What to do with Pay Later Accounts (Amazon & Flipkart) After getting 6 - 7 Credit card,

[AniketAniket]

What to do with Pay Later Accounts (Amazon & Flipkart) After getting 8 Credit card,

it better that we close our Pay Later Accounts or there is no need to close it and continue using it after getting unsecured credit card (I have one credit card longer than 2 year) , what is the effect of pay later accounts on cibil reports, because it concidere as personal loan.

Please Suggest.

 

[TaxWiser]

What to do with Pay Later Accounts (Amazon & Flipkart) After getting 8 Credit card,

it better that we close our Pay Later Accounts or there is no need to close it and continue using it after getting unsecured credit card (I have one credit card longer than 2 year) , what is the effect of pay later accounts on cibil reports, because it concidere as personal loan.

Please Suggest.

Absolutely Correct, it's best to close Pay Later accounts as per my personal experience.

Closing my Amazon Pay Later account was the first thing I do when I got 2 of my Desired LTF CCs on Pre-approved basis. It have a little impact on my CIBIL score (3-17points) but after 2 months it was back on track.


As Pay later account are considered as Personal Loan it helps in improving the Credit Mix(No. of Credit Products) of your portfolio which had very little to nil significance.


Hope this helps

 

[Skylar]

What to do with Pay Later Accounts (Amazon & Flipkart) After getting 8 Credit card,

it better that we close our Pay Later Accounts or there is no need to close it and continue using it after getting unsecured credit card (I have one credit card longer than 2 year) , what is the effect of pay later accounts on cibil reports, because it concidere as personal loan.

Please Suggest.

Unless you are getting offers on pay later payments its better to close them.