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Have a look at the table below to understand where a credit score of 686 falls in the rating in the UAE -
Credit Score Range
Rating
300 to 619
Poor
620 to 679
Fair
680 to 730
Good
731 to 900
Excellent
As shown in the table, a credit score of 686 is considered good. It indicates that you're a reliable borrower who consistently pays monthly bills, credit card balances, and other debts on time.
Your credit history seems strong, and you demonstrate a good understanding of financial management. Having a good credit Score like 686 assures banks and lenders that you're likely to make timely payments on loans and credit cards.
Having a credit score of 686 opens up many credit options for you. Keep reading to learn more.
Factors that Affect Your Credit Score Rating
Before moving on to the credit options for a 686 credit score, let’s first understand the factors that determine your credit score rating in the UAE -
Payment History: Your payment history carries the most weight in your credit score, accounting for about 35% to 40% of it. Being prompt in repaying borrowed money positively affects your credit score — missing payments can harm it. Severe payment problems such as defaults, collections, bankruptcy, repossessions, or foreclosures can seriously damage your credit, making it harder to get loans or credit cards.
Credit Usage: Your credit usage makes up approximately 30% of your credit score. This can quickly boost or harm your score, depending on your debt load, as measured by your credit utilisation ratio. This ratio compares your total debt balance to your total credit limit on all your credit cards. A lower utilisation ratio is better for your credit score.
Age of Credit: Globally, the age of your credit accounts contributes to 15% to 20% of your credit score. Credit agencies certainly consider how long your accounts have been open. Older accounts are better for your credit score. Closing old accounts or opening new ones can lower your score, so it's a good idea to keep older accounts active (and occasionally use them).
Types of Credit: There are two main kinds of credit — revolving credit card accounts and loans. Having both types of accounts can improve your credit score, as it demonstrates your ability to manage various accounts without missing payments. Moreover, having loans on different assets like a car or a home, in addition to credit cards and personal loans, can boost your score. However, having just one account won't have a significant negative impact on your score.
Credit Inquiries: Every time you apply for credit, an inquiry is added to your credit report, which may reduce your credit score by a few points.
While one or two inquiries won't hurt much, having too many inquiries in a short period can significantly lower your credit score. So don't be afraid to apply for more credit cards, but be mindful of the number of inquiries made within the last 12 months as they are crucial to banks when assessing your creditworthiness.
Can You Get a Personal Loan with a 686 Credit Score?
Yes, a 686 credit score grants you access to various personal loan options in the UAE -
Personal Loan
Features and Benefits
Emirates NBD Loans for UAE Nationals
Minimum Monthly Salary - AED 5,000
You can borrow up to AED 4,000,000.
The interest rate starts at 5.99%, with the actual rate depending on your financial profile and credit report.
If you can't make your loan payment on time, you can delay it.
Transfer loans from other banks ranging from AED 25,000 to AED 2 million to Emirates NBD at favourable interest rates.
Get Credit Life Insurance to protect your loan balance in case of unexpected events.
You have a 7-day return option.
Enjoy a free zero-balance account.
No need for collateral or a guarantor.
You can delay your first payment for up to 120 days (terms and conditions apply).
Receive a free credit card in your first year with eligible miles/points.
There's no setup fee for overdraft (OD) in the first year.
You can postpone loan payments twice in one loan cycle.
The loan can be repaid over a period of up to 48 months (60 months for Ministry of Defence employees).
Boost your eligibility for the loan by showing additional sources of income.
Deem Finance Personal Loan
Minimum Monthly Salary - AED 5,000
Monthly payments that fit your budget
You don't need to transfer your salary
Minimal paperwork required
Loan amount of up to AED 150,000
You can select a repayment period ranging from 1 to 4 years
You can quickly check if you qualify
Interest rates range from 15.99% to 34.99% per annum
First Abu Dhabi Bank New to Country Loans/ New to Employment Loans
Minimum Monthly Salary - AED 7,000
Get a loan of up to AED 1,500,000
You can wait for up to 90 days before making your first payment.
The annual interest rates begin at an affordable 6.07% (fixed rate)
With a seamless documentation process, say goodbye to complicated paperwork.
Enjoy swift and straightforward approval for your loan application.
Receive comprehensive personal life insurance coverage as part of the deal.
Choose a loan duration of up to 48 months to suit your financial needs.
RAKBANK Personal Loan
Minimum Monthly Salary - AED 10,000
Borrow more with low-interest Personal Loans, with flexible repayment terms of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).
If you already have a personal loan with another UAE bank, you can easily transfer it to RAKBANK.
After six months of regular RAKloan repayments, you can defer one monthly payment. After a year of regular repayments, you can top up your RAKloan to its original amount.
