What Does a 508 Credit Score Mean?

The upcoming table will provide insight into the credit score range in which 508 falls. With this knowledge, we will then explore the credit options available to you with this particular credit score.

Credit Score Range	Score Range Type
300 to 619	Poor
620 to 679	Fair
680 to 730	Good
731 to 900	Excellent

When it comes to assessing creditworthiness, a 508 credit score is generally regarded as a low rating. This particular credit score significantly limits and virtually eliminates the credit opportunities that might have otherwise been accessible to you.

A 508 credit Score suggests that you may not be seen as a reliable borrower. It also indicates that you can encounter challenges when it comes to repaying debts as they become due. Consequently, financial institutions in the UAE may opt to decline your loan and credit card requests.

Thus, to access superior credit services, it is advisable to focus on enhancing your credit score.

Factors That Lead to a Poor Credit Score

Here are some reasons that may lead to a poor credit score -

• Delayed Repayments - It's important to understand that even a couple of late credit card payments can negatively impact your credit score. The more late payments you accumulate, the more negative consequences they can have on your credit history and score.
• Missed Payments - On occasion, unforeseen emergencies can prevent you from meeting your financial obligations. For instance, unexpected medical bills or sudden job loss can make it challenging to fulfil your loan commitments. Any missed payments will be documented in your credit history and result in a credit score decline.
• Insufficient Credit History - If you haven't previously taken out a loan or held a credit card account, your credit history may be limited. This too can lead to a lower credit score.
• Administrative Errors - There are instances when administrative errors or even fraudulent activities can lead to incorrect information appearing on your credit report. Unfortunately, these errors, which are not your fault, can result in a reduced credit score, signalling to potential lenders that you have poor credit.

Can You Get a Credit Card with a 508 Credit Score?

To secure top credit cards in the UAE, it's essential to enhance your credit score from 508, as there's a significant risk of your bank rejecting your credit card application.

After boosting your credit score, various credit card choices become accessible to you — let’s take a look at the most relevant options -

