What Does a 746 Credit Score Mean?
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Credit scores in the UAE represent an important indicator of your creditworthiness. Banks and financial institutions scrutinise your credit reports before deciding on your request for new credit (loans, credit cards, and more).
If you check your credit score and are aware of what it means, it will be easier to identify eligible credit facilities available as per your profile. This will also help you create a plan for improving your credit score if required.
In this article, we will talk about a 746 credit score and address some crucial points and queries in the context like ‘Is 746 a good credit score?’ What types of financial instruments are available with it?
Understanding this credit score is a good place to start.
What Does a 746 Credit Score Mean?
Have a look at the table below for a general categorisation of credit scores in UAE and where the 746 credit score falls -
| Credit Score Range | Category | Star Rating |
|---|---|---|
| 746-900 | Very High | 5 |
| 711-745 | High | 4 |
| 651-710 | Medium | 3 |
| 541-650 | Low | 2 |
| 300-540 | Very low | 1 |
As seen in the table, a 746 credit score falls in the ‘very high’ credit score range. With this credit score in UAE, you can expect quick approvals for most of your credit facility applications provided you qualify other criteria.
Banks view applicants with credit scores of 746 or higher as creditworthy and may even approve their applications at lower interest rates and other beneficial terms.
How to Get a 746 Credit Score?
In case your credit score is in the lower categories, you can consistently follow a few steps to improve your credit score and take it to 746 and beyond!
- Clear all your bills on time: This is among the most important factors affecting your credit score. As late repayments can bring down your credit score, you should make sure to punctually clear your bills at the set frequency.
- Check your credit report regularly: Make sure to go through your credit report once in a while to ensure that all the information is accurate. Errors in your credit report make for yet another factor that can hurt your credit score.
Note: Make sure not to go overboard. Checking your credit report frequently can also affect your credit score.
- Avoid closing old credit accounts: With your credit age being another important factor here, closing old credit accounts can cause considerable damage to your credit score. Thus, try to keep your old accounts open and active to show a long credit history.
- Use different types of credit: An oft-ignored aspect of credit score composition is the credit mix. If you are seeking to improve your credit score, you should have a diverse mix involving credit cards, loans, and more to demonstrate your ability to manage various credit types responsibly.
- Keep your credit inquiries to a minimum: Applying for multiple credit cards or loans is detrimental to your credit score. Only apply for credit when you need it and make sure not to apply for multiple credit instruments at a time.
- Pay off your debt: Paying off your debt can help improve your credit score and reduce the burden of debt. Try to pay off any outstanding debts as soon as possible.
- Maintain low credit utilisation: Credit utilisation refers to the amount of credit that you are currently using compared to your total credit limit. To maintain and improve your credit score, it is advisable to keep this ratio on the lower side (ideally below 30%).
- Be patient: It takes time to improve your credit score, so be patient while following all these tips.
It’s worth noting that the points discussed above hold true for individuals with a credit score of 746 as well. Credit scores are dynamic and can fall off if you’re not responsible with your debts and finances.
What Can a 746 Credit Score Get You?
With this credit score in the UAE, you can secure a loan at lower interest rates and have good chances of getting approved for credit cards with higher limits and better rewards. With a high credit score, you can also negotiate better terms and rates for personal loans or mortgages.
Let’s now take a look at the options available for individuals with a credit score of 746.
Credit Cards for 746 Credit Score
A 746 credit score can help you qualify for almost any credit card that you are eligible for (as per your nationality, income, and other factors) in the UAE. With this credit score, you can quickly obtain any credit card if you meet the stated requirements and may get to enjoy lower rates and better rewards as well.
Personal Loans for a 746 Credit Score
Personal loans generally have the most lenient requirements in terms of credit scores compared to other loans and credit cards. With a credit score of 746, you can seamlessly get any personal loan in UAE for which you are eligible as per your salary and other factors. What’s more remarkable is that this credit score will also allow you to bargain effectively for lower personal loan interest rates.
Home Loans for a 746 Credit Score
A good credit score is essential if you want to obtain a home loan in the UAE. With a credit score of 746, you can easily do that. In fact, you would be able to obtain mortgage loan products with quick approvals, attractive interest rates, and large loan amounts.
Auto Loans for a 746 Credit Score
Similar to other loans, a high credit score such as 746 can assist you in obtaining easy approvals for auto loans at interest rates as well.
Insurance Plans with a 746 Credit Score
Compared to the credit instruments discussed earlier, the impact of credit scores on insurance approvals is considerably less. However, insurance costs in the UAE may be affected a bit by credit scores.
To determine a person's risk profile, insurance providers may consider credit scores throughout the underwriting process. Higher credit scores reflect prudent financial behaviour and are linked to decreased risk. Lower insurance premiums may often come as a reward for those with better credit scores. Thus, with a 746 credit score, you can expect considerable savings on insurance premiums.
How to Check Your Credit Score for Free?
While applying for credit cards or loans with Policybazaar.ae, you can check your credit score range for free. For this, you can click on the ‘aecb credit score’ icon on the homepage or locate the relevant option under the ‘Banking Products’ header. Once you are on our credit score page, fill out the form and follow the prompted steps to access your credit score range for free!
In case you want to check your credit report, you would need to visit the official AECB website. Note that a fee would apply in this case.
To Conclude
As long as you meet the other qualifying requirements, you can easily get most of the required financing and credit options with a 746 credit score. On top of quick approvals, you would also be able to negotiate better terms and conditions.
Whether you wish to achieve a credit score of 746 or maintain it (if you have it already), you would be required to follow a few tips over time - this includes making timely payments, using credit facilities prudently, and maintaining a good mix of credit portfolio over time.
When you apply for a credit card or a loan with Policybazaar.ae, you can check your AECB credit score range for free!
Policybazaar UAE – Helping you navigate the wilderness of the insurance world!
| 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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