Amazon Pay Later

rancho

KF Rookie
Hey folks,
I am a student and almost a year ago I signed up for Amazon Pay Later to start my credit journey.
I have built a decent score of 757 and recently applied for an Amazon ICICI credit card which was approved.
I was now thinking about closing the pay-later facility since it essentially is a consumer loan, as mentioned in my CIBIL reports which I don't want to be associated with my credentials further.
How will this affect my credit score and should I proceed with this?
My goal is to further build my credit score to 800+, and I wanted to understand whether this would negatively impact my credit score in the credit mix section in the long run.
Regards
 

raj..

KF Expert
Hey folks,
I am a student and almost a year ago I signed up for Amazon Pay Later to start my credit journey.
I have built a decent score of 757 and recently applied for an Amazon ICICI credit card which was approved.
I was now thinking about closing the pay-later facility since it essentially is a consumer loan, as mentioned in my CIBIL reports which I don't want to be associated with my credentials further.
How will this affect my credit score and should I proceed with this?
My goal is to further build my credit score to 800+, and I wanted to understand whether this would negatively impact my credit score in the credit mix section in the long run.
Regards
Don't close it now, your civil will drop. Use your credit card and after 6 month try to get other cc from different banks. This loan will show like positive if you use & pay on time. Close it after getting some cc.
 

raj..

KF Expert
Now share your full experience about icici credit card application.
Do you have any relationship with the bank?
Did you Submitted any income docs. Or instantly your card got approved without any income docs and physical verification.
 

rancho

KF Rookie
Now share your full experience about icici credit card application.
Do you have any relationship with the bank?
Did you Submitted any income docs. Or instantly your card got approved without any income docs and physical verification.
I wasn't asked to share any income docs. I think the reason my application was accepted is that I had a great relationship with Amazon and its pay-later functionality, resulting in a pretty decent credit score.
 

TaxWiser

KF Mentor
Hey folks,
I am a student and almost a year ago I signed up for Amazon Pay Later to start my credit journey.
I have built a decent score of 757 and recently applied for an Amazon ICICI credit card which was approved.
I was now thinking about closing the pay-later facility since it essentially is a consumer loan, as mentioned in my CIBIL reports which I don't want to be associated with my credentials further.
How will this affect my credit score and should I proceed with this?
My goal is to further build my credit score to 800+, and I wanted to understand whether this would negatively impact my credit score in the credit mix section in the long run.
Regards
I recommend closing the Pay Later account, as I've done so myself previously because my primary objective of getting a LTF CC without any income proof was accomplished. While this might slightly impact your CIBIL score temporarily, it should normalize within two to three months if you follow credit score improvement best practices. These include keeping your credit utilization below 25% of your total credit limit and paying your bills before the reporting or due date. 🤗
 

raj..

KF Expert
I wasn't asked to share any income docs. I think the reason my application was accepted is that I had a great relationship with Amazon and its pay-later functionality, resulting in a pretty decent credit score.
Good to know that.
Now keep using your cc in a good way. Keep Below 8-9% usages if more pay before bill generation.
You can apply card to card after 6-9 months. Different bank has different criteria on that.
What is your limit on card?
 
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