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What is Credit score ?

A Credit score is a statistical number that evaluates your creditworthiness based on how often you make payments on time in banks, financial institution and telecom industries. In UAE, The credit score ranges from 300 to 900. The Credit score is dynamic. The credit score today will reflect how you managed debt and credit accounts in the past. For an instance, If you handled your credit accounts by paying bills on time, maintained your debt well then your score will be good or if you fail in pay off your debts, your score will be low. The lower the credit score the higher the risk in the interest rate and vice versa.

What is a good credit score? As said, The credit score ranges from 300 to 900. The credit score is of 700 or more considered as good. The credit score is 800 and more is considered as excellent. Most of the credit scores fall under 600 and 750. If your credit score falls less than 630 are considered poor where you might not be approved for credit cards and loans. If you apply for a loan, the bank or lender will use the credit score information in your credit report to decide whether or not it is risky to lend you. A higher credit score represents creditors to trust you with more confidence that you will repay the debts at the right time as agreed. Lower credit score sighs to Banks or financial agencies that you are more likely to miss your payments on debts.

How can you get your credit score?

You can get a free copy of your credit score report from credit bureaus It is very simple you need to provide your Identity credentials and passport number(optional).