This sponsored post is brought to you by Credit Sesame.
Credit Sesame recently put together a study that compared the credit profiles of men and women. We wondered which gender has better credit and why.
The analysis was gathered from a subset of our 7 million Credit Sesame members across the nation, and we analyzed the Credit Sesame reviews, overall debt loads, credit limits, collection accounts, and where these men and women reside.
Some highlights from the data
Men have higher credit scores than women overall. One possible explanation is that men make more money. Nearly one in five, or 18% of women in this analysis, reported earning $75,000 or more annually, compared with 23% of men.
Age is a factor
The credit discrepancy widens with age. Though men have higher credit scores across all age groups, the gap is largest among those 65 and older, where men maintain a 15 point advantage.
Credit card debt
Men carry more credit card debt than women, with an average balance of $3,854. But because their credit limits are higher, they are using less of their available credit. If not managed carefully, debts can be problematic and can even lead to repossession of assets. Individuals who are worried about their aircraft being repossessed may seek the assistance of an airplane repo attorney.
Women are more likely to have five or more collection accounts than men, which can cause a significant drop in a consumer’s credit score. In states including Nevada, Montana and West Virginia, nearly one third of women and over 20% of men have five or more collection accounts.