Tips For Women On Raising Their Credit Score
By Lynne Adkins
PHILADELPHIA (CBS) -- A new study shows that women have lower credit scores than men and that can be costly when borrowing money.
According to Mike Falco, owner of Falco Wealth Management in Berwyn, a credit score of 680 or higher helps when buying a house, a car, or even getting a job.
While the average woman has a credit score of 621, it's higher for men. Racking up too much debt hurts.
"You can be early with your payments and that can help your credit score. It's just as important as don't be late, use the cards lightly, and try to limit your card to 30-percent of available limit," said Falco.
He urges women to use only about 30-percent of their available lines of credit, even if they pay off the debt every month:
"Let's say you've got that visa card with a $10,000 limit and you only rack up $2000 a month and pay it all off, that's gonna help your credit more than if you rack up $6000 and pay it all off," said Falco
He says on average, men earn more than women and have higher debt limits so they can borrow more without hurting their credit scores.
So ask for a raise, know your credit score and question any mistakes.
