Should I close my Amazon paylater account ?

[Abhi7hek]

Recently, I got a RuPay-based credit card. Earlier, I used to pay for utility bills and some online purchases through Amazon Pay Later.

In the OneScore application, I received a prompt suggesting that I close risky accounts with the lowest balance, i.e., Amazon Pay Later, to improve my credit score.

I also have two ongoing monthly EMI payments for personal loans.
One gold loan and 3 consumer loan i.e, amazon paylater (axio and karur Vysya bank), flipkart paylater.

To improve my credit score
Should I close it or leave it as it is?
Current scores :
CIBIL- 757 Experian- 755 Equifax -762
CRIF - 718

 

[QamarImam]

Recently, I got a RuPay-based credit card. Earlier, I used to pay for utility bills and some online purchases through Amazon Pay Later.

In the OneScore application, I received a prompt suggesting that I close risky accounts with the lowest balance, i.e., Amazon Pay Later, to improve my credit score.

I also have two ongoing monthly EMI payments for personal loans.
One gold loan and 3 consumer loan i.e, amazon paylater (axio and karur Vysya bank), flipkart paylater.

To improve my credit score
Should I close it or leave it as it is?
Current scores :
CIBIL- 757 Experian- 755 Equifax -762
CRIF - 718

Buy Now Pay Later (BNPL) accounts (I.e amazon PL , Flipkart PL, etc) can severely harm your credit profile. It's best to avoid using BNPL, as it won't improve your credit score and may even have a negative impact.

Banks often view individuals with BNPL accounts as credit-hungry and may reject their loan and credit applications. No bank considers BNPL accounts beneficial, and having one can significantly reduce your chances of getting approved for credit cards and loans.

My suggestion is to avoid BNPL accounts altogether. They are not recommended.

 

[hitirfan]

Closing loan will improve CIBIL.
First get Amazon Pay ICICI Credit Card then close Pay Later.

 

[Abhi7hek]

Closing loan will improve CIBIL.
First get Amazon Pay ICICI Credit Card then close Pay Later.

Rejected due to internal policies
When I applied my cibil score was 786.

 

[hitirfan]

Rejected due to internal policies
When I applied my cibil score was 786.

Try again when you have the option. Keep the Pay Later till then. It might help to get pre-approved offer.

 

[Alisha khan]

Recently, I got a RuPay-based credit card. Earlier, I used to pay for utility bills and some online purchases through Amazon Pay Later.

In the OneScore application, I received a prompt suggesting that I close risky accounts with the lowest balance, i.e., Amazon Pay Later, to improve my credit score.

I also have two ongoing monthly EMI payments for personal loans.
One gold loan and 3 consumer loan i.e, amazon paylater (axio and karur Vysya bank), flipkart paylater.

To improve my credit score
Should I close it or leave it as it is?
Current scores :
CIBIL- 757 Experian- 755 Equifax -762
CRIF - 718

Yes you should close it by clearing remaining dues.But be careful after paying all the dues ask for NOC for safety and NOC should also help when you will need loan in future and if they not updated your due clearance in your credit profile.