No need to maintain a minimum balance in your RAKloan account
You can get life insurance at a reasonable cost.
Here's how simple it is:
Quick approvals and straightforward documentation
Competitive interest rates ranging from 5.49% to 19.99% annually.
Apply now and get an Auto Loan at a flat rate of 2.85% annually (for customers with an AECB Score of 651 or higher).
Loan processing fees are 1% of the loan amount, with a minimum of AED 500 and a maximum of AED 2,500.
Choose a repayment period from 6 to 48 months.
Easily switch your loans from other banks to RAKBANK.
Get a free RAKBANK Debit Card and a personalised chequebook.
Enjoy a free RAKBANK Credit Card with no annual fee and low interest rates.
You can defer up to two monthly instalments per year, provided you've already repaid six instalments on the loan.
Interest rates start from 4.99% to 19.99% annually, and you can delay your first EMI payment by up to 120 days.
Flexible repayment periods of up to 60 months for Ministry of Defence employees and 48 months for other customers.
Special Offer for New to First Job Young UAE National Customers: Personal Loans at 5.19% annually for a salary of AED 10,000 or higher
Emirates NBD Loans for Expatriates
Minimum Monthly Salary - AED 5,000
Option to borrow up to AED 2,000,000
Interest rate starts at 5.99%, with the final rate depending on your financial profile and AECB report.
You can postpone two payments within one loan cycle.
Get Credit Life Insurance to financially cover your loan balance in case of unforeseen events.
You have a 7-day return option.
Open a zero-balance bank account for free.
No need for collateral or a guarantor
You can delay your first payment for up to 90 days (60 days for new loans and top-ups, 90 days for takeovers). Terms and conditions apply.
Enjoy a free credit card with eligible miles/points in the first year.
No setup fee for an Overdraft (OD) in the first year.
Loan terms extend up to 48 months.
Improve your chances of getting approval for the loan by adding another source of income.
Can You Get a Credit Card with a 686 Credit Score?
The following are the credit card options available to individuals with a 696 credit score –
Credit Card
Features and Benefits
Emirates NBD Mastercard Titanium Credit Card
Minimum Monthly Salary - AED 5,000
Free for life credit card
Earn Plus Points on your purchases —
Get up to 1 point for every AED 100 that you spend.
Earn 0.4% points on supermarket, grocery, insurance, and car dealership transactions.
Earn 0.2% points on fuel, utility, real estate, and education expenses.
Enjoy free-of-cost lounge access at more than 10 regional airports.
Receive up to a 40% discount at over 100 golf courses around the world.
Access exclusive offers and discounts on travel, lifestyle, shopping, and more.
Emirates Islamic Cashback Plus Card
Minimum Monthly Salary - AED 12,000
Annual Fee - AED 313.95
Apply for a new Emirates Islamic Signature Credit Card now and receive a 500 AED noon.com gift card to use on purchases at noon.com, which includes noon, FOOD, and DAILY.
Avail of up to 10% cashback on groceries, school, fine dining, and telecommunication expenses.
Enjoy unlimited free access to more than 1,000 airport lounges worldwide.
Receive one free-of-cost valet parking service per month.
Get 2 free rounds of golf that you can use any day of the week.
The card comes with an in-built RTA NOL chip for convenient payments on the RTA transport network.
Benefit from the auto top-up feature for your Salik and NOL accounts.
Access ‘Buy 1 Get 1’ offers on Reel movie tickets, with up to two free offers each month.
Enjoy free access to the Dubai Ladies Club and the Sharjah Ladies Club.
Receive one free valet parking service per month at select locations across the UAE.
You can request up to 4 supplementary cards at no additional annual fee.
Travel with peace of mind thanks to free-of-cost travel insurance of up to USD 500,000.
Receive a USD 25 credit for food or beverages at over 900 hotels worldwide through the Visa Luxury Hotel Collection.
Access 24/7 global concierge service for your convenience.
Easily convert significant purchases into smaller monthly instalments using the Easy Payment Plans.
Transfer your balances from other credit cards to Emirates Islamic and reduce your monthly payments.
Shop online securely with the 3D Secure feature.
Enjoy the convenience, security, and easy payments offered by Apple Pay, Samsung Pay, and Google Pay.
First Abu Dhabi FAB SHARE Standard Credit Card
Minimum Monthly Salary - AED 5,000
Free for life credit card
Boost your SHARE points value without any earning limits.
Get up to 7% in SHARE points for every AED 1 spent at Carrefour.
Enjoy up to 5.25% in SHARE points at various places like VOX Cinemas, Ski Dubai, Magic Planet, Dreamscape, iFLY Dubai, and Little Explorers.
Earn up to 3.25% in SHARE points for shopping at Mall of the Emirates and City Centres throughout the UAE.
