Category: Credit

Top 5 Factors that affect your Credit Score in UAE

At present, Your Credit Score has become very important in UAE, Banks decide your eligibility for loans, credit cards, and other products based on your credit score and report. Many unexpected businesses are looking to credit score and deciding what your creditworthiness is, large corporate employers are also started checking your credit history, as per recent news a Real estate companies also checking your credit score before giving an apartment on rent, There are hundreds and many factors that affect the credit score. Meanwhile, we take look at the top 5 factors that affect your credit score. 1. Payment History 2. Credit usage 3. Age of credit history 4. Types of credit 5. Recent credit inquiry /applications Payment History Payment history is the most important part of your credit score, Globally it decides the 35% to 40% of your credit score. If you had lent some money from a lender the first question you will hear is “When you will return it”? So the longtime on-time payment will be best for your credit scores. While missing a payment could hurt them. Serious repayment issues, like write-offs, collections, bankruptcy, repossession or foreclosure can devastate your credit score, which may also make

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Credit
Money Mall Team

Najm Launches New Range of Credit Cards

Najm Cards – MAF Launches New Range of Credit Cards With Najm Cards – Get the best cashback rewards and the most attractive redemption value with great savings through exclusive Najm discounts and special offers for daily lifestyle spends in Carrefour and Five Najm Cards to choose from, you’re sure to find one that suits your need NAJM CARDS FEATURES  OTHER BENEFITS ON ALL MAJOR NAJM CARDS Interest free period : Up to 55 days of interest free period and minimum payment of 5% or 100 AED whichever is higher. The rate varies between 3.25% to 3.69%. Balance Transfer offer : Transfer your balances to Najm Credit Cards and get preferential rates for 6, 9 or 12 months Fx Rates : The foreign currency rate applicable on overseas transactions is 3%. enajm portal and app to easily manage your credit card transactions with najm online Najm Online Payment: No more payment ATM ques with Comprehensive payment options including Emirates NBD,Mashreq Bank,Citi Bank,HSBC Bank,UAE Exchange,Al Ansari Exchange, Al Ghurair Exchange, Redha Al Ansari Exchange & more.

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Bank News
Money Mall Team

Understanding your Credit Report in UAE

What is a Credit Report in UAE?  Credit Report is a document contains your personal identity information, details of your credit cards, loans, utility bills, and other credit facilities, along with with your payment and bounced cheque history. What’s included in my credit report in UAE? Record of previous and current credit facilities. The amount you have borrowed and the repayment term was chosen and the interest to be paid. Payment history for the last 2 years. There is a detailed payment history section in your report that will mention the amount paid each month towards each loan. Overdue payments will also be mentioned. If there are any payments overdue as you missed paying them, then it will be mentioned in the credit report. Record of default, if any. If you have defaulted on your payment, it will show on your credit report. This is one of the major factors that lead to your loan application rejection. Credit Inquiries, All your recent applications, and inquiries have done to the different financial institutions. What does my Credit Report data use for? Banks will use your credit report and score to decide whether to lend you money and the interest rate at

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