When it comes to credit, your skill shows in your scores. But if you’ve got a competitive side and you’re comparing between men and women – who would your money be on? New survey findings from the team here at Experian show that women take top honors by a nose and it’s men who need to tighten up their habits. Overall, women have better credit scores, lower average debt, lower mortgage amounts (with fewer late payments), and while they have more credit cards, they use them less than men.
- Women’s average credit score is 675 compared with men’s average score of 670
- Women have 3.7 percent less average debt
- Women have 23.5 percent more open credit cards
- Women’s revolving credit utilization ratio is 4.2 percent lower
- Women’s average mortgage loan amount is 7.9 percent less
- Women have a lower incidence of late mortgage payments by 8.1 percent
The study also looked at vehicle preferences among the sexes and found that women are more likely to purchase a more functional, utilitarian vehicle, while men tend to lean toward sports cars and trucks.
See the news release for more information and deeper insights on this study – and if your behaviors need a tweak in the right direction, look around here for more information on how to take better care of your credit.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.