What Does a 714 Credit Score Mean?
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Your credit score in UAE plays a crucial role in your financial life. It influences whether you can secure loans, credit cards, or even rental agreements. Among the myriad of credit scores, a 714 credit score stands out as a significant benchmark.
This score signals to lenders that you manage your financial obligations responsibly. While it may not unlock the absolute best financial products, it's certainly a positive indicator that you’re nearing excellent credit status.
This article will delve into what a 714 credit score in the UAE means, its implications for your financial opportunities, and how you can improve it.
Is a Credit Score 714 Good or Bad?
A 714 credit score lies in the ‘good’ credit range. Simply put, it shows that you maintain your financial commitments well. However, interpretations can vary among lenders — each bank might weigh different factors in your credit profile.
While you may qualify for many financial products, there’s still potential for improvement to reach the excellent credit category.
What Can a 714 Credit Score Get You?
With a 714 aecb credit score, various financial opportunities become available. Let’s take a look at the major categories —
714 Credit Score Credit Cards
A good credit score in UAE opens the door to a variety of credit cards. You might qualify for cards that offer incredible perks such as cash back or travel rewards.
However, the most exclusive credit cards may still be out of reach, often requiring further improvement in your score for approval.
Here are the top 714 credit score credit cards available for you —
| Credit Cards | Minimum Income (AED) | Annual Fees (AED) |
|---|---|---|
| Emirates NBD U By Emaar Family Credit Card | 5,000 | Free |
| Abu Dhabi Commercial Bank LULU Titanium Credit Card | 5,000 | Free |
| Commercial Bank of Dubai CBD One | 5,000 | Free for the first 36 months |
| Emirates NBD Go4It Gold Credit Card | 6,000 | 103.95 |
| Citi Cashback Card | 8,000 | Free for the 1st year |
| Apply Now | ||
714 Credit Score Personal Loans
If you have a score of 714, you are eligible for loans with reasonable interest rates. This can be particularly useful for consolidating debt or financing major purchases.
Given below are the top cards —
| Personal Loan | Fixed Return (p.a.) | Reducing Rate (p.a.) | |
|---|---|---|---|
| NBQ Loans for UAE Nationals | 4.55% - 4.65% | N/A | |
| First Abu Dhabi Bank Loan for Expats | 2.82% | 5.34% | |
| First Abu Dhabi Bank Loan for UAE Nationals | 4.74% | 4.89% | |
| Dubai Islamic Bank Loan | 4.9% | 5.99% - 21.99% | |
| First Abu Dhabi Bank New to Country Loans / New to Employment Loans | 3.24% | 6.07% | |
| Apply Now | |||
Note: The options in the table above are for individuals with a monthly salary of AED 7,000 or more.
714 Credit Score Car Loans
For those seeking auto loans, a 714 credit score can lead to better interest rates compared to those with lower scores. However, ‘good’ credit interpretations may differ among auto lenders. It’s wise to compare offers from different sources, including banks, credit unions, and online lenders.
Here are some top auto loan options available —
| Car Loan | Fixed Rate (p.a.) | Reducing Rate (p.a.) | Minimum Salary (per month) |
|---|---|---|---|
| Abu Dhabi Islamic Bank Car Finance | N/A | N/A | AED 5,000 |
| Emirates Islamic Bank Green Auto Finance | 1.89% | 3.61% | AED 5,000 |
| First Abu Dhabi Bank Islamic Car Finance (Expatriates) | 3.24% | 6.07% | AED 7,000 |
| First Abu Dhabi Bank Islamic Car Finance (UAE Nationals) | 3.19% | 5.98% | AED 7,000 |
| HSBC Car Loan | N/A | N/A | AED 10,000 |
| Apply Now | |||
Note: Consider getting pre-approved for an auto loan to enhance your bargaining power at the dealership.
A preapproval letter demonstrates that you’ve done your homework, potentially leading to better financing terms.
Just keep in mind that this may result in a hard inquiry on your credit report.
How Does a 714 Credit Score Impact Interest Rates?
Lenders view this AECB credit score as indicative of good creditworthiness. However, while this score results in reasonable interest rates, it doesn't place you in the lowest possible bracket — you may get slightly higher rates compared to those with scores in the higher 750s or above.
Improving your credit score can lead to better rate offers, translating into significant savings over time.
How to Improve Your 714 Credit Score?
To enhance your 714 credit score, consider adopting the following strategies —
- Reduce Outstanding Debt: Focus on paying down existing debts to improve your credit utilisation ratio.
- Check Your Credit Report: Regularly review your credit report for errors or unfamiliar activity. Address discrepancies promptly to maintain an accurate credit profile.
- Make Payments on Time: Consistently paying bills on time is one of the most effective ways to boost your credit score.
- Limit New Credit Applications: Each time you apply for credit, it can temporarily lower your score. Be strategic about new credit inquiries.
There are some more ways to help you increase your credit score. Read our article to learn about them in detail.
How to Check Your Credit Score for Free?
Monitoring your credit score in UAE is essential for maintaining financial health. Policybazaar.ae allows you to check it for free!
Go to ‘Check FREE Credit Score’ under the ‘Banking Products’ drop-down. Fill out the form with relevant details to make a free check!
This can keep you informed about your financial standing and identify areas for improvement.
Frequently Asked Questions
Ans: With a credit score of 714, you can access a variety of financial products such as loans, free-for-life credit cards, car loans, and mortgages.
Ans: Yes, a 714 score is considered good. It indicates that you manage your credit responsibly and are likely to repay borrowed money on time. While it’s a strong score, there is still room for improvement to reach the excellent range (typically above 750).
Ans: With a 714 credit score, you can qualify for a loan at competitive interest rates. However, to access the lowest rates typically offered by lenders, you generally need a score of around 746 or higher.
| 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 |
