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Well, your credit score is one of the key factors that banks or lenders consider while evaluating your credit card or loan application.
Let’s have a look at what credit score is all about, and how it is calculated.
A credit score is ideally a 3-digit number. It has been determined by using the details which are found in the Accounts as well as Enquiries section of your credit history, including your credit cards and loan accounts, their payment status, and their outstanding payments days past due. Apart from this, it also considers previous finances, number of finances you have been applied for as well as the application status that is accepted or rejected by lenders.
In short, the credit score shows your creditworthiness on the basis of your borrowing and repayment history as shared by banks or lenders. Your credit score ranges from 300 to 900. The higher your credit score, the higher are the chances of getting a credit card or personal loan in UAE.
Following are the key factors that help in determining your credit score:
Your credit score plays a pivotal role in deciding your eligibility for a personal loan or credit card in UAE at the bank. Because lenders check whether or not you are able to make the repayment or pay the bill at the right time through your credit score. That is why it is important to maintain a good credit score to get access to the credit card or any other finances. Here are a few useful tips that help in refining your credit score:
In A Nutshell
Hence, credit score is one of the most important factors that lender consider while sanctioning you personal loan or any other type of finances. Make sure you maintain a good credit rating and credit profile to achieve your financial goals.