When you apply for a credit card or loan, Banks determine your credit risk by examining your credit score.

Your credit score is based on the track record of the following things.

• Your payment history (cheques and installments)
• The amount of money you owe to other banks or financial institutions.
• Recent lending activities (credit cards, personal loans, etc…)
• The length of your credit history
• Your payment performance with utilities and telecom companies

In the UAE, you can get your credit score from AECB which is the responsible Governmental body to collect credit data from different entities such as banks, financial institutions, telecom, and utility companies.

The collected financial and credit information from all organizations in the UAE is then used to generate AECB reports and AECB credit scores. Anyone can obtain their AECB credit scores by paying a small fee through AECB mobile application.

Your scores help the banks to identify credit risk associated with lending you the money. In UAE, the score of an individual is ranked between the range of 300 and 900 the higher the score is, the lower you are perceived as a risk to the bank and the chances of you getting approved by the bank are likely high.

Following are some of the effective ways to Keep Your Credit Score Strong

• Always keep monitoring the credit score attentively and precisely. If you find any discrepancies, you can file a report to your banks to make sure that the score is calculated correctly.
• Read all the features, benefits, and terms and conditions, before you get a credit card.
• Compare the best credit cards available in the market.
• By ensuring that you are paying your bills on time and making sure you pay with your credit card balance in full each month or at least make a minimum payment by the due date.
• If you are shifting or vacating a place, update the place in your banking details as soon as possible to avoid losing bills or receiving them late.

You can get your score from the aecb.gov.ae (Al Etihad Credit Bureau) website. You can also apply for the best credit card in UAE  here at Appro and find out and compare the credit cards that you are eligible to apply for.