Women Get Less Credit Than Men But Manage It Better - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Women Get Less Credit Than Men But Manage It Better

Women Get Less Credit Than Men But Manage It Better

Add to Favorites:

Men and women may not have achieved equality on all fronts, but when it comes to credit scores the playing field is fairly even. Experian analyzed reports from their consumer credit database in December 2012 to produce a study and an infographic on the differences between men and women when it comes to credit.

Some similarities, some differences

Credit scores were nearly the same, with an average score of 675 for women and 674 for men. Men carried more revolving debt—an average of 4.3% more. Women’s average debt was $25,095, while men carried an average balance of $26,227.

Men also had a slightly higher credit utilization rate of 31% compared with women’s 30% utilization. But the biggest difference between genders was seen in mortgages.

Bigger mortgages, harder time paying

When it came to getting a mortgage, men were more likely to be given bigger loans. The average mortgage for men was 4.9% higher than mortgages taken out by women. They also had a slightly higher rate of late mortgage payments; about 7% higher according to Experian.

Part of the reason that men are given bigger mortgages might be that they still have higher earning power than women. Among full-time workers, men earn approximately 23% more than women the study said.

More on mortgages

Most of the U.S. mortgages are jointly held. Seventy-two percent of consumers have joint mortgages, usually held by a man and a woman. More independent mortgages are held by men than women, except in our nation’s capital. In Washington, D.C., women take out 33% more mortgages than men do.

On a state-by-state basis, Connecticut had the largest gender gap in mortgage amounts. The average mortgage for a man was $229,510, compared with $175,276 for women. And in Florida, which has a high foreclosure rate and where both sexes struggle to make mortgage payments on time, women do a markedly better job managing their debt. In Miami, women have 6.9% less debt than men, and in West Palm Beach, men have a 17.5% higher incidence of late mortgage payments.

Paying on time, using less credit key to good scores

The authors of the Experian study say that whether you are a man or a woman, the most important thing to remember is that late payments, missed payments, and high credit utilization are the fastest ways to sink a credit score.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Credit Scores For The Ages
Credit Scores For The Ages

Posted: December 02, 2013

With age comes credit wisdom, according to a new study by Experian, the credit reporting agency. More seasoned Americans have been taking their credit scores and debt seriously in the past year, while Generation X and the Millennials need... Continue reading
Credit Scores Rise as Lending Grows
Credit Scores Rise as Lending Grows

Posted: December 01, 2014

Experian’s Fifth Annual State of Credit study, released last week, shows an economy continuing on the upswing after years of recession. Continue reading
Homeowners Spending More on Improvements
Homeowners Spending More on Improvements

Posted: March 25, 2013

Nearly three-quarters of homeowners polled by American Express plan at least one home improvement project this year with an average budget of $4,000 for the upgrades. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit