What Does a 605 Credit Score Mean?
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Credit scores in the UAE are a tool for potential lenders to gauge your trustworthiness with money. These scores are also helpful for you, as you can keep tabs on your financial well-being and make smart choices.
If your score is low, it signals that certain areas in your credit history require improvement.
In the UAE, a credit score of 605 is considered low, making it tough to secure new credit like loans or credit cards. This score could indicate missed payments, defaults, or high debt.
Can You Get Credit Facilities with a 605 Credit Score?
You cannot get major credit facilities if your credit score is as low as 605. To get credit cards and loans at preferred interest rates, you first need to work on your credit score.
Once you have a good credit score, you can access some credit facilities like the following —
Credit Card with Good Credit Score
Here are the best credit cards that you can get with a good credit score —
| Credit Card | Annual Fees | Minimum Salary | Apply |
|---|---|---|---|
| Commercial Bank of Dubai Visa Platinum Card | Free | AED 5,000 per month | Apply Now |
| FAB SHARE Platinum Credit Card | AED 1,000 | AED 10,000 per month | Apply Now |
| Citibank Citi Simplicity Card | Free | AED 5,000 per month | Apply Now |
| Emirates NBD Mastercard Titanium Credit Card | Free | AED 5,000 per month | Apply Now |
| Emirates Islamic RTA Card | Free | AED 5,000 per month | Apply Now |
Personal Loans with Good Credit Score
With a good credit score, you can apply for any of the following loan at a preferred interest rate —
| Personal Loan | Interest Rate | Minimum Salary | Apply |
|---|---|---|---|
| Emirates NBD Loan for UAE Nationals | Reducing Rate — Starting from 5.99% p.a. | AED 5,000 per month | Apply Now |
| Emirates NBD Loan for Expatriates | Reducing Rate — Starting from 5.99% p.a. | AED 5,000 per month | Apply Now |
| Commercial Bank of Dubai Quick Loan | Fixed Rate — Starting from 7.6% p.a. Reducing Rate — starting from 14% p.a. | AED 8,000 per month | Apply Now |
| Deem Finance Loan | Reducing Rate — 15.99% to 34.99% p.a. | AED 5,000 per month | Apply Now |
| First Abu Dhabi Bank Loan for UAE Nationals | Reducing Rate — 4.89% p.a. Fixed Rate — 4.74% p.a. | AED 7,000 per month | Apply Now |
Car Loan with a Good Credit Score
Mentioned below are the car loan options if you have a good credit score —
| Car Loan | Interest Rate | Minimum Salary | Apply |
|---|---|---|---|
| Emirates Islamic Bank Green Auto Finance | Fixed Rate — 1.89% p.a. Reducing Rate — 3.61% p.a. | AED 5,000 per month | Apply Now |
| Abu Dhabi Islamic Bank Car Finance | N/A | AED 5,000 per month | Apply Now |
| First Abu Dhabi Bank Islamic Car Finance (UAE Nationals) | Fixed Rate — 3.19% p.a. Reducing Rate — 5.98% p.a. | AED 7,000 per month | Apply Now |
| First Abu Dhabi Bank Islamic Car Finance (Expatriates) | Fixed Rate — 3.24% p.a. Reducing Rate — 6.07% p.a. | AED 7,000 per month | Apply Now |
| HSBC Car Loan | N/A | AED 10,000 per month | Apply Now |
How to Improve Your 605 Credit Score?
Here are some tips to improve your 605 credit score —
- Be disciplined about your loan and credit repayment
- Do a soft check on your credit report periodically
- Make sure that your credit utilisation ratio is lower than 30%
- Don’t apply for loans and credit cards frequently
- Avoid early settlement of loans
- Build credit using credit-building loans and credit cards
Check Your Credit Score for Free
Check your credit score for free only on Policybazaar.ae!
Simply click on the credit score option on our official website and fill out the essential details to check your credit 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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