I started my journey of Credit card with Icici instant platinum card and subsequently got some more credit cards as well as paylater prepaid cards but never a loan.
However When I see my credit report I found that even though Lazypay have given me credit limit in 2022 they have shown them as loan amount to be sanctioned in 2019. Is that a good thing or should I report with credit bureaus?
Also can anyone please tell if higher loan amount is a good thing or a bad one?
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Amount doensโt matter*ยน .
Credit Limit utilisation+repayment matters .
If youโve only One Loan with LazyPay ( PayU Finance) then itโs alright .
Credit type : โmixedโ is good where Credit Card & Secure Loan ( Ex- Home loan) doesnโt have negative impact until repayment missed.
@Mukesh_kumar_Bharti I got LazyPay in 2022 of limit โน50K before that Iโve not used and limit was โน1500 but in credit score they mentioned โน50K , from 2020
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Appreciate your response.
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@Shawnpinto Why canโt we have a small session on zoom/gmeet on this topic for the community membersโฆIt would be a great platform and an opportunity to clarify all the doubts regarding credit scores
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Credit bureau will not help you as they do not have permission to update anythingโฆ
Higher loan amount will effect you for getting credit card as they will show as personal loan/consumer loan which is not good for credit health. 1-2 credit line account is okay but after crossing the limit. Its not good.
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@Shawn_Pinto
Whatโs the difference between consumer loans and personal loans?
Which among these is considered better in comparison on your credit report?
Also why some financial institutions like Snapmint put them as personal loan but others like Walnut 369 put them as consumer loans, while both of them provide the same service:
providing EMI options for online payment.
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