What Does a 744 Credit Score Mean?

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Credit score plays an important role when it comes to getting any kind of credit facility in the UAE. Having a good credit score can help you attain any kind of credit tool or facility that you require at favourable terms without much difficulty. A bad credit score, however, can lead to denied credit facility applications or approvals at higher interest rates. 
Continue reading below to find out whether a 744 credit score is a good credit score and the credit or loan products that can you get with it in the UAE. 

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Is 744 Credit Score a Good Credit Score?

A 744 credit score is categorised as a high credit score in the UAE as per the standards set by the AECB. This credit score is given a 4-start rating and is only two points short of the ‘very high’ category of credit scores. 

Range of Credit Score Category Star Equivalent
746-900 Very High 5
711-745 High 4
651-710 Medium 3
541-650 Low 2
300-540 Very low 1

As evident, a 744 credit score is considered a pretty good credit score. Individuals with such credit a score can easily get any credit facility they desire and at preferable interest rates. 

What Can You Get with a 744 Credit Score?

Let’s discuss what can you get in terms of credit facilities and tools with a 744 credit score in detail below. 

744 Credit Score and Credit Card:

Having a 744 credit score can make obtaining any credit card that you desire and qualify for just a matter of minutes. Credibility plays a key role as far as credit facilities are concerned. Thus, individuals with a high salary but a very low credit score may not be able to get the cards they wish to get. A 744 credit score eliminates this hurdle and can help you secure any of the top credit cards in the UAE. 

Personal Loans and 744 Credit Score:

Having a credit score as high as 744 is beneficial when you set out to take a personal loan in the UAE, as personal loan interest rates are negotiable. Customer with high credibility and a good relationship with the bank or insurance provider can bring their personal loan interest rate down to the minimum one possible for the category. As a result, loan approvals are mostly straightforward with a 744 credit score. 

Auto Loans with 744 Credit Score:

The aspects discussed in the previous point apply to auto loans as well. Candidates with a 744 credit score can not only get approval for auto loans in the UAE but also receive some of the lowest possible interest rates. 

Mortgage Loans and 744 Credit Score:

Banks and loan providers take extra precautions when it comes to home loans as these loans are the longest available loans in the UAE. A high credit score like 744, here, leads to easy approvals and can also help you get low interest rates. 

Insurance Prices with 744 Credit Score:

Credit score is among the secondary factors that influence insurance prices in the UAE. However, having a 744 credit score can help you secure lower insurance premium rates as insurance providers also take credibility into account when deciding the premium of your plans.

How to Get a 744 Credit Score in the UAE?

In case your credit score is less than 744, you can still improve your score and experience the benefits of a 744 credit score with respect to the ease of obtaining and utilising credit cards and loans in the UAE. 

Discussed below are the steps that are to be followed for increasing your credit score:

Keep a Diverse Credit Portfolio:

Getting a credit score as high as 744 may require you to keep a diverse portfolio with different types of credit tools. Thus, you can add both revolving and instalment credit to your portfolio. Loans are an example of investment style credit, and credit cards are an example of revolving credit. So even if you have no requirement for a loan as of now, you can make your next big purchase with the EMI option. 

Use Credit Wisely:

Using your credit limit wisely is essential for getting a 744 credit score in the UAE. Using too less or too much of the maximum credit limit can decrease your credit score by several points. Using 10% to 30% of your maximum credit limit is advised to increase your credit to 744 or higher. 

Make Timely Payments:

Whether it is your credit card payments, loan instalments, or monthly utility bill payments, you should always make all your payments on time. Avoid getting a late payment fee or any instances of defaulted payments, as the AECB takes all different types of your pending payments into consideration to calculate your credit score in UAE. Timely (or untimely) bill payments are the highest contributing factor in credit score calculation. 

Be Consistent:

Ultimately, increasing your credit score and getting a 744 credit score requires consistency. If you follow the aforementioned steps for as long as you use credit facilities or are liable to pay bills, your credit score will rise automatically. Thus, it is advisable to make it a habit to pay your bills on time and only borrow the amount you can comfortably repay in the next cycle. 

Final Verdict

A 744 credit score is an excellent credit score and can help you obtain the credit facility that you desire. If your credit score is lower, you can follow a few simple financial management rules to make to increase it. By always paying your bills on time, using your credit wisely, and diversifying your portfolio, you can easily increase your score without much effort. The same rules can also help you increase your score beyond 744 (as long as you are consistent). 

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