Are pay later accounts any better?

[hackymanoj]

Hello, I have recently requested to close my Amazon pay later, Flipkart pay later and Mobikwik zip. They have strictly said that once closed we can never open them again.

The reason I chose to close them is the number of open account on my profile is 42. So, I choose to close these pay later accounts. My credit age is 7 years and cibil is 787.

I'm also planning to close slice, postpe, paytm postpaid

Did I take the correct decision?

 

[ᏰᏋᎥᏁᎶᎥᏁፈᎧᎶ]

Did I take the correct decision?

yes. . .

 

[SSV]

Hello, I have recently requested to close my Amazon pay later, Flipkart pay later and Mobikwik zip. They have strictly said that once closed we can never open them again.

The reason I chose to close them is the number of open account on my profile is 42. So, I choose to close these pay later accounts. My credit age is 7 years and cibil is 787.

I'm also planning to close slice, postpe, paytm postpaid

Did I take the correct decision?

Just now you became Gyani ..you can start distributing your Gyna to others as well…
Good decision!!!

 

[SSV]

Hello, I have recently requested to close my Amazon pay later, Flipkart pay later and Mobikwik zip. They have strictly said that once closed we can never open them again.

The reason I chose to close them is the number of open account on my profile is 42. So, I choose to close these pay later accounts. My credit age is 7 years and cibil is 787.

I'm also planning to close slice, postpe, paytm postpaid

Did I take the correct decision?

Yes..
You have made the right decision..
BNPL accounts are not good for your credit score.. Close all the BNPL accounts they are not reqired if you have CCs.
Make sure they are all reported as closed to CIBIL..
Once they are reproted as closed your CIBIL score will improve..

Currently inspite of these many BNPL accounts , you are having CIBIL score of 787 means, one of your open 42 accounts is: A Home Loan..
If that is true. after closing your BNPL's and if your utilisation ratios is close to 1 or 2 % , your score would be above 800 in about 3 months.

All the best

 

[panchabhut]

among them, only ICICI paylater was worth using. but they have now increased the charges so much that it has become useless.

 

[hackymanoj]

Yes..
You have made the right decision..
BNPL accounts are not good for your credit score.. Close all the BNPL accounts they are not reqired if you have CCs.
Make sure they are all reported as closed to CIBIL..
Once they are reproted as closed your CIBIL score will improve..

Currently inspie of these many BNPL accounts , you are having CIBIL score of 787 means, one of your open 42 accounts is: A Home Loan..
If that is true. after closing your BNPL's and if your utilisation ratios is close to 1 or 2 % , your score would be above 800 in about 3 months.

All the best

I have personal loan of around 15 lakhs and doesn't have a home loan

 

[SSV]

I have personal loan of around 15 lakhs and doesn't have a home loan

Very strange ..
is this CIBIL score or Experian?? SS please

 

[Vasuki]

Hello, I have recently requested to close my Amazon pay later, Flipkart pay later and Mobikwik zip. They have strictly said that once closed we can never open them again.

The reason I chose to close them is the number of open account on my profile is 42. So, I choose to close these pay later accounts. My credit age is 7 years and cibil is 787.

I'm also planning to close slice, postpe, paytm postpaid

Did I take the correct decision?

42 account .. why did u even open pay later ..
Once u have more than 4-5 cc. Using bnpl seems like u r giving extra bucks to banks for nothing

 

[hackymanoj]

Very strange ..
is this CIBIL score or Experian?? SS please

Do you mean to say having a home loan would actually improve my score?

Attached the cibil overview SS

 

[hackymanoj]

42 account .. why did u even open pay later ..
Once u have more than 4-5 cc. Using bnpl seems like u r giving extra bucks to banks for nothing

I never used them. I don't remember paying any extra charges for these accounts.

 

[SSV]

Do you mean to say having a home loan would actually improve my score?

Attached the cibil overview SS

yes indeed , HL will increase your score by another 5 to 10 points

 

[SSV]

Do you mean to say having a home loan would actually improve my score?

Attached the cibil overview SS

Those 42 accounts are total accounts which include closed accounts as well..

 

[hackymanoj]

Those 42 accounts are total accounts which include closed accounts as well..

Ahh okk. I just counted 32 of them are active out of which CCs are 21. Rest all are BNPL and 2 personal loans. I am having hard time understanding which one belongs to which app. But slowly figuring it out.

 

[jeevanreddy58]

Check paytm postpaid. Ola postpaid.. lazypay...
I recently closed these 3

 

[Vasuki]

I never used them. I don't remember paying any extra charges for these accounts.

If you never used them. ..
How would you be paying extra money 😁

 

[hackymanoj]

Looks like Amazon pay later, opens three accounts for one single pay later account. Finally did a good thing closing out this.

In my case I believe Axio, Karur Vysya bank and Idfc first bank

 

[Riya]

After reading the post, I realised that BNPL are actually worth nothing... Applied for closure of all 3 BNPL yesterday.. postpe, Amazon pay later, and UNI account too

 

[Vasuki]

After reading the post, I realised that BNPL are actually worth nothing... Applied for closure of all 3 BNPL yesterday.. postpe, Amazon pay later, and UNI account too

Cibil be like - 2 points lelo

 

[SSV]

Ahh okk. I just counted 32 of them are active out of which CCs are 21. Rest all are BNPL and 2 personal loans. I am having hard time understanding which one belongs to which app. But slowly figuring it out.

Looks like Amazon pay later, opens three accounts for one single pay later account. Finally did a good thing closing out this.

In my case I believe Axio, Karur Vysya bank and Idfc first bank

If you have CIBIL paid subscription, look at under this place , it gives you the summary like below…

If you don’t have subscription, it is high time you get one, CIBIL paid subscription is for people just like you, the best use case scenario…

 

[Vasuki]

If you have CIBIL paid subscription, look at under this place , it gives you the summary like below…

If you don’t have subscription, it is high time you get one, CIBIL paid subscription is for people just like you, the best use case scenario…

View attachment 44213

I have 10-12 card closed 😮