Having a good credit score is a reflection of your financial life — and gives lenders and other financial services an insight into how responsible you are when it comes to paying off loans, credit cards and even bills in a timely manner.
This helps them to assess your eligibility when you apply for a credit card, loan or mortgage.
In the UAE, a credit score is a three-digit number that ranges from 300 to 900.
A lower score suggests a higher risk to the lender, possibly leading to an application rejection or reduction of the loan amount. Customers with higher credit scores may be eligible for faster loan approvals, higher amounts and even lower interest rates.
In the UAE, a score of 300 to 619 is typically considered to be “poor”, while 620 to 679 can be interpreted as “fair”. A “good” score is generally in the range of 680 to 730 and if you have a score above 730, it is judged as “excellent”.
How is my credit score calculated?
More than 70 companies, banks and lending institutions provide data to Al Etihad Credit Bureau (AECB) on a daily basis.
The AECB has been calculating credit scores for 4.5 million people and 200,000 companies since 2014.
The factors considered to calculate your credit score are whether you pay bills on time, the number of loan and credit card applications you have submitted and your use of available credit.
How can I check my credit score?
It is quick and easy to check your credit score and report. You can log on to the AECB website to gain access to your credit score for Dh10.50. You can also receive a copy of your individual credit report for Dh84 or pay Dh157.50 for a company’s credit report.
Your credit report will list your credit score and personal details, such as your address, employer and salary.
Each credit facility will show a colour-coded history of payments over the past 24 months. If a payment was delayed by more than 90 days, you will see a red box while delays of up to 90 days after the due date show as yellow and payments made on time or before the due date are green.
Additionally, you will see the number of active loans and credit cards you have, as well as your applications and rejections.
If you are using a credit card, you will see your previous monthly balances and a percentage of credit used (for example, if you use Dh5,000 on a card with a Dh10,000 limit, you will see 50 per cent listed).
Even if you are temporarily working in the UAE or do not intend to apply for a large loan or mortgage, it is still worth checking your report as international lenders may request UAE credit scores.
What if there is a mistake on my credit report?
Another reason to check your credit report is in case of mistakes or fraudulent activity. If you spot a mistake on your report, you can contact the bank or lending institution directly and raise a complaint. Once your mistake is rectified, your credit score should automatically change.
You can also raise a dispute with the AECB and they can assist you with resolving the error. They respond to the website form within 10 working days or you can call them 800 287 328.
If you suspect that someone is using your identity to apply for credit or using your existing credit to make purchases, block your cards immediately and notify the AECB, the bank or lending institution. You can also contact the police in case of stolen identity.
If you are new to the UAE or have not applied for any credit, your report will only list your personal details.
Even if you are temporarily working in the UAE, it is still worth checking your credit report as international lenders may request UAE credit reports
Alison Soltani,
founder of LeapSavvySavers.com
How can I increase my credit score?
It is worthwhile to build your credit score as this offers you access to better deals on loans and credit.
You can increase your score by paying your bills on time — try automating them or setting reminders on your phone. Do not make too many applications over a short period of time. Reduce your credit use — try to limit credit card spending to 30 per cent to 50 per cent of your maximum limit.
If you don’t have a credit score, it may be worth using a credit card for small purchases and paying it in full every month.
Checking and building your credit can protect you from financial errors and fraud, provide a gauge of your financial health and entitle you to cheaper credit, both in the UAE and abroad.
Alison Soltani is the founder of LeapSavvySavers.com
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
UAE currency: the story behind the money in your pockets
ENGLAND SQUAD
Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Brief scoreline:
Burnley 3
Barnes 63', 70', Berg Gudmundsson 75'
Southampton 3
Man of the match
Ashley Barnes (Burnley)
