paytm postpaid Closure impact

[Survivor35]

I had a paytm postpaid account for 500rs opened in Dec 2021.only used once accidently for 5 rs that was paid immediately along with service charge n GST.

Today it was closed and Noc has been sent.

1)will I see any increase in cibil in upcoming report.
2)if I apply again will I get higher limit.

Only reason I'm thinking to reapply only if I get higher paytmpostpaid limit which would help both in reducing overall utilization and mixed portfolio of cc and loans. Earlier it was paytym postpaid(closed) , postpe, mobikwik zip, manapurram(closed)

 

[D₹V]

I had a paytm postpaid account for 500rs opened in Dec 2021.only used once accidently for 5 rs and was paid immediately along with service charge n GST.

Today it was closed and Noc has been sent.

1)will I see any increase in cibil in upcoming report.
2)if I apply again will I get higher limit

1. Yes
2. Yes

 

[D₹V]

But Paytm postpaid 's situation isn't right.

Users are unable to pay on Paytm merchant now.

 

[sxchzy]

you cant apply again as small loans disbursal is clossing down

 

[Survivor35]

you cant apply again as small loans disbursal is clossing down

I don't use paytm postpaid at all, so even if I don't get it again its OK for me.

The limit was 500 rs plus convenience charges waiting for upcoming report i think Jan 24 score should be high

Only reason I'm thinking to reapply only if I get higher paytmpostpaid limit which would help both in reducing overall utilization and mixed portfolio of cc and loans. Earlier it was paytym postpaid(closed) , postpe, mobikwik zip, manapurram(closed)

Would closing mobikwik zip also make any significant bump in score?

 

[sxchzy]

yes
as paylaters show as loans

 

[SSV]

1)will I see any increase in cibil in upcoming report.

Yes .. it will definitely assist your CIBIL score..

2)if I apply again will I get higher limit.

Not advisable at all..

BNPL - BIG NO

from CIBIL perspective ..

Only reason I'm thinking to reapply only if I get higher paytmpostpaid limit which would help both in reducing overall utilization and mixed portfolio of cc and loans. Earlier it was paytym postpaid(closed) , postpe, mobikwik zip, manapurram(closed)

Overall utilization is a myth.. Account level utilization is the one that matters significantly...

Mixed Portfoio is good.. but BNPL is not the right choice ..


ALl the best

 

[Survivor35]

Yes .. it will definitely assist your CIBIL score.. Not advisable at all.. BNPL - BIG NO from CIBIL perspective .. Overall utilization is a myth.. Account level utilization is the one that matters significantly... Mixed Portfoio is good.. but BNPL is not the right choice .. ALl the best

I will close mobikwik zip too and ask for NOC.

Hoping closing even this bnpl will help spiking cibil

 

[SSV]

I will close mobikwik zip too and ask for NOC.

Hoping closing even this bnpl will help spiking cibil

Yes it will ..

 

[Cosmicgaze]

Postpaid never got factored into the utilisation percentage. However when the total outstanding was lower at reporting time score increased and higher nearer to the limit score decreased.


My postpaid account did not get closed I can still use it at merchant it used to work many places before now it only works at few grocery stores pharmacies butcher shops.

If you close they will most likely offer you a new one if they deem that they can upsell other loan products. And if they do certainly the limit will be higher.

I can’t say if bnpl is bad or good. ( I only use Paytm postpaid haven’t applied for others) I find it convenient for me don’t have to worry of loading wallet or entering upi pins. It’s quick. Infact in the past I had defaulted on my credit card and lost it. I got postpaid in 2019 or before and it really helped me build scores.
I have it since then and now 3 credit cards my cibil is at 790

 

[Vasuki]

Don't open Paytm postpaid .. keep Flipkart pay later as former shows as short term personal loan .later shows as loan .on cibil

I had a paytm postpaid account for 500rs opened in Dec 2021.only used once accidently for 5 rs that was paid immediately along with service charge n GST.

Today it was closed and Noc has been sent.

1)will I see any increase in cibil in upcoming report.
2)if I apply again will I get higher limit.

Only reason I'm thinking to reapply only if I get higher paytmpostpaid limit which would help both in reducing overall utilization and mixed portfolio of cc and loans. Earlier it was paytym postpaid(closed) , postpe, mobikwik zip, manapurram(closed)

 

[rajcasio]

Finally my PAYTM POSTPAID loan(25000) is closed. They issued NOC too 👍