Women now have the same average FICO credit score as men—here's what it is.
Ever wonder how credit scores by gender stack up? CNBC Select takes a look at the data provided by Experian and compares FICO credit scores between men and women.Women's earnings still have a way to go in catching up to men's, but when it comes to credit, the two groups now share the same average credit score.Experian's data from the first quarter of 2020, women and men now share an average FICO credit score of 705.
Since the Equal Credit Opportunity Act of 1974, the financial services industry has made strides in creating more equitable lending practices and giving women more access to the same financial privileges as men. And as Mastercard recognized when itits True Name™ card initiative in 2019 for consumers who are trans and/or nonbinary, such financial inclusion is equally beneficial for members of the LGBTQ+ community as well.
With the average American's FICO score at a record high, one thing is for certain: More people than ever can enjoy the advantages of a good credit score — as long as they maintain it.breaks down what a 705 FICO score means and how a good credit score can help you in your life.Using estimates from Experian, 705 is considered a good credit score on FICO's scoring model.Excellent: 800 to 850
With a 705 credit score, you will likely qualify for a variety of credit products and loans but at a higher interest rate than someone with a very good or excellent score. When reviewing the credit reports of those with a 705 FICO credit score,
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