Should I close Amazon Pay Later?

[GTSaketh]

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.

 

[Riya]

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

 

[godslayer]

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

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.

 

[Riya]

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.

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

 

[Vasuki]

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.

Yes and no

How much fd u made in kotak
5-10k or more

 

[cardy]

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]

Yes and no

How much fd u made in kotak
5-10k or more

5k FD on kotak

 

[SSV]

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.

5k FD on kotak

What else you got ??

 

[GTSaketh]

What else you got ??

That's it. Nothing else. Forgot to mention i am a college student. i am just trying to build credit history(not score).

 

[SSV]

That's it. Nothing else. Forgot to mention i am a college student. i am just trying to build credit history(not score).

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

 

[cardy]

Yes follow ssv's advice

 

[GTSaketh]

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

But is it possible to get unsecured card without income?

 

[Vasuki]

5k FD on kotak

But is it possible to get unsecured card without income?

Paisa fhek tamasa dekh

 

[SSV]

But is it possible to get unsecured card without income?

Yes .. Do search this forum for Pre approved CCs based on SB account...
HDFC is one among them... Kotak is also another...
ALl the best...

 

[SSV]

But is it possible to get unsecured card without income?

Yes .. Do search this forum for Pre approved CCs based on SB account...
HDFC is one among them... Kotak is also another...
ALl the best...

our budding star @varun__goel_ will advise you , if you behave well...

 

[varun__goel_]

But is it possible to get unsecured card without income?

Open account in HDFC/Axis for pre approved offers



(Din mai 10 baar same line likhni padhti h)

 

[Vasuki]

Open account in HDFC/Axis for pre approved offers



(Din mai 10 baar same line likhni padhti h)

O k k
Tata bye bye

 

[GTSaketh]

The problem is they have high MAB requirement

 

[varun__goel_]

The problem is they have high MAB requirement

How much can you maintain?

 

[SSV]

How much can you maintain?

He can definitely maintain 0 !!
Can you get him a pre approved CC with five 0 s CL limit after any single digit other than 0