What will be impact on Credit score after closing 3 Years old Flipkart Pay Later and LazyCard account?

[Strange]

I want to close my flipkart pay later account as I already have Flipkart Axis Credit card.
I also want to close my LazyCard account.
These two accounts are 3 yeard old.

What will be impact on my credit score after closing these accounts?

TransUninion says

Try not to close the oldest account on your credit reports. This could shorten your active credit history and damage your score.

Is this applicable on credit cards or credit line loan accounts as well?

 

[007]

I want to close my flipkart pay later account as I already have Flipkart Axis Credit card.
I also want to close my LazyCard account.
These two accounts are 3 yeard old.

What will be impact on my credit score after closing these accounts?

TransUninion says

Try not to close the oldest account on your credit reports. This could shorten your active credit history and damage your score.

Is this applicable on credit cards or credit line loan accounts as well?

It's applicable for all credit accounts. But I will advice you to close BNPL services as soon as possible regardless of how much impact it will have on your score. As you have got an un-secured CC, go ahead and close.
Your score will bounce back in some months. Also, get a NOC after you close any credit account (most important for BNPL).

 

[Strange]

It's applicable for all credit accounts. But I will advice you to close BNPL services as soon as possible (if you have atleast one un-secured CC) regardless of how much impact it will have on your score.
Your score will bounce back in some months. Also, get a NOC after you close any credit account (most important for BNPL).

Thanks for the info. Now, I'm gonna email them to close my accounts.

 

[Digvijay]

I want to close my flipkart pay later account as I already have Flipkart Axis Credit card.
I also want to close my LazyCard account.
These two accounts are 3 yeard old.

What will be impact on my credit score after closing these accounts?

TransUninion says

Try not to close the oldest account on your credit reports. This could shorten your active credit history and damage your score.

Is this applicable on credit cards or credit line loan accounts as well?

Only once credit card account which is oldest and active is to be maintained no matter what. Rest all other accounts specially loan and BNPL should be closed if not required.

 

[Batmanbaba]

Only once credit card account which is oldest and active is to be maintained no matter what. Rest all other accounts specially loan and BNPL should be closed if not required.

But I don't think its true even for credit card... I closed my 1st card of kotak.. Not even a point dropped....

 

[Digvijay]

But I don't think its true even for credit card... I closed my 1st card of kotak.. Not even a point dropped....

Interesting! I will check again for my oldest card closure as I have multiple cards for that bank.

 

[Batmanbaba]

Interesting! I will check again for my oldest card closure as I have multiple cards for that bank.

Yes... It was my 1st ever credit card... It was a secured credit card and it was 1 year old when I closed it.. Then I even closed my 2nd card.... One card based on fd.... It was 6 months old when closed... But no dropping of point...

 

[Credit Karma]

Yes... It was my 1st ever credit card... It was a secured credit card and it was 1 year old when I closed it.. Then I even closed my 2nd card.... One card based on fd.... It was 6 months old when closed... But no dropping of point...

How old is your credit history?
Your 1st or Oldest account as well as average credit age?

If it is less than 5 years then the concept of "oldest account" breaks down. Surely there is a certain weightage assigned to it for people with low credit history.

But when compared to the one who has credit history of say 10+ years and decides to close his account, the impact will be negligible to none at all.

 

[Batmanbaba]

How old is your credit history?
Your 1st or Oldest account as well as average credit age?

If it is less than 5 years then the concept of "oldest account" breaks down. Surely there is a certain weightage assigned to it for people with low credit history.

But when compared to the one who has credit history of say 10+ years and decides to close his account, the impact will be negligible to none at all.

According to cibil... My credit age is 4 years 3 months..... 1st ever credit product was flipkart pay later.... Which I obviously closed long ago....

 

[Credit Karma]

According to cibil... My credit age is 4 years 3 months..... 1st ever credit product was flipkart pay later.... Which I obviously closed long ago....

Low history may be the reason your score did not budge when you closed your oldest CC.

 

[Batmanbaba]

Low history may be the reason your score did not budge when you closed your oldest CC.

Ya... Maybe... Now since I have all unsecured ltf cards.... No chance of closing cards..... Unless bank closes it....

 

[churn]

Old card will remain in your history for sometime. You can check CIBIL. They will drop out only after 7 or 10 years from your report (A closed account in good standing will remain for 7-10 years (exact years, I need to check dont remember)). By that time if you have enough cards (which I know you have), you are good. The impact is minimal.

But I don't think its true even for credit card... I closed my 1st card of kotak.. Not even a point dropped....