Women edging men in the battle of credit smarts
Women are juggling more credit cards than men, so you might think they have a harder time managing their debt and payments. But according to a recent study by Experian, it's not so.
American women have, on average, 3.7 open credit cards, which is 23 percent more than their male counterparts. Yet women are carrying less card debt, use less of their available credit and make more on-time payments than men.
All of this has led to their 2015 average credit score standing five points higher than the average male score, at 675 vs. 670. When Experian conducted a similar study in 2013, women’s scores averaged 675. Men’s scores have dropped from 674 two years ago.
The fairer sex’s edge in financial management is not limited to credit cards, however. The Experian study found that women also manage their housing debt better, carrying lower mortgage balances and making fewer late mortgage payments.
The credit reporting agency’s analysis was based on a statistically relevant sampling of depersonalized December 2015 data from Experian’s consumer credit database. The study findings were released March 15.
To use the graphic on your site, use the following code:
- Going cashless? Millennial women in the South lead the way – While three in 10 Americans say they never or rarely carry cash anymore, millennial women in the the Southeast and Southwest are leading the way, a Capital One study finds ...
- Cardholders desire security features from their mobile wallets – The No. 1 desired mobile wallet feature: A "No, I didn't buy that" button ...
- Half of new credit accounts are opened online – Half of new credit accounts are opened online, but the percentage differs by generation, a Jumio survey finds. For example, millennials lead in starting and completing a credit application by smartphone ...