Should I close my paylaters

[cardy]

I have multiple beginner level credit cards. And two pay later, Amazon and Flipkart with limit 60k and 90k. Both of these are 3+years old account. CIBIL is 772. Credit history 4+years.

Should I close these paylaters or no problem in maintaining them.

I don't really use them now besides doing a small recharge or billpay.

What do you suggest?

 

[Quantum]

I have multiple beginner level credit cards. And two pay later, Amazon and Flipkart with limit 60k and 90k. Both of these are 3+years old account. CIBIL is 772. Credit history 4+years.

Should I close these paylaters or no problem in maintaining them.

I don't really use them now besides doing a small recharge or billpay.

What do you suggest?

You should get the BNPLs closed.
The CIBIL score may take a dip for some time post closure, but it would recover.
These aren't great type of credit/loan to have as part of one's credit history.
You could also search this forum to get more info on why.

 

[shrewdoc]

Search the forum once. These are already discussed topics.

Clossing bnpl account

Hello guys!! I want I want to close my bnpl accounts from amazon and flipkart limit 10k for amazon 70k for flipkart They have 3 and 4 years. I want to know that can it will effect my cibil score.

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How to close BNPL

Hi, I'm not sure if this has been discussed here so starting this thread. If it's already been discussed, can somebody pls guide me to the relevant thread. My cibil shows 2 entries - one from cap float and another from karur vyasya bank. From some of the other threads here, I understand that...

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How to remove BNPL Banks from Credit Report?

Guys, Please guide the correct and effective way to get rid of these BNPL Banks from Credit Report. I had subscribed them when I was not fully aware of these Products.

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[Anon1]

Yes you should close BNPLs and Maintain credit cards with timely payments

 

[sushilyadav]

Better to close BNPLs

 

[SSV]

I have multiple beginner level credit cards. And two pay later, Amazon and Flipkart with limit 60k and 90k. Both of these are 3+years old account. CIBIL is 772. Credit history 4+years.

Should I close these paylaters or no problem in maintaining them.

I don't really use them now besides doing a small recharge or billpay.

What do you suggest?

Immediately -- response to your thread title..

PS: Didn't read any posts in this thread..

 

[cardy]

One more question i don't know if it's silly or not. I have heard that credit mix is important. Do these play any important role in this?
My paylaters are showing one as personal loan and another consumer durable loan in two parts. I don't have any other loan.

 

[Anon1]

One more question i don't know if it's silly or not. I have heard that credit mix is important. Do these play any important role in this?
My paylaters are showing one as personal loan and another consumer durable loan in two parts. I don't have any other loan.

Don't even think about that just close your eyes and close BNPLs

 

[SSV]

Do these play any important role in this?

Yes they do definitely play a very important role .. by decreasing your points by around 10....

 

[Random123]

Yes you should close just like everyone said. Some reasons on top of my mind:
1. Less secure, also seeing scams more often on BNPL
2. would be marked as consumer / personal loan and might be a factor for getting loans
3. the hassle of follow up in case of any issues since there are many parties involved - bank / nbfc, facilitating app like amazon/flipkart and rarely has coordination between them
4. all this hassle not worth the cashback / offers

 

[Quantum]

One more question i don't know if it's silly or not. I have heard that credit mix is important. Do these play any important role in this?
My paylaters are showing one as personal loan and another consumer durable loan in two parts. I don't have any other loan.

Personal loan is not the one they are referring to when they talk about credit mix importance.

 

[Random123]

One more question i don't know if it's silly or not. I have heard that credit mix is important. Do these play any important role in this?
My paylaters are showing one as personal loan and another consumer durable loan in two parts. I don't have any other loan.

Yes credit mix is important but that is a mix of secured like home loan and unsecured like cc etc. These consumer / personal loans won't fit that bill either

 

[aayusharyan]

I have multiple beginner level credit cards. And two pay later, Amazon and Flipkart with limit 60k and 90k. Both of these are 3+years old account. CIBIL is 772. Credit history 4+years.

Should I close these paylaters or no problem in maintaining them.

I don't really use them now besides doing a small recharge or billpay.

What do you suggest?

Keep Amazon PL and close Flipkart PL I would suggest. I personally don't agre with BNPL being negative in Credit Score, these are all hypothesis, so you can chose based on that. But in terms of benefits, Amazon PL is pretty convenient in making quick payments in need. Flipkart PL is not that good.

 

[Random123]

Keep Amazon PL and close Flipkart PL I would suggest. I personally don't agre with BNPL being negative in Credit Score, these are all hypothesis, so you can chose based on that. But in terms of benefits, Amazon PL is pretty convenient in making quick payments in need. Flipkart PL is not that good.

Yes Amazon pl is quite beneficial sometimes, but one thing which was bad is they have consumer loan split in 4:1 ratio between capfloat and Karur vysya bank and ended up with 2 entries in the report for many people. And closing them sometimes closed only the capfloat and needed followup from our side to KYB.

 

[Random123]

Keep Amazon PL and close Flipkart PL I would suggest. I personally don't agre with BNPL being negative in Credit Score, these are all hypothesis, so you can chose based on that. But in terms of benefits, Amazon PL is pretty convenient in making quick payments in need. Flipkart PL is not that good.

BTW like your caption 🙂

 

[aayusharyan]

Yes Amazon pl is quite beneficial sometimes, but one thing which was bad is they have consumer loan split in 4:1 ratio between capfloat and Karur vysya bank and ended up with 2 entries in the report for many people. And closing them sometimes closed only the capfloat and needed followup from our side to KYB.

Ohh, that might be case to case. For me it reports as Capital Float Consumer Loan 100%

 

[RkrRkr is verified member.]

I have multiple beginner level credit cards. And two pay later, Amazon and Flipkart with limit 60k and 90k. Both of these are 3+years old account. CIBIL is 772. Credit history 4+years.

Should I close these paylaters or no problem in maintaining them.

I don't really use them now besides doing a small recharge or billpay.

What do you suggest?

Without any 2nd thought.
Since you already have cards so no BNPL.

 

[aayusharyan]

BTW like your caption 🙂

Hehe thanks. 😅

 

[RkrRkr is verified member.]

Ohh, that might be case to case. For me it reports as Capital Float Consumer Loan 100%

Sayad....Capital float wale ab Axio ho gaye hai..

 

[aayusharyan]

Sayad....Capital float wale ab Axio ho gaye hai..

yes yes, in App it shows Axio, but in Credit Reports, it is still CapFloat.