Do Women Have Better Credit Scores Than Men?

Finance Friday is always fun when the hubby drops by the blog to share some tips with us. Read the details, below:

Yes. The argument has just begun lol. This is actually not a debate as I have seen over 8400 credit reports in 5 years and the numbers are about the same now vs 5 years ago. In short, this blog post will explain a couple of reasons why most women have better credit scores than men. Its not that men don’t have great credit. Its the fact that more women simply care more about their credit scores and reports.

Men, like we always do, seem to let our ego get in the way and act as if we know it all when in most cases, we don’t. This post is not to belittle men as I myself fell victim to this before and if it wasn’t for my wife , we wouldn’t have accomplished as many goals as we did. So trust me, I understand first hand. As you read this, don’t take anything personal as this is not all women or men, but it is most. Let me break down why.

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Women Simply Care More About Their Credit

Im not sure if there was an easier way to it but women simply care more when it comes to their credit than men do. Women make the same mistakes that men do but, they have no problem looking for someone to help them improve their credit score. Most women actually care about having better credit scores. Men on the other hand sugar coat the issue and believe that they have all of the answers. I truly believe that because of our ego, we put a limit to our success and in this case, our (men) credit scores. I have personally spoken in front of many audiences and during my many presentations, the women are taking notes and being more attentive.

For the most part, men fell like there is no room for credit improvement or that there is no mistakes at all in their financial lives. Men feel like their money is being graded by home much they make. Because of this, we end up paying cash for everything which is good and bad. Its good because it doesn’t create unnecessary debt. Its bad because we feel that if we pay cash, others can see how we are doing based on material things and how we pay for them.

 

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The Problem With Women That Have Great Credit

We all know that most women have great hearts and they like helping people. The problem with this is that some people take advantage of them. For example, cosigning for a loan, living space, cell phone, credit card, or etc. I am not saying that cosigning is bad, but there is a time when you should do it and when you should stray away from it. 

This eventually leads to lower credit scores because the person without the best credit becomes late on payments, misses payments, or closes out the account with an open balance due. Of course, this does not happen all the time but, why put yourself in a situation that you can not control 100%?


What Men Have To Understand

Men that don’t have the best credit must understand that it is not ok to keep going through life without knowing how credit works. We have to know that buying a car from a “Buy Here, Pay Here” will not help us in the long run when we need another car. Its ok to pay cash for things yes, but most incomes will not be sufficient when it comes down to a reliable car/truck or home purchase. We have to learn for ourselves instead of depending on our female counterparts for credit support and know that life is easier with better credit scores. I am not saying don’t ask for help when needed. I am simply saying make sure you create a plan for yourself after the help is complete.

The Bottom Line

I hope I didn’t upset anyone with this article. For those of you who have read from me in the past, you know that I always provide the best insight I possibly can and it may come with a little tough love as well. I want the absolute best for everyone but I see too many adults not taking responsibility for their finances. Its time for that to change. One person, one article, one consultation at a time: info@gosimplypro.com.

Do you agree? Are women more inclined to have better credit than man? Let us know below.

Until next time, Calvin

 

 

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