Credit Cards	Features and Benefits
Abu Dhabi Commercial Bank 365 Cashback Credit Card	Minimum Salary – AED 8,000 per month Get a generous AED 365 welcome bonus when you make purchases of AED 5,000 or more within the initial 45 days after receiving your card. Enjoy a 3% cashback on expenses related to utilities, telecommunications, fuel, and Salik. Relish a substantial 6% cashback when you dine out — this includes online food orders. Receive a 5% cashback on your grocery shopping. Take advantage of a ‘Buy 1 Get 1 Free’ offer for tickets at VOX Cinemas. The ADCB 365 Cashback Credit Card is designed to maximise the value of your everyday spending. Earn up to AED 1,000 in cashback every month throughout the entire year, and indulge in various lifestyle benefits, travel discounts, and more. Enjoy a fantastic 12% discount on hotel bookings when you use your card on the Agoda website. Pay no annual fees during the first year of card ownership. Benefit from a 0% interest payment plan for school fees. Make use of a 0% interest payment plan for balance transfers and credit card loans.
Citibank Citi Simplicity Credit Card	Minimum Salary - AED 5,000 per month No annual fee Get 20% immediate discount (maximum AED 14) on grocery and food orders (twice per month) when using the Talabat app. Just apply the promo code ‘MASTERCARD’ during checkout. Enjoy a credit card with no annual fees, late payment charges, cash advance fees, or over-limit penalties ever. This card is designed to simplify your lending requirements with straightforward terms and minimal hassle. Gain access to exclusive airport lounges throughout the Middle East via the MasterCard Travel Pass app. With PayLite, you can convert significant purchases into manageable, smaller payments. Receive free-of-cost supplementary cards for your family members.
Emirates NBD U By Emaar Family Credit Card	Minimum Salary - AED 5,000 per month Free for Life credit card Acquire Upoints while making purchases A 1% reward for all expenditures Enjoy a 5x bonus on expenditures at Emaar establishments Receive 25% foundational Upoints reward for shopping at grocery stores and supermarkets Gain 10% foundational Upoints reward for spending on fuel, government services, and telecommunication payments Avail up to 30% discount on entertainment at Emaar Entertainment Group, which includes The Dubai Underwater Zoo, Kidzania, and Dubai Ice Rink Access a ‘Buy 1, Get 1 Free’ offer on movie tickets at Reel Cinemas Get 5% Upoints cashback for expenses incurred at Emaar malls and when dining or staying at Emaar Hospitality Group hotels and restaurants.
Emirates Islamic Bank Flex Credit Card	Minimum Salary - AED 5,000 per month Free for Life credit card You can enjoy up to 2 ‘Buy 1 Get 1’ Reel movie tickets every month, valid any day of the week. EI SmartMiles – Presenting one of the finest rewards programs in the UAE. For the first time in the UAE, you can redeem EI SmartMiles for any local or international retail transaction with the ‘Instant Purchase’ feature — without any blackout dates. You have the option to exchange your EI SmartMiles for U By Emaar, Emirates Skywards, Etisalat Smiles Points, EtihadGuest, and Intermiles. Furthermore, you can utilise your SmartMiles for redemption across 300 airlines, 180,000 hotels worldwide, and gift vouchers. Enjoy Purchase Protection, which covers lost, stolen, or damaged goods. Benefit from an Extended Warranty that automatically doubles the warranty for items purchased with your card. You can conveniently redeem your EI SmartMiles through the online redemption portal at www.eirewards.ae or via the EI Rewards Mobile App. Obtain up to 4 free-of-cost Supplementary Cards with no Annual Membership Fee. Gain a USD 25 credit for food or beverages at over 900 hotels worldwide through the Visa Luxury Hotel Collection. Transfer balances from your other credit cards to Emirates Islamic and reduce your monthly payments. Ensure secure online shopping with the 3D Secure feature. Transform significant purchases into manageable monthly installments with our Easy Payment Plans. Enjoy the ease, security, and convenience of making payments with Apple Pay, Samsung Pay, and Google Pay. Receive up to 25% cashback on purchases from over 1,500 brands through CashbackSouk.ae.
First Abu Dhabi Bank FAB Rewards Signature	Minimum Salary - AED 15,000 per month Annual Fee – AED 300 or AED 400 Receive a FAB Rewards bonus equal to your first year's annual card fee when you activate and use your card within 30 days of receiving it. Earn up to 5 FAB Rewards on every AED 1 spent on gaming, including expenses on platforms. Collect up to 2 FAB Rewards per AED 1 spent using your card. Instantly utilise your FAB Rewards via the FAB Mobile app.  Access up to two airport transfers annually, starting from AED 40 (within the same city). Enjoy free-of-cost entry to over 1,000 airport lounges around the world. Experience travel perks and discounts through Visa's partners, which include offers from DragonPass Airport dining, Avis Car Rental, YQ Meet & Assist, Agoda, Visa Luxury Hotel Collection, IHG Hotels & Resorts, Booking.com, Jumeirah Hotels, and many others. Enjoy 2 free valet parking services each month at select locations in the UAE. Grab 4 movie tickets monthly for as low as AED 15 on weekdays and AED 20 on weekends at Reel Cinemas, Oscr Cinema, and Cine Royal. On weekdays, get movie tickets starting from just AED 20 at VOX Cinemas Access exclusive discounts at various top golf courses. Unlock even more fantastic benefits through Visa such as dining offers, The Entertainer, and Global Blue. Receive free-of-cost travel insurance coverage of up to USD 500,000. Enjoy Purchase Protection and Extended Warranty, extending for 12 months beyond the manufacturer or retail warranty. Benefit from automatic safeguards against unauthorised transactions or the fraudulent use of your card. If you used your FAB Rewards Signature Credit Card for your travel expenses, you qualify for free Medical and Travel Assistance Insurance for yourself and your family when travelling to a location outside your principal country of residence for up to 90 days. In case unforeseen circumstances prevent you from meeting your credit card payments, your outstanding balance will be covered. Access your FAB account and credit cards instantly using just your Emirates ID, eliminating the need for paperwork. Option to use your FAB for extended gaming sessions, shopping vouchers, or bill payments. You can easily look at your balance, send money, and accumulate Rewards with just a few taps.

Can You Get a Personal Loan with a 508 Credit Score?

In order to secure the most favourable personal loan options in the UAE, it is crucial to enhance your credit score of 508. Failing to do this may result in the rejection of your personal loan application.

