How to Boost Credit Score fast in UAE

Credit Score
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    A Credit score is an excellent metric to assess if an individual’s application to avail of loans, mortgages, credit cards, or any other financial service from a bank stands a chance of receiving approval. Represented as a three-digit number, the credit score ranges from 300 to 900 for the UAE region. While the actual result regarding the approval depends on various factors, credit score plays a crucial role in the decision. Thus, to easily obtain the financial product or services of your preference, it is vital to be aware of how to increase your credit score fast. Let’s discuss the concept further and get acquainted with the relevant information on the same.

    Credit Score - Policybazaar uae

    What is a Credit Score?

    A credit score, as previously discussed, is a three-digit score that indicates the creditworthiness of an individual. It is utilised by both insurance companies and banks to evaluate the potential of an individual in terms of debt repayment. A higher credit score generally means that you are eligible to easily take financial products of your choice at low rates as well. 

    On the contrary, complications can arise when your credit score is estimated to be low. In such a circumstance, financial institutions might reject your requests for the services or provide them at higher rates of interest or fees. Consequently, maintaining a good credit score is a prerequisite.

    Credit Score in UAE

    In the UAE, the credit score of an individual is evaluated by the Al Etihad Credit Bureau (AECB). The AECB acquires all the relevant data about the borrower from several authorities and conveys the required information to institutions in the form of credit scores or credit reports. 

    Check your AECB Credit Score

    Listed below are the major factors considered for determining a consumer’s credit score. 

    • Credit History: All information regarding your current and previous credit accounts, the tenure of each account, credit balance, and general history of (proper or improper) fulfilment of the financial obligations are factored here. 
    • Bill Payment History: All your formerly paid (or unpaid) bills are considered to calculate credit scores. In case you have missed out on any bill payment, your credit score plummets, while a punctual repayment schedule generally leads to an improvement for the same. 
    • Ongoing Debts: Banks will also verify if an individual already has a debt or a mortgage and their status regarding the repayment so far. 
    • Bank Accounts: Whether you have one bank account or multiple ones, all the relevant information regarding those bank accounts is considered when assessing your credit score. 
    • Untimely Payments of Loan: While the name ‘credit score’ may indicate its relevance only with respect to a credit card, this is not the actual case. Other financial aspects related to loans, mortgages, and others are also considered for your credit score. Consequently, if you are already in the process of paying off any loan, your punctuality (or a lack of) regarding the instalment payment will also reflect on your credit score.

    How to Increase Credit Score Fast?

    While everyone would prefer to boost credit score fast, the process to have your credit score reach the required limit may take considerable time. Nevertheless, if you are pondering how can I improve my credit score fast due to any specific situation, listed further are some of the ways to do so - 

    • Timely Bill Payments: Paying all your bills promptly results in an improved credit score. Even if you have large bills to pay, try paying off all the instalments every month as any delay can negatively impact your credit report. 
    • Clearing Out Due Balances: If the balance amount is manageable, you can also try to clear a significant chunk (or all) of the payment and have your due balances cleared. Doing this can provide your credit score with a quick boost.
    • Reducing Your Credit Card Accounts: Opening several bank accounts and availing of multiple credit cards without managing them properly can negatively affect your entire credit score. In case you are unable to properly maintain multiple credit cards and their repayments, you can try to minimise the usage of multiple cards and get some of them closed properly to boost credit score fast. 
    • Adding Extra Funds: An easy way to boost credit score fast is to add extra funds to your account to have your account equipped with sufficient funds for bill repayments.
    • Limiting Your Loan Applications: Applying for a loan and having your application rejected can reduce your credit score. Thus, even if you require an urgent loan, it is advisable to not apply for multiple loans at once. Moreover, if a situation persists where your loan application is getting rejected, avoid applying repeatedly. You can instead try to determine what caused the rejection and reapply only after verifying your eligibility and being confident of approval 
    • Reviewing Your Credit Score: You can receive your credit score report via AECB and monitor it regularly to take steps to maintain a good credit score. However, it is recommended to use this feature occasionally. 

    How to Know Your Credit Score?

    You can easily get your credit score from the Al Etihad Credit Bureau by simply requesting the AECB for your credit report and score. However, keep in mind that the bureau will charge you an amount to generate both documents. For an individual credit report and score, the amount is AED 84 (exclusive of the VAT), while AED 157.75 (besides the VAT) is required to produce credit score and credit report for an organisation. 

    While the above-described method requires a fee for verifying the credit score, another way to do so for free is to continue on policybazaar.ae. For its users, Policybazaar UAE ensures free access to credit scores and reports. 

    Key Takeaways

    It is essential to maintain a proper record of all your bank accounts and related transactions and verify the authenticity of all the facts and figures mentioned in your credit score report. For individuals seeking answers to how to increase your credit score fast, they can always follow the steps mentioned in the article and monitor their score to have a satisfactory credit score.

    While it is recommended to keep a check on your credit score at regular intervals, you may end up paying a considerable amount in the form of fees if you go with the AECB. Thus, you can contact the policybazaar.ae team and request your credit score for free. 

    For further assistance, reach out to the professionals of Policybazaar UAE.

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