What Does a 580 Credit Score Mean?
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Many individuals find themselves struggling with the implications of a low score, which can significantly affect their chances of getting loans or credit.
Are you also concerned about the same? If yes, then understanding what a 580 credit score means is crucial for you.
In this article, we’ll explore the implications of having this AECB credit score, is credit score 580 good at UAE, what it can get you, and actionable tips to enhance it. By the end, you'll be equipped with the knowledge to take control of your credit situation and work toward better financial opportunities.
Is 580 a Good Credit Score?
A credit score of 580 is considered poor in the AECB scoring model.
Scores below 540 typically signal a history of late payments, high credit utilisation, or other financial mismanagement. This low score can lead to difficulties in securing loans or credit products and often results in higher interest rates if you are approved.
It suggests significant challenges in managing credit and indicates to lenders that you may be a high-risk borrower.
However, there are certain ways that you can improve your score and still get access to some suitable credit options. We will take a look at them in later sections.
What Can a 580 Credit Score Get You?
Here’s what you will get with this credit score in UAE —
Credit Cards for 580 Credit Score
Obtaining a traditional credit card may be challenging with a 580 aecb credit score. Even if you have a good salary, you will mostly get cards without attractive rewards.
With that said, you can at least shortlist some good options with no or small annual fee.
Here are the best credit card options —
| Credit Cards | Minimum Income (AED) | Annual Fees (AED) |
|---|---|---|
| Emirates Islamic RTA Card | 5,000 | No annual fee |
| Abu Dhabi Commercial Bank talabat adcb credit card | 5,000 | Free for life |
| Abu Dhabi Commercial Bank LULU Titanium Credit Card | 5,000 | Free for life |
| First Abu Dhabi Bank Blue FAB Platinum by Al-Futtaim | 8,000 | Free for life |
| Citibank Citi Ready Credit | 8,000 | Free for the 1st year |
| Apply Now | ||
Personal Loans for 580 Credit Score
With this AECB credit score, your options for loans are quite limited. Lenders may offer loans, but they will likely come with high interest rates and unfavourable terms.
It’s important to carefully evaluate whether these loans are a viable option for you.
| Personal Loan | Minimum Income (AED) | Fixed Return (p.a.) | Reducing Rate (p.a.) |
|---|---|---|---|
| Deem Finance Loan | 5,000 | N/A | 15.99% - 34.99% |
| Dubai Islamic Bank Loan | 7,000 | 4.90% | 5.99%-21.99% |
| HSBC Loan - Salary Transfer Loan | 7,500 | N/A | 6.99% |
| Commercial Bank of Dubai Quick Loan | 8,000 | Starting from 7.60% | Starting from 14% |
| RAKBANK Loan | 10,000 | 2.85% | 5.49% |
| Apply Now | |||
Car Loans for 580 Credit Score
Securing a car loan with a 580 credit score may be possible, but expect higher interest rates compared to borrowers with better scores. You may also need to provide a larger down payment to mitigate the lender's risk.
| Car Loan | Minimum Salary (per month) | Fixed Rate (p.a.) | Reducing Rate (p.a.) |
|---|---|---|---|
| First Abu Dhabi Bank Islamic Car Finance (Expats) | AED 7,000 | 3.24% | 6.07% |
| First Abu Dhabi Bank Islamic Car Finance (UAE Nationals) | AED 7,000 | N/A | Starting from 5.99% |
| Abu Dhabi Commercial Bank Car Loan | AED 5,000 | 1.99% | 3.65% |
| Emirates NBD Auto Loans | AED 5,000 | 1.99% | N/A |
| RAKBANK Car Loans | AED 5,000 | N/A | N/A |
| Apply Now | |||
Tips to Improve Your 580 Credit Score
Considering how most credit cards or loans require a credit score of 550, a score of 580 is not that far from the minimum mark. This means you won’t find many attractive options in terms of credit, and certainly not at good rates.
To avoid all such issues, it’s advisable to improve your score first. While it may take some time, improving your credit score from 580 is achievable with dedication and responsible financial habits.
Here are some effective ways to help you raise your score —
- Pay Bills on Time: Ensure all payments are made by their due dates to improve your payment history.
- Reduce Credit Utilisation: Keep your credit utilisation ratio below 30% by paying down existing debts.
- Limit New Credit Applications: Avoid applying for multiple credit lines at once. This can lead to hard inquiries and lower your score.
- Check Your Credit Report: Regularly review your credit report for errors and dispute any inaccuracies.
Read our detailed article on different ways to improve your AECB Credit Score to learn more about it.
How to Check Your Credit Score for Free?
You can check your credit score for free through Policybazaar.ae. In fact, with our ‘articles’ section, you can access your score as well as insights into how to improve it.
By adding your details, you can easily check your credit score and know where you stand.
Click here to check your AECB score!
| Credit Score for different types of Loan | |||
|---|---|---|---|
| Credit Score for Personal Loan | Credit Score for House Loan | Credit Score for Car loan | Credit Score for Student Loan |
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