Here are some personal loan options available to you once you achieve a higher credit score:

Personal Loans	Features and Benefits
Emirates NBD Loan for Expatriates	Minimum Salary - AED 5,000 per month Borrowing limit extends to AED 2 million. Starting at a 5.99% reducing interest rate — the actual applicable rate will depend on the customer's profile and AECB report. You can request up to 2 non-consecutive deferments within a loan cycle. Obtain Credit Life Insurance to protect your outstanding balance in the event of an unforeseen circumstance. A 7-day return option is available. You'll receive a free-of-cost zero-balance bank account. No need for collateral or a guarantor Initial payment can be deferred for up to 90 days (60 days for Fresh and Top-Up cases; 90 days for Takeovers). Terms and conditions apply. Eligible for a free credit card in the first year, with accompanying miles/points The setup fee for overdraft (OD) is waived in the first year. Loan terms extend up to 48 months Enhance your loan eligibility by demonstrating additional sources of income
Deem Finance Personal Loan	Minimum Salary - AED 5,000 per month Manageable monthly payments No need for salary transfer Simplified documentation process Secure a Deem Personal Loan of up to AED 150,000 No mandatory salary transfer Enjoy peace of mind with budget-friendly instalments tailored to suit your finances. You have the flexibility to repay your loan over a period ranging from 1 to 4 years. Instant Eligibility Check: Just provide your Emirates ID, passport, visa, and IBAN details. Within minutes, the bank will inform you about your eligibility for the Personal Loan. Reducing Rate - 15.99% p.a. to 34.99% p.a.
Dubai Islamic Bank Personal Loan	Minimum Salary - AED 7,000 per month Fulfil your aspirations with DIB Personal Finance. Enjoy an extended grace period of up to 120 days for your first instalment (exclusively for UAE citizens). Borrow up to AED 4 million for UAE citizens and up to AED 2 million for expatriates. Competitive profit rates ranging from 5.99% annually to 21.99% annually, with a reducing balance. UAE citizens can postpone their first instalment for up to 120 days. Expatriates can delay their first instalment for up to 90 days. Special financing options available for eligible UAE citizens Loan terms extend up to a maximum of 48 months. Swift application processing Fixed Rate - 4.9% p.a, Reducing Rate - 5.99% p.a. to 21.99% p.a.
RAKBANK Personal Loan	Minimum Salary - AED 10,000 per month Obtain generous Personal Loan sums at economical interest rates, with the flexibility to repay over a period of up to 48 months for expatriates and UAE nationals (extendable to 60 months for Armed Forces Staff). Transferring your existing Personal Loan from another UAE bank to RAKBANK is now effortless.    After consistently making RAKloan payments for six months, you become eligible for a one-month deferred payment. After a year of regular RAKloan repayments, you can even increase your RAKloan to the original amount.  No need to maintain a minimum balance in your RAKloan account Affordable life insurance options are available. Swift approvals and straightforward documentation process Competitive interest rates ranging from 5.49% to 19.99% reducing rate per annum Apply today and secure an Auto Loan at a flat rate of 2.85% per annum (for customers with AECB Score greater than or equal to 651) Loan processing fees amount to 1% of the Loan Amount (Minimum AED 500 and Maximum AED 2,500). Choose a repayment period of anywhere between 6 to 48 months. Effortlessly transfer your loan from other banks without complications. Enjoy a free-of-cost RAKBANK Debit Card and a personalised chequebook. Benefit from a free RAKBANK Credit Card (exempted from annual fees) and offering low interest rates. Take advantage of up to 2 monthly instalment deferrals per year, subject to paying 6 instalments against the loan. Exclusive deals for UAE national customers (offer valid until further notice). Interest rates start at 4.99% and go up to 19.99% reducing rate per annum. Get a deferral period of up to 120 days for your first Equated Monthly Instalment (EMI). Enjoy flexible repayment schedules, spanning up to 60 months for Ministry of Defence employees and 48 months for other customers. Special Offer for young UAE national customers new to their first job (offer valid until further notice): Personal Loans at a reducing rate of 5.19% per annum for salaries exceeding AED 10,000.
First Abu Dhabi Bank Non Salary Transfer Personal Loan for UAE Nationals	Minimum Salary - AED 15,000 per month Generous personal loan limits extending up to AED 1,200,000  for UAE citizens, featuring adaptable repayment durations of up to 48 months (or up to 60 months for Ministry of Defence personnel). It is not mandatory to transfer your salary to a FAB account — you have the flexibility to settle your payments from your chosen monthly salary-receiving bank account. Access to a personal loan, irrespective of whether your employer is listed among FAB’s approved employers. Inclusive life insurance protection No obligation for salary transfers Fixed Rate - 5.72% p.a. Reducing Rate - 10.49% p.a.