Gain up to 1.75% in SHARE points for international spending, other retail expenses, and online shopping.
2-for-1 movie tickets at VOX Cinemas
Stand a chance to win back your monthly spending at the Mall of the Emirates and all UAE City Centres (up to AED 1,000 for one winner).
Experience added security with built-in biometric verification on your credit card.
Apply and instantly obtain a virtual card for use in digital wallets through the FAB Mobile app.
RAKBANK Emirates Skywards World Elite Mastercard Credit Card
Minimum Monthly Salary - AED 20,000
Annual Fee - AED 1,499
Apply for the RAKBANK Emirates Skywards World Elite Mastercard Credit Card and get an AED 1,000 Gift Card when you spend AED 10,000 along with the chance to win a luxury car.
You can also benefit from zero processing fees on balance transfers. Terms and conditions apply.
The EK Bonus Miles offer has been extended until September 30, 2022, with a first-year free annual fee waiver.
In your first 3 statements, earn 50% extra Skywards Miles based on your retail spending. These bonus miles will be credited within a week of the next statement cycle.
Earn 1 Tier Mile for every 4 Skywards Miles, even when you're not flying. Use your RAKBANK Emirates Skywards World Elite Mastercard Credit Card for various purchases to earn Tier Miles.
Until December 31, 2022, earn 1 Tier Mile for every 4 Skywards Miles on eligible spending. This is an excellent opportunity to boost your Tier Miles and enjoy Emirates Skywards benefits.
Transfer your remaining balances from non-RAKBANK Credit Cards to the RAKBANK Emirates Skywards World Elite Mastercard Credit Card and earn up to 80,000 Skywards Miles as per a tiered structure.
Enjoy unlimited, free access to over 1,100 airport lounges in more than 450 cities across 135 countries with LoungeKey. This perk can be enjoyed by yourself as well as one guest per visit.
Get 50% discount on VOX Cinemas tickets at all times, and take advantage of Buy 1 Get 1 movie tickets at REEL Cinemas. You can also enjoy a 20% discount on food and beverages.
Save up to 30% at over 2,000 restaurants and benefit from Buy 1 Get 1 free and special offers on your favourite cuisines and dining spots.
Receive a 10% discount on travel bookings with Cleartrip using promo code MCWORLD.
Enjoy a free-of-cost third night when booking two nights at Oberoi Hotels & Resorts.
Get up to a 7% discount on all travel packages (flight and hotel) through MMI.
Enjoy free airport pick-up or drop-off service up to 6 times per year in the UAE or a maximum of 3 times in India.
Liv. World Credit Card
Minimum Monthly Salary - AED 10,000
Annual Fee - AED 700
Free access to over 850 international airport lounges
Get up to AED 18,000 cashback yearly or up to 10,000 Skywards Miles per year.
Earn up to 15% cashback on transactions or get up to 1 Skywards for every AED 1 spent with the categories you have chosen.
Get up to AED 400 Cashback on World Card
Avail of ‘Buy 1 Get 1” offers on dining and lifestyle
Get ‘Buy 1 Get 1” on Vox Cinema movie tickets (offer on 3 tickets in a month)
Can You Get a Car Loan with a 686 Credit Score?
A 686 credit score can fetch you great deals on car loans in the UAE — at negotiable rates too!
Some of the options available for you are -
Car Loans
Features and Benefits
First Abu Dhabi Bank Islamic Car Finance (UAE Nationals)
Minimum Monthly Salary - AED 7,000
Fixed Rate - 3.19% p.a.
Reducing Rate - 5.98% p.a.
Get finance of up to AED 1,500,000 or up to 80% of the car’s value
UAE nationals can get up to AED 10,000 as FAB Islamic Rewards
Car finance for salaried individuals and self-employed applicants
Abu Dhabi Commercial Bank Car Loan
Minimum Monthly Salary - AED 5,000
Fixed Rate - 1.99% p.a.
Reducing Rate - 3.65% p.a.
Get a loan of up to 80% of the vehicle’s value or AED 1,500,000 (whichever is lower)
Flexible repayment tenure of up to 60 months
Insurance finance option
Quick loan approval
Simple documentation process
Get 50 TouchPoints for every AED 1,000 of the loan amount
HSBC Car Loan
Minimum Monthly Salary - AED 10,000
No salary transfer required
Get a loan of up to AED 600,000 depending on your eligibility
Balloon repayment option available
Car loan available for all kinds of 4W drives, saloons, and motorcycles
Emirates NBD Auto Loans
Minimum Monthly Salary - AED 5,000
Get auto loans starting at a low rate of 1.99% per year (flat rate).
Quick loan approvals within half a day, with an easy process and minimal paperwork.
