Your credit rating score is a three-digit number that tells lenders how likely you are to pay back your debts. A credit rating score is on a scale from 300 to 900. A higher score means you are more likely to pay back debts, while a lower score tells lenders that you are a riskier borrower, and you may not pay your debts back on time or at all.
A score above 700 is considered good, while a score below 400 will make it hard for you to get approved for a credit card or loan. In the UAE, credit scores are calculated by the Al Etihad Credit Bureau (AECB) and are referred to by most lenders throughout the country.
The AECB takes into account several factors when coming up with your credit score:
A higher credit score is good for many reasons. Most importantly, a higher score tells lenders that you will probably pay back your debts on time, in which case they’ll be more likely to offer you credit, and on better terms. Some of the benefits of a higher credit score are:
A low score tells lenders that you haven’t been entirely trustworthy in the past when it comes to your debts. This could lead lenders to hesitate when it comes to lending money to you, making it harder for you to borrow money when you need it or making it more expensive for you to borrow. You might run into some of the problems if you have a low credit rating score:
Before you apply for a credit card, loan, or any other debt, know your credit rating score. You’ll at least have an idea of whether or not you may qualify for the type of loan or credit card you’re looking for.
To find your credit score, go to the AECB website at https://aecb.gov.ae/ and apply for a credit rating.
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