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Comparison of credit scores of women and men in 2020

 


Women’s earnings have a long way to go to catch up with men, but when it comes to credit, the two groups now share the same average credit score.

According to data from the Experian credit bureau in the first quarter of 2020, women and men now share an average FICO credit score of 705. This is a 1 point increase for women from the second quarter of 2019 and about 10 points for the two groups. since the second quarter of 2015.

Since the Equal Credit Opportunity Act of 1974, the financial services sector has made progress in creating fairer lending practices and in providing women with the same financial privileges as men. And as Mastercard recognizedad Its True Name card initiative in 2019 for trans and / or non-binary consumers, such financial inclusion is also beneficial for members of the LGBTQ + community.

With the average US FICO score at an all time high, one thing is certain: more people than ever can enjoy the benefits of a good credit score as long as they maintain it.

Below, CNBC Select breaks down what a FICO 705 score means and how a good credit score can help you in your life.

What does a 705 FICO score mean

Using Experian estimates, 705 is considered a good credit score on the FICO rating model.

FICO score ranges

  • Very poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very good: 740 to 799
  • Excellent: 800 to 850

With a credit score of 705, you will likely be eligible for a variety of credit products and loans, but at a higher interest rate than someone with a very good or excellent rating. When examining the credit reports of those with a credit score of 705 FICO, Experian found that a third of them had late payments (30 days late), 42% had a car loan and 29% had a mortgage. The average consumer with a good credit rating had 4.7 credit card accounts.

How a Good Credit Score Can Help You

Having a good credit rating has great benefits, such as being eligible to rent a new apartment and saving money on your car or home insurance.

When it comes to your personal spending habits, a good credit score can also help you get approved for a credit card with certain benefits on your purchases. CNBC Select has collected the best credit cards for good credit and Amex EveryDay credit card made the classification for its zero rate period for the first 15 months on purchases and balance transfers (then 12.99% to 23.99% variable APR, see prices and prices). If you never carry a balance on your credit card, you won’t have to worry about earning interest. Note, however, that even with good credit, you can have a higher interest rate than the lowest lenders.

the Wells Fargo Propel American Express Cardalso ranked for its free annual rewards program: 3X points on restaurant meals, orders, gas, carpooling, public transportation, flights, hotels, homestays, rental cars and popular streaming services, and 1X points on all other purchases.

Even if women have caught up with good credit from men, consumers of all genders can continue to increase their scores. Once applicants have reached the very good and excellent credit score range, lenders will likely offer better borrowing terms, such as a lower interest rate on car loans or mortgages.

And with a better credit score in these high ranges, the chances of qualifying for the best credit cards, such as the Citi Double Cash Card which offers no annual fee and 2% cash back: 1% on all your purchases and an additional 1% after paying your credit card bill.

Some of the best cards also give you the chance to win generous sign-up bonuses, such as $ 150 cash back when you spend $ 500 in the first 90 days. TD Cash Credit Card.

How To Improve Your Credit Score

If you feel far behind a score of 705, you are not alone. Experian data shows that 40% of consumers have FICO scores below 705.

The best way to increase your credit score is to pay off persistent balances and focus on all of your payments on time. Ideally, you want to make sure that your total amount of debt is less than 30% of your credit limit (this is called your credit utilization rate).

Signing up for a new credit card can actually improve your credit utilization rate because you will have a higher total credit limit on all of your credit cards. However, having too many recent credit requests on your report can lower your score, so it’s best to do a little research before signing up for cardforaverage credit.

If you have fair or average credit, consider the Capital One QuicksilverOne Cash Rewards Credit Card for a 1.5% discount on all your purchases or Visa Petal credit card, issued by the member of the FDIC WebBank, without any costs and 1% discount on eligible purchases (1.5% after having made 12 monthly payments on time).

When you make full payment on time on your new credit card, you should see your score increase. But if you’re worried that getting a new card will put you in more debt, you can focus on other steps first, such as building an emergency egg nest and using your existing balances.

For rates and fees for the Amex EveryDay credit card, click here.

Information on the Amex EveryDay credit card, the Petal Visa credit card, the Citi Double Cash card, the Capital One QuicksilverOne Cash Rewards credit card, the Wells Fargo Propel American Express card, the TD Cash credit card, were collected independently by CNBC and have not been reviewed or provided by the card issuer prior to publication.

Editorial note: The opinions, analyzes, criticisms or recommendations expressed in this article are those of the editorial staff of CNBC Select only and have not been reviewed, approved or otherwise approved by a third party.

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