Paylater

[shiva1rao]

I have Flipkart paylater, I want to close my Flipkart paylater, will my cibil affect negatively?

 

[17ysaurabh]

If it's your oldest credit account, closing this would decrease your overall age of credit history.
Hence, it may result in a decrease in CIBIL score.

Besides, having different kinds of credit accounts (credit cards, loans, etc) impacts CIBIL score positively. Make sure you have a combination of them even after closing this.

 

[zacobite]

I have Flipkart paylater, I want to close my Flipkart paylater, will my cibil affect negatively?

temporarily.. it will come up again.. line of credit can be closed

 

[Prince]

Yes, it will decrease the CIBIL, subject to the age of pay later, but over the period of time it will automictically improve.
Or you can add other credit facility with same or higher amount to subset the effect and minimize the reduction depending upon requirement such as closing Flipkart pay later and adding Credit Card with higher limit or such combinations if required

 

[Ganesh_Shinde]

I have Flipkart paylater, I want to close my Flipkart paylater, will my cibil affect negatively?

Closing Flipkart Pay Later might hurt your CIBIL score slightly by shortening your credit history and potentially increasing your credit utilization ratio. However, the impact depends on your credit profile.
Here's what to consider:

• Multiple credit accounts? The impact is lessened if you have other, older accounts.
• Limited Flipkart Pay Later usage? Less impact if you haven't used it much.

Before closing, check your CIBIL report to see how many accounts you have and their age. Consider keeping Flipkart Pay Later open with a zero balance if it has no fees and is an older account.
Building a positive credit history is key. Make on-time payments and avoid exceeding credit limits on your existing accounts.