Credit history in Dubai/UAE

Credit History Defined

A credit history in Dubai/UAE is simply a detailed statement of compiled past borrowings on personal loans and credit cards , by agencies involved in the credit rating business. Information is gathered from internal and external sources and this gathered information is the one used to generate and rate your credit rating profile in Dubai/UAE based on your credit cards and personal loans history. Information is gathered from various sources, by these credit rating agents in UAE, form your, credit limits on credit cards , history on payments of emi personal loan instalments, savings and current account bank balances, utilization of available credit limit against your capacity , work history in Dubai/UAE, your residential address in UAE and also your home country address amongst other elements.

When you procure a personal loan in Dubai/UAE, or a credit card in Dubai/UAE, Banks in Dubai/UAE , will first asses your credit score, which is in some cases referred as to the credit rating computed by your historical personal loans and credit cards findings, and this is used to come up or determine the level of risk associated in advancing you either a personal loan, auto loan, credit card, or home loan in Dubai/UAE. When you lodge in an application for financial assistance (credit card or personal loan in Dubai) of whatsoever nature in a bank or financial institution in Dubai/UAE, for instance, a bank will use your credit score to make a prudent and an informed decision based on your profile, and they solely decide whether or not to offer you credit, which may be granted in the form of a personal loan , or credit card , and your profile also determines the rate of interest to be set on your application, and the manner in which you would have handled your credit in your prior years, is definitely considered and taken into account. Various banks will adopt and use vast criteria which they find deem and necessary, to pin your risk profile and come up with a credit score, this is solely and purely at their discretion

Credit Rating Components?

Your borrowing trends, characteristics and habits, will definitely be factored in and included on your credit rating, and based on these findings, any lender from any financial institution, may measure the exposure to risk in which they put themselves, if they are to engage with a client. The results of this chat (the credit score) is the one which then takes a leading role, to determine whether the prospective client will be awarded any form of credit( personal loan and credit card ) from the bank in Dubai/UAE. Below listed are the factors considered:

  • Your Fist and last name as written on your passport
  • Your Residential address in Home Country and in Dubai/UAE
  • Your previous residential address in Home Country and or in Dubai/UAE
  • Your date of birth
  • Your bank accounts both savings and current
  • Your credit cards and their prescribed limits
  • Legal history, and any cases for or against you
  • Any history of filing for bankruptcy
  • Your late payment charges
  • Information of person(s) you have joint accounts with e.g husband or wife
  • Your history, if any, with the police, messenger of court, deputy sheriff, bounced cheques, returned DDA, returned DSR, etc.

In 2013, rental income or rental payments, which accrue on a monthly, quarterly, half year, or annual period, started being considered in the calculation of credit rating through their effect on diluting mortgage equated instalments and payments. The inclusion of mortgage in the credit rating arena simply measured the discipline level of participants on the credit market thus the timing at which one settles their rental cheque in Dubai/UAE will definitely affect and influence the credit rating of that particular client, and on a more positive note, a client in Dubai/UAE who always settles their rent cheques as and when due, will score higher, compared to the latter, who delays due payments, as a result, he/she who settles rentals on time will have access to vast financial resources as compared to the other who delays.

Where do I stand with regards to credit rating?

The most powerful tool on earth on solving any emanating problem, is defining it, and the concept is the same with regards to credit rating, it is key to know where you stand on this subject and as a result, you may fully track your rating and determine how good or bad it is , then put in extra efforts to score a much more significant credit score. In many countries, all participants on the credit market have a sole right to check on their credit rating through online platforms such as noddle service amongst others, these platforms are for free and accessible to all members of society.

This goes a long way in reducing the rejection rate when applying for credit and this will go a long way on planning, but it’s key to input one application at a time, and it is not prudent, to continuously check credit rating over and over again.

Credit Rating-Issues?

Credit rating for any individual made up of many issues and it’s key to look into these issues deeply, these issues include but are not limited to:

  • Inadequate information –borrowing history is key for lenders and banks in Dubai/UAE , to assess the credit worthiness of an individual before they offer him or her personal loans and or credit cards.
  • Debt profile – Your debt profile will definitely influence and affect the manner in which your application will be processed in Dubai/UAE. Your ability to procure more credit definitely depends on your ability to settle your existing debt, and your existing debt will definitely affect and impact, your ability to procure more debt.
  • Charges with regards to late payments or missed timely payment – late payments are a contributing factor to the way in which credit is rendered, the issue on late payments and missed payments is key, and ought to be taken seriously in credit history issues in Dubai/UAE.
  • Legal cases for and against any party are key in determining the credit history of any client in Dubai/UAE.As a result, it is key to keep your credit history clean and sweet for you to be able to access credit cards in Dubai/UAE.
  • Errors detection – It is key to promptly detect any emanating errors and put across corrective measures, be it from an individual’s perspective or from the side of the bank, once these errors are rectified, it improves the credit score of that client with banks and financial institutions in Dubai. Errors may occur on the bank statement, for instance, a withdrawal captured twice in error, or a transfer return charge yet there was no return

Improving your credit rating?

Any adverse credit history or credit worthiness is not a permanent event and as a result, there are remedies which may be taken to improve the rating over a period of time in Dubai/UAE. Time is one of the natural methods which may be used to remedy bad credit history in Dubai/UAE. For instance, a client who has cheque return charges, may only need to pay off the charges and wait for three months, thereafter, the charges will naturally fall off the bank statement and the file is clean again for the purpose of personal loan application or credit card application.

It is however key, to always make payments in full and on time, so as to avoid a nasty situation of cheques bouncing etc. If you anticipate a heck-up, it’s key to inform your bank or lender before they take punitive measures or action against you.

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  • Documents required for loan application

    1-Passport copy

    2-Visa copy

    3-Emirates ID front and back copies

    4-Salary certificate/3 Months Payslips

    5-Three months bank statement/Salary slips/WPS Statement

    6-Credit card copy (face)

    7-Credit card statement

    8-Security Cheque

    Loan amount 10 000-300 000 (AED)

    Salary must be minimum 4000 (AED) +

    Do you have a credit card? If so, what is the limit?

    Do you have a loan from another bank ?

    Do you have benefits at work for example accommodation, insurance, commission, bonus, overtime, transport, air-ticket or uniform?

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  • Documents required for SME Partner-loan application

    1-Passport copy
    2-Visa copy
    3-Emirates ID front and back copies
    4-Six months bank statement
    5-Credit card copy (face)
    6-Credit card statement
    7-Memorandum of Agreement (MOA)
    8-Tenancy Contract
    9-Copies of invoices (optional,increases chance)
    Loan amount 10 000-300 000 (AED)

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