How does Jupiter Edge display on my Experian?

General QnA
1

Okay so I am thinking of trying out Jupiter Edge as it seems pretty cool to pay my local bazaar wala on credit you know.

But I am unsure how it will impact my credit score as last time I took LazyPay, I beared alot of consequences as LazyPay credit limit shows as a loan and they made it show as a 1.5 lakh loan which never went away. This harmed my credit score and I donโ€™t look at BNPL products anymore.

I am wondering how Jupiter Edge works though.
Is it different?

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2

BNPL hamper the credit score try at your own risk.

3

Jupiter edge is also an BNPL which will impact your Credit reports if you defaults you repayment

4

@RSSM we may build better credit score by keeping in mind some points -

    1. Credit Card Utilisation

Usages shouldnโ€™t be more than 30% of Total limit,when bill generated.

You can pay before generate the bill if exceed the 30% limit.

Donโ€™t use ATM ( use instead Rent Pay to cash out or use other available trick)

    1. Enquiry for Loan/Credit Card :

Applying for Any(or multiple) Credit Card, Loan , BNPL will be visible in Credit Score and might down your credit score.

You canโ€™t remove this enquiry, so think twice before applying for new one.

    1. Account Type :

Mixed Type account is good , it means you can hold 1 ( or more) Credit Card, Loan / BuyNow PayLater.

Note: Secure Loan ( like - Home Loan) & Secure Credit Card ( Like- against Fixed Deposit) will be positive points .
So if your credit score is low take one Secure Credit Card ( PaisaBazaar Credit card, OneCard, IDFC , Kotak Bank, SBI etc staring from โ‚น2K FD) .

    1. History :
      as Old account as good consideration for credit score.
      Donโ€™t close your old Credit Card until itโ€™s fee is in the sky .

Repayment never avoid and pay before due date .
Also Do not use minimum pay , always pay full EMI or bill.

    1. Closure Accounts :
      Close unused Loan Account , also close PayLater if youโ€™ve multiple ( 1-2 is ok , more than 3 Loan wonโ€™t be good impact )

If account is closed still seeing in Reports? Email them and tell issue and ask for NOC too.

Note : if you are using PayLater/Loan from Long time and paying on time, slowly it will be normal over the time & later in years it will no longer have negative impact

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5

Thanks for the detailed explanation @Roshan :space_thumb:

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