Can You Get a Home Loan with a 508 Credit Score?

Having a credit score of 508 doesn't provide you with a wide array of choices for home loans. Even if, by some stroke of luck, your loan application is accepted, you'll likely face a steep interest rate.

The most effective approach to secure a home loan with a more favourable interest rate is to enhance your credit score. Once you achieve a good credit score, here are the home loan options you can avail of -

Home Loans	Features and Benefits
RAKBANK Home in One	Minimum Salary - AED 25,000 per month Maximum Finance Amount - AED 13,000,000 Home in One synchronises your existing account balances with your mortgage facility, effectively reducing the outstanding balance on which you are charged interest. This results in decreased monthly mortgage payments for you. Once your low-yield deposits are transferred to Home in One, they yield the same interest rate as your facility. Additionally, you can enjoy instant access to your funds. Home in One caters to individuals purchasing homes, whether for personal residence or investment purposes. The account provides all the features of a regular Current Account, including a Debit Card, Chequebook, and Internet and Mobile banking. The interest rate starts from 3 months EIBOR + 1.69% to 3 months EIBOR + 1.99% reducing p.a. For employed and self-employed clients, there's an appealing option of a 3-year fixed rate, ranging from 4.49% p.a. to 4.89% reducing rate p.a. After the fixed rate period ends, follow-on rates start from 3 months EIBOR + 1.79% to 3 months EIBOR + 2.19%. No fees are charged for In Principle Approval (IPA). Benefit from 0% Processing Fee for buyout loans, and a Loan Processing Fee of 0.5% for Salaried Customers and 0.75% for Self-Employed Customers. Special discounted evaluation fees of AED 1,850 are applicable.
Standard Chartered Bank Saadiq Home Finance	Minimum Salary - AED 15,000 per month Down payment of 20% Maximum Finance - AED 18,000,000 Maximum Tenure - 25 years Obtain approval for your home finance within a mere five minutes Benefit from an exceptionally low interest rate of 2.99% for your home finance. Receive free-of-cost lifelong Property Takaful coverage. Select your preferred fixed term, ranging from 1 to 5 years. Rest easy, as the bank’s offerings are endorsed by its Internal Shariah Supervision Committee, ensuring a worry-free banking experience
Emirates Islamic Home Finance Manzili	Minimum Salary - AED 15,000 per month Downpayment of 25% Maximum Finance Amount - AED 15,000,000 Maximum Finance Repayment Tenure - 25 years Competitive profit rates tied to EIBOR, making it an attractive option A processing fee of 1% (buy-outs have a 0% processing fee) Simple paperwork and fast approval process for your convenience Affordable Life Takaful rates for added financial security Eligibility for Priority Banking enrollment Financial solutions offered for transfer, registration, and brokerage fees
Standard Chartered Bank MortgageOne	Minimum Salary – AED 15,000 per month Downpayment of 20% Maximum Loan Amount - AED 18,000,000  Maximum Loan Repayment Tenure - 25 years Your checking account and home loan are linked, and the interest you pay is based on the gap between your loan balance and the money in your account. This way, you can pay off your mortgage faster and reduce the interest compared to a regular home loan. Fixed Interest for 2 Years at 3.4% - You can now easily budget without worrying about fluctuating interest rates. Balance Transfer - No processing fee when you move your home loan to the bank Shorter Loan Term - As more of your payments go toward your principal amount and less to interest, you will be able to pay off your loan quicker. Interest Savings - Interest is calculated daily based on the difference between your loan balance and the funds in your account. Withdrawal Option - You can access the interest that you save and the money in your account whenever you need it. Total Flexibility - Loans available up to AED 18 million for approved residential properties, whether they are completed or under construction.
ADIB Home Loan for Expatriates	Minimum Salary - AED 15,000 Downpayment of 25%  Maximum Finance Amount - AED 15,000,000 Maximum Finance Repayment Tenure - 25 years Interest rates can be as low as 3.75% per year. The bank offers a discounted rate for financing the payments needed for property handovers. ADIB covers the cost of property insurance (Takaful). You can finance up to 75% of the property's value. No fees applicable if you choose to pay off your loan early when selling the property. Get pre-qualified instantly. You have the option of a grace period of up to 6 months. ADIB will take care of the property insurance throughout the entire loan tenure.

