A Complete Guide to Building a Better Financial Future with Help from BankDhofar
If you live in Oman and are planning to apply for a loan, credit card, or mortgage, one of the most important things you need to understand is your credit score. A good credit score can help you get approved faster, access lower interest rates, and build a solid financial foundation.
In this blog, we’ll explain what a credit score is, why it matters, and—most importantly—how you can improve your credit score in Oman. We’ll also show you how BankDhofar can support you every step of the way.
What is a Credit Score?
A credit score is a number that shows how trustworthy you are when it comes to borrowing money. It is calculated based on your credit history, including:
How much money you’ve borrowed
Whether you paid your bills on time
How much of your credit limit you’re using
The types of loans or credit accounts you have
In Oman, the Oman Credit and Financial Information Centre (Mala’a) is the official authority that provides credit reports and scores.
Credit scores in Oman usually range from 300 to 900:
Excellent (750 – 900): You are a low-risk borrower.
Good (650 – 749): You are generally trustworthy.
Fair (550 – 649): You might face some difficulties getting loans.
Poor (below 550): You are a high-risk borrower.
Why is a Good Credit Score Important in Oman?
Having a good credit score in Oman is essential if you want to:
Get a personal loan, home loan, or car loan
Apply for a credit card in Oman
Rent a house or apartment
Negotiate better interest rates
Build trust with banks and financial institutions
Banks like BankDhofar check your credit score before approving any loan or credit application. A higher score increases your chances of approval and gives you access to better loan terms and lower interest rates.
1. Check Your Credit Report Regularly
Your first step in improving your credit score is to understand where you currently stand. You can request your credit report from Mala’a in Oman.
Make sure your report is accurate. Check for:
Any incorrect personal details
Wrong loan amounts or payment history
Closed accounts still marked as active
If you find any mistakes, report them to Mala’a or your bank to have them corrected.
2. Pay Your Bills on Time – Every Time
One of the biggest factors affecting your credit score is payment history. Always make sure to:
Pay your loan EMIs (Equal Monthly Installments) on time
Pay credit card bills before the due date
Avoid missing utility payments (electricity, water, etc.) if reported
Even one missed payment can lower your score significantly.
Tip: Set up automatic payments with BankDhofar to ensure you never miss a due date.
3. Keep Your Credit Card Balances Low
Another important factor is your credit utilization ratio. This means how much of your credit limit you are using.
Let’s say your credit limit is OMR 1,000 and you have spent OMR 800—that’s 80% utilization, which is too high.
Try to keep your usage below 30%. This shows that you are responsible with your credit.
BankDhofar offers credit cards with flexible limits and spending control features to help you manage your usage better.
4. Avoid Taking Too Many Loans or Credit Cards
Every time you apply for a loan or credit card in Oman, a hard inquiry is made on your credit report. Too many inquiries in a short period can lower your score.
Only apply for new credit when necessary. It’s better to focus on managing your current loans and credit cards properly.
5. Build a Credit History – Start Small
If you are new to credit, your score might be low simply because you don’t have enough history.
Start building a credit profile by:
Applying for a starter credit card Oman product with BankDhofar
Taking a small personal loan
Making consistent payments
Over time, your score will increase as you prove you can handle credit responsibly.
6. Maintain a Mix of Credit Types
Having a combination of credit types (credit cards, personal loans, car loans, etc.) can improve your score. It shows you can manage different types of financial commitments.
BankDhofar offers a variety of financial products such as:
Personal Loans
Home Loans
Auto Loans
Credit Cards in Oman
Using different types of credit—responsibly—can help improve your score in the long run.
7. Don’t Close Old Credit Accounts
It might seem smart to close a credit card you’re not using, but it can actually hurt your score.
Why? Because older accounts help increase the average age of your credit, which is a positive factor for your score.
If there are no fees or issues, keep your older credit cards open.
8. Negotiate with Your Bank if You’re in Trouble
Sometimes, life gets tough. Maybe you lost your job or had unexpected expenses. If you’re having trouble paying your bills, don’t wait until it’s too late.
Reach out to your bank early. BankDhofar has a customer-first approach and may be able to:
Restructure your loan
Offer flexible payment plans
Waive certain penalties
Taking action early shows responsibility and can protect your credit score from damage.
9. Set Financial Goals and Create a Budget
Improving your credit score isn’t just about your bank records—it’s also about managing your money wisely.
Create a monthly budget. Know how much you earn and spend. Set savings goals and stick to them.
Use BankDhofar’s mobile banking app to track your expenses and manage your budget efficiently.
10. Use BankDhofar’s Tools to Monitor and Improve Your Credit
BankDhofar provides various tools and services that can support your financial journey, such as:
Loan calculators to plan your EMIs
Online credit card management tools
Mobile alerts for due payments
Financial advice and customer support
By staying connected with your bank, you stay in control of your credit profile and your credit card usage.
Final Thoughts: Take Control of Your Financial Future
Improving your credit score in Oman is not difficult, but it does require discipline, planning, and patience. Whether you are trying to repair a bad score or build a new one, the steps are the same:
Pay your bills on time
Keep your debts low
Monitor your report regularly
Work with a bank that supports your goals
With BankDhofar by your side, you have access to modern banking tools, expert advice, and personalized financial solutions—whether you’re applying for a loan or a credit card in Oman.
Start today. Check your credit score, make a plan, and take the first step toward a stronger financial future.