What Does a 703 Credit Score Mean?

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Credit scores, ranging between 300 and 900, are among the key aspects considered when assessing an individual’s application for loans, credit cards, and more. A credit score is widely recognised as an indicator of an individual’s creditworthiness in the UAE. Moreover, besides the approval of applications, a credit score also impacts the terms and rates at which one gets the financial product that they applied for. 

In this article, we will focus on the 703 credit score and discuss if the score is sufficient to avail of different loans and credit cards.

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703 Credit Score – Overview

The categorisation of credit scores, which are calculated by the al etihad credit bureau (AECB), as followed in the UAE is given in the following table:

Credit Score (Range)

Category

Star Equivalent

300-540

Very low

1

541-650

Low

2

651-710

Medium

3

711-745

High

4

746-900

Very High

5

As evident from the table, a credit score of 703 is considered a good credit score in the ‘medium’ score category (with a star rating of 3 out of 5). Most financial institutions generally accept loan and credit card applications of individuals with such a score. However, these products may not be offered at the best terms and rates unlike individuals with very high credit scores. 

What a 703 Credit Score Can Get You? 

Check out the following section to find out what you can get with a 703 credit score in the UAE: 

Credit Cards for 703 Credit Score

With a credit score of 703, most financial institutions in the UAE will offer you numerous options for choosing a credit card. However, you may find it difficult to increase your credit limit or have the monthly interest rates lowered. 

Personal Loans for 703 Credit Score

Compared to other loan types in the UAE, personal loans are easy to avail of and have minimal eligibility requirements. Thus, individuals who wish to get a personal loan with a 703 credit score can easily get a personal loan in UAE. 

Homes Loans for 703 Credit Score

As home loan amounts are massive (along with long repayment tenures), most UAE-based financial institutions prefer to grant mortgage loans to individuals with a high credit score. So while you may find a few options for the same with a 703 credit score, the charged interest rates would be considerably high. 

Auto Loans for 703 Credit Score 

Auto loans are generally easy to obtain with a medium credit score. With a credit score of 703, thus, you can generally expect a hindrance-free approval for your car loan application. 

Insurance Plans with a 703 Credit Score: 

When you avail of any insurance policy, your insurance provider will check your credit score for the determination of the premium applicable to your plan. With a credit score of 703, you can expect reasonable premiums without any extra discounts.

How to Get a 703 Credit Score? 

Take the following points into consideration to improve your credit score - 

Time Loan Repayment: 

In case you have an existing loan, you must ensure that all your monthly instalments are paid on time. With loan repayment being one of the key factors considered to calculate your credit score, being punctual with the instalments can increase your credit score.  

Pay Bills Before Due Date: 

Irrespective of the type of bill (credit bills, utility bills, and more), the due payment for it must be made within the billing cycle date to maintain and improve your credit score. Even a single delay in the payment of any bill can negatively impact your credit score.

Avoid Checking Your Credit Score Frequently: 

Keeping a tab on your credit score helps you manage your finances properly. However, checking your score excessively can quickly deteriorate your current credit score. To start with, one can set the frequency of checking their credit score to once in only three months or so. 

Restrict the Number of Loan and Credit Card Applications: 

Even if you urgently require a loan or a credit card, it is advisable to not send multiple applications at the same time - doing so can reduce your credit score. 

Thus, if you get a rejection on your first application, you should first figure out the reason behind it and make improvements regarding the same. This must be followed by waiting for a few days before sending your application again.

How to Check Your Credit Score for Free?

The Al Etihad Credit Bureau (AECB) generates and provides credit scores for all UAE nationals and ex-pats. However, the AECB charges a fee for the same, whether the applicant is an individual or a company. 

To generate your credit score for free, you can reach out to policybazaar.ae as we have collaborated with AECB to bring you your credit score for free. With Policybazaar UAE bearing the cost of checking your credit score, there is no need for you to pay a fee for the same. 

Here is how you can check your credit score for free via Policybazaar.ae: 

  1. Click on the ‘credit score’ option 
  2. This will redirect you to the next page – fill up the lead form with the specified details
  3. Move ahead as per the on-screen prompted instructions. 

Once you submit all the details, you will be able to access your credit score for free.

Key Takeaways

A 703 credit score falls in the ‘medium’ credit score category in the UAE. With this score, you can generally expect easy approvals for different types of loans, credit cards, and more. However, to enjoy better terms and rates, one can aim to improve their score and take it in the ‘high’ or ‘very high’ categories. 

The process of improving your credit score is fairly easy. Besides being punctual with the payment of instalments and due bills (of all types), you should also track your credit score in moderation. A similar constraint must be observed when applying for new loans or credit cards, with multiple applications at once generally deteriorating your credit score. 

Owing to the collaboration of Policybazaar.ae with the AECB, one can easily validate their credit score through the website of Policybazaar UAE for free. Apart from this, if you have any queries related to credit score, you can get the required assistance from our finance experts and customer care team. 

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