Can You Get an Auto Loan with a 508 Credit Score?

Obtaining a favourable auto loan is challenging with a credit score of 508. To secure the most advantageous auto loan, it is advisable to work on enhancing your credit score first.

Once you've successfully improved your credit score, here are the top auto loan choices available to you -

Car Loan	Features and Benefits
Abu Dhabi Islamic Bank Car Finance	Minimum Salary - AED 5,000 per month Maximum Finance Amount - AED 500,000 or up to 80% of the car’s value Flexible Finance Repayment Tenure - 60 months
Emirates NBD Green Auto Loan	Minimum Salary - AED 5,000 per month Exclusive pricing discounts available for specific electric vehicles as a part of the bank’s environment-conscious Go Green program. Receive loan approvals within half a day
Emirates Islamic Bank Green Auto Finance	Minimum Salary - AED 15,000 per month Enjoy 50% off on processing fees Benefit from an attractive profit rate, starting as low as 2.49% per annum (equivalent to a reducing rate of 4.72% per annum). Secure financing for up to 5 years Access financing options for both new and pre-owned vehicles No need for mandatory salary transfers

Can You Get an Insurance Plan with a 508 Credit Score?

Your 508 credit score can have an impact on the rate you pay for insurance. This is because insurance companies consider it a risk to provide coverage to individuals with poor credit, leading to higher premium costs for you.

To secure the most favourable insurance plans at a cost-effective premium rate, it's essential to work on enhancing your credit score.

Hacks to Improve Your Credit Score

Here are some tips to boost your 508 credit score -

• Check Your Credit Report: It's a good idea to regularly review your credit reports for two important reasons. First, you can identify any loans or credit cards causing your score to drop due to missed payments. Second, you can examine the information in your credit report. So if you spot any incorrect negative entries like missed payments, you can reach out to your bank and the credit reporting agency (AECB) to fix the issues.
• Monitor Your Credit Usage: Don't rely solely on your credit card for all your financial transactions. Try to keep your credit utilisation ratio at 30% or lower. Following this rule will have a positive impact on your AECB score.
• Avoid Frequent Reapplication After Rejection: If your loan or credit card application is denied, that information is recorded in your credit report. Reapplying immediately with a low score and a previous rejection can lead to another rejection. It's better to wait for your credit score to improve.
• Limit Credit Applications: Another reason to cut down on loan and credit card applications is that each application prompts the bank to request your credit report from AECB — all such inquiries are noted on your report. Too many inquiries can negatively affect your score, making it seem like you're seeking a lot of credit. Your score may drop even if you intend to repay the loan or credit card on time.
• Prioritise Loan Payments: If you've been delaying loan payments, it's essential to make timely payments a priority. If you're struggling to meet your Equated Monthly Instalment (EMI), talk to your bank about options to make your debt more manageable.
• Pay Credit Card Balances on Time: When it comes to credit cards, it's wise not to get too close to your credit limit. Pay the full amount due on your cards, or at least a significant portion, instead of just the minimum.
• Minimise Borrowing: Frequent loan applications or approaching your credit card limit too often can lower your credit score, suggesting you're seeking a lot of credit. Only take out loans when absolutely necessary and avoid getting close to your credit card limits.
• Diversify Your Credit Types: There are two types of loans: secured and unsecured. Having too many of any type of loan can make banks view you negatively, potentially leading to loan rejections. To counter this, consider a mix of unsecured loans (like personal loans) and secured loans (such as car or home loans). Keep in mind that credit cards also fall under unsecured credit.

Paisabazaar 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

Guide for Credit Score in UAE
What Affects Your Credit Score in UAE ?	Credit Score You Need to Buy a House in 2025
How to Improve Credit Score in UAE	500 Credit Score: Good or Bad?
Minimum Credit Score required to get a car loan in UAE	AECB Increases its Scoring Capacity
What is a Good Credit Score in UAE?	Minimum Credit Score required to get a Credit card in UAE
How Long Does It Take to Improve Your Credit Score in UAE	What is a Bad Credit Score in the UAE?
Reasons for Low Credit Score in UAE