Affordable pricing options for both personal and business vehicles
Choose from flexible payment plans.
Access the bank’s services through numerous branches and secure online/mobile banking.
Conveniently recharge Salik and pay RTA fines online. You can also enjoy special motor insurance rates through the bank’s partners.
Open a bank account for free.
Enjoy a free credit card for the first year.
Can You Get a Home Loan with a 686 Credit Score?
Here are some home loan options available to you at a favourable interest rate when you maintain a good credit score like 686 -
Home Loans
Features and Benefits
Dubai Islamic Bank Government Housing Schemes
Maximum Finance Amount - AED 50,000,000
Maximum Finance Repayment Tenure - 25 years
Minimum Monthly Salary - AED 12,000
Down Payment – At least 20% of the property value
No salary transfer required
Quick loan processing
CBI Home Loan for Salaried Individuals
Maximum Finance Amount - AED 15,000,000
Maximum Finance Repayment Tenure - 25 years
No fees for processing when you refinance your mortgage
You can defer or delay payments for up to 90 days
This offer applies to all finished properties with a Title Deed or Oqood.
You can make free partial payments of up to 40% annually.
Property insurance is provided without any costs
With this home loan, you will receive a free upgrade to CBI First, the bank’s priority banking account.
Get a new Home Loan Savings Account with a 2% annual interest rate and no limits.
Enjoy a Reward Mastercard Credit Card with no fees for life.
Standard Chartered Bank Saadiq Home Finance
Maximum Finance Amount - AED 18,000,000
Maximum Finance Repayment Tenure - 25 years
Get approval for your home loan within 5 minutes.
Benefit from a competitive home loan rate of 2.99%.
Get lifelong property Takaful for free.
Select your preferred loan term (1-5 years).
The home loans are approved by the bank’s Shariah Supervision Committee.
Emirates Islamic Home Finance Manzili
Maximum Finance Amount - AED 15,000,000
Maximum Finance Repayment Tenure - 25 Years
Minimum Monthly Salary - AED 15,000
Get appealing and competitive interest rates tied to the EIBOR.
Only 1% processing fee (no processing fee for buy-outs)
Enjoy a straightforward application process and speedy approvals
Benefit from a low-cost Life Takaful option
Qualify for Priority Banking enrollment (if eligible)
Find financial solutions for transfer, registration, and brokerage fees
Standard Chartered Bank MortgageOne
Maximum Loan Amount - AED 18,000,000
Maximum Loan Repayment Tenure - 25 years
Minimum Salary - AED 15,000 per month
Fixed Rate - 1.89% p.a.
Reducing Rate - 3.4% p.a.
Hacks to Improve Your 686 Credit Score
Here are some quick tips to improve your 686 credit score -
Check Your Credit Report: It's a good idea to regularly look at your credit reports. This helps you see two important things that affect your credit score. First, you can find any loans or credit cards that are hurting your score because of missed payments. Second, you can review the information on your report. This information is valuable for boosting your credit score because if you notice any incorrect negative entries, like missed payments, you can ask your bank and the credit reporting agency (AECB) to correct them.
Monitor Your Credit Card Usage: Don't rely too heavily on your credit card for all your expenses. You should try to keep your credit card usage below 30% of your credit limit to see a positive impact on your AECB score.
Don't Apply for Credit Right After Being Rejected: When a bank turns down your loan or credit card application, it goes on your credit report. If you apply with another bank right away, they'll see your low score and previous rejection which could lead to another rejection. In such cases, it's better to wait for your credit score to improve before reapplying.
Limit the Number of Credit Applications: Another reason to be careful with loan and credit card applications is that each time you apply, the concerned bank checks your credit report with AECB. These checks are noted on your report — multiple ones in a short while can hurt your score, making it seem like you're desperate for credit. Moreover, your score can drop even if you plan to pay back the loan or credit card on time.
Prioritise Loan Payments: If you've been putting off loan payments, it's important to make them a top priority. If you're struggling to meet your monthly payments, talk to your bank about options to make the debt more manageable.
Pay Credit Card Balances on Time: When it comes to credit cards, make sure that you pay the full amount due on your cards or at least a significant part, rather than just the minimum.
Borrow Responsibly: Frequent loan applications or getting close to your credit card limit can lower your credit score as it suggests you're relying too much on credit. Only take out loans when absolutely necessary, and don't max out your credit card limits.
Diversify Your Credit: There are two types of loans — secured and unsecured. If you have too many unsecured loans, it might look bad to banks and lead to loan rejections.
To avoid this, consider a mix of unsecured loans like personal loans and secured loans like car or home loans. Remember that credit cards are also considered unsecured credit.
Easy loan approvals
Credit limit Increased
Reduced Insurance Premiums
