on credit history. I really don't understand who to trust or listen.
Click to expand...
Yes and no

How much fd u made in kotak
5-10k or more
 
If you have good limit to cover your expenses in your credit card then it's better to close pay laters.

Yes they contribute to help build credit score for first timers but in the long run it is not necessary that much.

In cases if you have problems regarding these, you will be drowned in water. Because these services doesn't have dedicated contact points. And generally they play ping pong by telling you to contact other parties since these involve two or more parties to offer you the credit.

Besides some pay laters charges hefty fees.

My opinion is to close early. Because latar you will not be using it. But closing will impact more since these will be your first credits.
 
GTSaketh said:
Hi, I opened Amazon pay later two months ago to build credit history. Now I got a secured kotak 811 cc. Should I close them as they show as consumer loan. Some say it's good to build credit history and some others say it's bad to have consumer loans on credit history. I really don't understand who to trust or listen.
Click to expand...
GTSaketh said:
5k FD on kotak
Click to expand...
What else you got ??
 
SSV said:
Once you get your first unsecured CC, you can close both apay later and secured CC.
The sooner the better for you ..Ideally in the next 6 to 12 months...
No harm in having them, as of now
Click to expand...
But is it possible to get unsecured card without income?
 
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