What Does a 625 Credit Score Mean?
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Navigating the world of credit can be challenging, especially when your score doesn't reflect your financial aspirations. Having a 625 credit score indicates potential past credit difficulties or limited credit history, making it harder to secure loans without facing high interest rates.
So, how is it going to impact your financial situation? What does this credit score in UAE mean? In this article, you can gain an insight on the financial products you may access, and strategies for enhancing your score.
By gaining insight into your credit situation, you can take proactive steps to build your creditworthiness and achieve your financial goals.
Is 625 a Good Credit Score?
A 625 credit score falls into the "fair" category, indicating that lenders may view you as a higher risk for defaulting on payments. According to the al etihad credit bureau (AECB), this score has a two-star rating, which suggests limited creditworthiness.
Hence, securing loans or credit facilities can be more difficult, and if approved, you may face higher interest rates.
What Does A 625 Credit Score Get You?
Despite the challenges associated with this credit score in UAE, some financial options are still available —
625 Credit Score Credit Cards
If your credit history includes signs of past difficulties, you may face obstacles in obtaining a new credit card. Even if you are approved, it often comes with high rates and fees.
There’s no specific score that guarantees approval or better terms. Multiple credit scores exist and lenders may use different criteria when assessing your application.
Here are some of the credit card options available —
| Credit Cards | Minimum Income (AED) | Annual Fees (AED) |
|---|---|---|
| Citi Cashback Card | 8,000 | Free for 1st year |
| Emirates NBD Go4It Gold Credit Card | 6,000 | 103.95 |
| Emirates Islamic RTA Card | 5,000 | Free |
| Dubai First Low-Rate Card | 5,000 | 300 |
| Dubai First Low-Rate Card for UAE Nationals | 5,000 | 300 |
| Apply Now | ||
625 Credit Score Car Loans
While there's no minimum AECB credit score required for a car loan, having poor credit can make approval difficult and often comes with high interest rates.
Below are the top loan options available for you —
| Car Loan | Fixed Rate (p.a.) | Reducing Rate (p.a.) | Minimum Salary (per month) |
|---|---|---|---|
| Emirates Islamic Bank | 1.89% | 3.61% | AED 5,000 |
| Emirates NBD Auto Loans | 1.99% | N/A | AED 5,000 |
| Abu Dhabi Islamic Bank | N/A | N/A | AED 5,000 |
| RAKBANK Car Loans | N/A | N/A | AED 5,000 |
| Emirates NBD Auto Cash Loan | N/A | N/A | AED 5,000 |
| Apply Now | |||
625 Credit Score Personal Loans
Securing a loan with a 625 credit score can be challenging. You may face high interest rates and additional fees.
If you're in urgent need of cash, compare loans and evaluate all options before proceeding.
Let’s look at the options —
| Personal Loan | Minimum Income (AED) | Fixed Return (p.a.) | Reducing Rate (p.a.) |
|---|---|---|---|
| Emirates NBD Loans for Expatriates | 5,000 | N/A | Starting from 5.99% |
| Emirates NBD Loans for UAE Nationals | 5,000 | N/A | Starting from 5.99% |
| NBQ Loans for UAE Nationals | 7,000 | 4.55% - 4.65% | N/A |
| First Abu Dhabi Bank Loan for Expats | 7,000 | 2.82% | 5.34% |
| First Abu Dhabi Bank for UAE Nationals | 7,000 | 4.74% | 4.89% |
| Apply Now | |||
Note: You can filter out more options by adding your minimum salary.
Ways to Increase Your 625 Credit Score
Improving your credit score in UAE is a manageable goal that requires consistent effort. Here‘s what you need to do —
- Limit Applications: Avoid multiple loan or credit applications within a short period. Research options thoroughly before applying.
- Diversify Credit: Maintain a mix of revolving (credit cards) and instalment (loans) credit to strengthen your profile.
- Timely Payments: Always pay your bills on time. Setting up automatic payments or reminders can help you stay on track.
- Regularly Check Your Credit Score: Monitor your credit score periodically to identify areas for improvement.
Click here to get a much better understanding of the different ways to improve your 625 credit score.
How to Check Your Credit Score for Free Online?
You can check your credit score through Policybazaar.ae for free when applying for a credit card or loan, ensuring accuracy directly from the AECB.
Frequently Asked Questions
Ans: While a 625 credit score is ‘fair’ and not so ideal, you can still access some reasonable credit options with it.
Ans: Yes, you can still obtain loans with a score of 625 but expect higher interest rates and less favourable terms.
Ans: Yes, both secured and unsecured credit cards for 625 score are available, although they may come with higher interest rates.
| 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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