I too got my first Credit Card In April I was very happy that I got my first credit card with excellent limit.
I am curious to know what card you got and what your limit is.
Nice! Credit card also helps build credit history most fintechs reward you but fail to report your credit line and this does not help you in the long run. When youโve got a good credit score, you end up saving money through interest rates when you borrow, that should be taken into account when comparing. All Pay Later services report your Credit Line as Loan which drops your score on approval and doesnโt contribute to your credit utilisation.
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40-50k publicly I canโt tell you my exact limit but you can guess it๐.
Standard Chartered Platinum Card
Appreciate your point bro !
All pay later service donโt report to any credit bureau rather only a few of them do. They report it at last when the loan has turned into a default.
I donโt see Slice anywhere in my credit report. LazyPay too.
I wonโt recommend Slice to anyone because they show 2 Loans in credit bureau from 2 other NBFC.
A loan in credit report is always dark
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Yes, there is too many loans is active on my credit report this month Iโll gonna closed my all loans.
Only Credit Card & Bullet I will use.
Number of Loans is a non-factor it actually impacts your score positively as more accounts = good. It is the Total Loan Amount that will hamper your score. You can have 10 accounts with โน2000 limit affecting your score less negatively than one account at โน80,000.
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Okay, I can understand but banks also check how many loans is active on the credit report before sanctioned a any CC/Loan.
As i understand with cibil it always be better for credit report if we balance load b/w secured i.e like (secured credit card, home, vehicle , gold any type) vs unsecured loan (like all paylater i.e flipkart, mobikwik zip, amazon pay later , lazypay as for all lending partner supported with only idfc bank) all of them reporting this as personal , business loan this giving some how negative impact because of unsecured loan getting added more & more in cibil if we continuously adding same type of loan then cibil drastically getting decreses itโs 3 digit no day by day & if we have balance with secured loan any type it make balance positively & adjusted with negative impact in cibil history.
Some times i found if we close multiple loan a/c drastically cibil is getting increases point very fast for next few months & same reverse case i also observed if i close any credit card with decent older or 6 months limit it decreses cibil as well 20 -30 points or less .
as @Bhanumathi said as long as our cibil loan a/c getting older & we maintain very carefully without default it giving help in good credit history in future any how, cibil possible it will be stable in no . neither increasing or decreasing for upcoming months but it making good credit mix-up for longer duration .
May be i may be wrong this is my observation from last 10 months as cibil algorithm working please correct me @CarolinMerces @Jiten @DEBASISH_SAHU .
Yeah, I have closed my ICICI Credit Card suddenly my score goes down to 720
Suddenly 20 has 
.
Managing Credit Report is hard ):.
That was not a wise decision.
You shouldnโt have closed it. It would have helped greatly with your credit utilisation, it makes up 35% of your Credit Score. Credit Scores can fluctuate drastically.
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But that was the secured credit card and I was in the need of money so I need to close that card.
fair enough, shouldโve told that earlier
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