What Does a 708 Credit Score Mean?
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If you have a credit score of 708, you might be wondering what this number says about your financial health and borrowing potential. Is it “good enough” to secure loans or favourable terms?
With so much conflicting information, it’s natural to feel lost. While a score of 708 in the UAE is generally considered good, it can still raise questions about what it truly means for your financial opportunities.
In this article, you will learn the significance of a 708 credit score, what it means for your borrowing potential, and how it can impact your financial opportunities.
Is 708 a Good Credit Score?
Credit scores range from 300 to 900 in the UAE, with categories that include —
| Range of Credit Score | Ranking |
|---|---|
| 746 to 900 | Excellent |
| 711 to 745 | Very Good |
| 651 to 710 | Good |
| 541 to 650 | Fair |
| 300 to 540 | Poor |
Since a score of 708 falls within the "Good" category, it indicates that you are a responsible borrower. This means you typically pay your bills on time and manage your debt effectively, making you a lower risk for lenders than those with lower scores.
While 708 is a solid credit score in UAE, it's important to remember that different lenders may have varying criteria for approval. By maintaining good financial habits, you can keep your score strong and improve it even further.
Credit Cards with 708 Credit Score
With an aecb credit score of 708, you might not qualify for the highest-tier rewards credit cards but you can still find cards that provide excellent perks.
Here are the best credit cards that you can get with a 708 credit score —
| Credit Cards | Minimum Income (AED) | Annual Fees (AED) |
|---|---|---|
| Abu Dhabi Commercial Bank Talabat ADCB Card | 5,000 | Free for life |
| Commercial Bank of Dubai Visa Platinum Card | 5,000 | Free for life |
| Emirates NBD Mastercard Titanium Credit Card | 5,000 | Free for life |
| Emirates NBD U By Emaar Family Credit Card | 5,000 | Free for life |
| Emirates Islamic RTA Card | 5,000 | No annual fee |
| Apply Now | ||
Note: The above-mentioned cards are suitable for individuals with a minimum salary starting from AED 5,000 and with no annual fee.
Personal Loans with a 708 Credit Score
Lenders are generally more lenient with loans. Thus, with a good score like 708, you can get access to competitive interest rates.
Here are the top loan options that you can consider with a 708 credit score in UAE—
| Personal Loan | Fixed Rate (p.a.) | Reducing Rate (p.a.) | Minimum Salary (per month) |
|---|---|---|---|
| Emirates NBD Loan for UAE Nationals | N/A | Starting from 5.99% | AED 5,000 |
| Emirates NBD Loan for Expatriates | N/A | Starting from 5.99% | AED 5,000 |
| Deem Finance Loan | N/A | 15.99% to 34.99% | AED 5,000 |
| First Abu Dhabi Bank Loan for Expats | 2.82% | 5.34% | AED 7,000 |
| HSBC Loan - Salary Transfer | N/A | 6.99% | AED 7,500 |
| Commercial Bank of Dubai Quick Loan | Starting from 7.60% | Starting from 14% | AED 8,000 |
| Apply Now | |||
Car Loan with a 708 Credit Score
When applying for a car loan, a 708 credit score can help you secure lower interest rates compared to borrowers with lower scores.
This can save you money over the life of the loan and may also open up options for more favourable financing terms.
| Car Loan | Fixed Rate (p.a.) | Reducing Rate (p.a.) | Minimum Salary |
|---|---|---|---|
| HSBC Car Loan | N/A | N/A | AED 10,000 per month |
| First Abu Dhabi Bank Islamic Car Finance (UAE Nationals) | 3.19% | 5.98% | AED 7,000 per month |
| First Abu Dhabi Bank Islamic Car Finance (Expatriates) | 3.24% | 6.07% | AED 7,000 per month |
| Abu Dhabi Commercial Bank Car Loan | 1.99% | 3.65% | AED 5,000 per month |
| RAKBANK Car Loans | N/A | N/A | AED 5,000 per month |
| Apply Now | |||
How to Improve Your 708 Credit Score?
To enhance your credit score in UAE, consider the following tips —
- Make Timely Payments: Ensure all bills and loan payments are made on time.
- Keep Credit Utilisation Low: Aim to use less than 30% of your available credit.
- Limit New Cards Purchase: Only apply for new credit cards when necessary to avoid multiple inquiries.
- Review your Credit Report: Regularly check for errors and solve any inaccuracies.
Read our detailed article to learn more about the different ways to increase your credit score.
Check Your Credit Score for Free
Regularly checking your score is essential for tracking your financial health.
You can access your AECB credit score for free through Policybazaar.ae by following a few simple steps —
- On our website, navigate to ‘Check Free Credit Score’ under the ‘Banking Products’ drop-down menu
- Fill out the necessary details to check your credit score
Important: Keeping an eye on your score allows you to make informed financial decisions.
Frequently Asked Questions
Ans: Yes, the scores between the range of 651 and 710 are considered good. This means you are at low credit risk and can pay loans and credit card bills on time.
Ans: A 708 credit score typically allows you to secure personal loans at competitive interest rates. You may qualify for larger loan amounts and more favourable repayment terms, making it easier to finance your needs.
Ans: Yes, you can apply for a home loan with a 708 credit score. You’re likely to qualify for favourable loan terms and interest rates. However, this may include some more factors like debt-to-income ratio and your income.
Ans: With a 708 credit score, you can access various credit facilities, including personal loans, mortgages, and credit cards. Lenders view this score as indicative of a lower risk, making it easier for you to get approved.
| 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 |
