What Does a 673 Credit Score Mean?

Credit scores are primarily assessed by banks and financial institutions when an individual applies for a loan or a credit card. Credit scores, ranging from 300 to 900, have a considerable impact on the approval or rejection of your applications for financial products. Each credit score represents the probability of an individual getting their preferred loan or credit card (and at favourable terms). 

Continue reading below to find out an overview of a 673 credit score and whether you can get your preferred loan or credit card product with such a score. 

673 Credit Score – An Overview 

Credit scores are generated by the al etihad credit bureau (AECB) in the UAE. The general categorisation of credit scores as per the norms in the country is as follows:

As visible from the table, a 673 credit score falls under the category of ‘medium’ credit score with a star equivalent of 3 stars (out of a maximum possible 5). Individuals with a medium credit score generally may not face difficulties in obtaining a credit or loan instrument of their choice, although they won’t be able to do so at lower fees and charges unlike people with ‘high’ or ‘very high’ credit scores. 

What a 673 Credit Score Can Get You? 

With a credit score of 673, you can expect the following scenarios regarding your applications for credit cards, loans, insurance, and more - 

Credit Cards for 673 Credit Score

Financial institutions generally approve the credit card applications of individuals with a medium credit score. You can explore a range of credit cards with a credit score of 673, although you won’t be able to get lower interest rates or any fees waivered. 

Personal Loans for 673 Credit Score

Compared to other loans, personal loans have less stringent requirements. With a 673 credit score, you can generally get a personal loan in UAE without much difficulty. However, you won’t have many opportunities for negotiating interest rates, which are quite high for personal loans.  

Homes Loans for 673 Credit Score

The requirement for a high credit score is most prominent in home loans. With high loan amounts and long repayment tenures, banks are particularly conservative and demand high credibility from applicants before approval. With a credit score of 673, thus, you may be able to get approval only at the high interest rates.

Auto Loans for 673 Credit Score 

With a medium credit score of 673, you can generally expect quick approvals for your car loan applications. 

Insurance Plans with a 673 Credit Score

When you purchase an insurance policy, your provider may look into your credit score to decide your insurance premium. If your credit score is 673, chances are that you will get the insurance plan at regular premiums.

How to Improve a 673 Credit Score? 

Possessing a 673 credit score means that you have a satisfactory credit history albeit with a few issues. With a high credit score, you can easily get your loan or credit card applications approved along with favourable terms and rates. 

You can keep the following points in mind to improve a 673 credit score easily -

Pay All Bills on Time:

Whether it is a utility bill or a credit card bill, you must always pay all your bills promptly before their scheduled tenures. With the AECB considering you’re your older bill payments, having even a single delayed or missed payment can have an adverse impact on your credit score

 Limit the Number of Credit Card and Loan Applications:

It is always advisable to avoid sending multiple applications for loans or credit cards at once if you wish to maintain or improve your credit score. In case your application is rejected, you should improve your finances and wait for some time before applying again – multiple rejections can worsen your credit score.

 Avoid Checking Credit Score Frequently:

Contrary to popular misconception, checking your credit score frequently can have a damaging effect on your score. Thus, after verifying your score once, you should evaluate your finances and make the required improvement before checking your score again after a while. 

 Utilise Your Credit Card Properly:

 While it is recommended to utilise your credit card often and keep it active, one must be cautious not to breach the credit limit. By keeping your total expenditure under the credit limit, you can demonstrate prudent financial planning, which can boost your credit score. 

How to Check Your Credit Score in UAE

As discussed near the beginning of the article, the Al Etihad Credit Bureau (AECB) is responsible for generating and releasing the credit scores of all the individuals and companies in the UAE. While you can always visit its website to check your credit score, you will be required to pay a fee each time. 

With Policybazaar UAE, however, you can easily check your credit score for free. All you need to do is visit our website and find the drop-down menu of ‘credit card’ on the main page. When you click on it, you will be able to find the ‘credit score’ option. You can provide the requested details and follow the specified procedures to check your credit score for free. 

Winding Up

With a 673 credit score lying in the ‘medium’ category, it becomes necessary to maintain and improve it as scoring below this range can bring it to the ‘low category’, which can cause problems in loans and credit card application approval. 

While you can expect approvals for credit cards or loans with a credit score of 673, you won’t get any special discounts or the opportunity to negotiate better terms. To improve this score and enjoy all these benefits, you can pay all your bills on time, limit the number of times that you check your credit score or apply for new credit cards or loans, and utilise your card properly. 

You can visit policybazaar.ae in order to verify your credit score for free. For any further clarifications, you can also get in touch with us and have our customer care as well as insurance experts resolve your issues quickly.

Learn More about Other Credit Score
500	600	633	650	680	700	703

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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