Advice on credit score

[Hari Prasad]

Hello everyone

My credit score right now is around 740
In my credit history most of them are showing idfc loans which I didn't take
I think it is related to Flipkart paylater option
I am thinking of closing the fpl
But the problem is that it is the oldest loan in credit report
So will it be affected if I close it?

I also have 3 credit cards

 

[Skylar]

In my credit history most of them are showing idfc loans which I didn't take
I think it is related to Flipkart paylater option

Yes, IDFC - Flipkart Paylater

I am thinking of closing the fpl
But the problem is that it is the oldest loan in credit report

Closing it will positively affect your score. As it's a credit line.

I also have 3 credit cards

What are those cards?
and when did you open Pay later and after how many months/years you applied for credit card? (Applied cc with ITR or salary slip?)

 

[Hari Prasad]

Yes, IDFC - Flipkart Paylater

Closing it will positively affect your score. As it's a credit line.

What are those cards?
and when did you open Pay later and after how many months/years you applied for credit card? (Applied cc with ITR or salary slip

 

[Hari Prasad]

Yes, IDFC - Flipkart Paylater

Closing it will positively affect your score. As it's a credit line.

What are those cards?
and when did you open Pay later and after how many months/years you applied for credit card? (Applied cc with ITR or salary slip?)

Paytm hdfc ,sbi prime , tata nen ,

 

[Hari Prasad]

Yes, IDFC - Flipkart Paylater

Closing it will positively affect your score. As it's a credit line.

What are those cards?
and when did you open Pay later and after how many months/years you applied for credit card? (Applied cc with ITR or salary slip?)

What do you mean positively
Can you explain? please

 

[zacobite]

What do you mean positively
Can you explain? please

closing a loan by paying in full will improve your score.. thats what he means

 

[Hari Prasad]

Yes, IDFC - Flipkart Paylater

Closing it will positively affect your score. As it's a credit line.

What are those cards?
and when did you open Pay later and after how many months/years you applied for credit card? (Applied cc with ITR or salary slip?)

Also my main concern is that it is the oldest loan in my credit score
It is the first one with 3 years and 4 months
We can't close the oldest accounts right ?

 

[Hari Prasad]

closing a loan by paying in full will improve your score.. thats what he means

I didn't used the fpl

 

[zacobite]

Also my main concern is that it is the oldest loan in my credit score
It is the first one with 3 years and 4 months
We can't close the oldest accounts right ?

loans don't matter... its the credit card accounts whose age matters and that too upto 5-7 yrs.. after that even that doesn't lead to any long. term. difference

 

[launchcraft]

I didn't used the fpl

You can close your flipkart paylater, it won't affect your score.

I have closed it few months back, no difference in the credit score.
The main component affecting your score would be your
1. payment history, that you should pay all your dues in time
2. credit usage, that you keep you expenses to 30% of your total credit limit. Its never a good idea to use all your credit limit.