Why women have better credit scores than men, big disclosure in the report
The report shows that women are more serious than men in financial matters. This year 72 percent of women had a credit score of 700 or above. On the other hand, the number of men with such a credit score is 66 percent.
Know about credit score
Generally, women leave big decisions related to financial matters to the men of their family. But in the midst of rising inflation and the Corona epidemic, there has been a big change in financial behavior in the country. Women are now proving to be smarter than men when it comes to financial transactions. According to the latest report of Bank Bazaar, there has been a record 50 percent increase in the number of women using credit cards this year.
In this way, the number of women in the country’s total credit card users has increased to 12 percent. In the year 2020, this figure was at the level of 8.41 percent. The interesting fact is that comparatively more adolescent girls are using credit cards.
Let us tell you that credit score and CIBIL are often mentioned in taking a loan from the bank. People are unable to differentiate between these two. While there is a difference between these two. Credit score is an important measure to measure the creditworthiness of a person to repay the loan. At the same time, TransUnion CIBIL is one of the four major credit rating agencies in India. Other bureaus include Experian, CRIF High Mark and Equifax. Let us look at the difference between credit score and CIBIL here.
Women are becoming smart in this matter
The report shows that women are more serious than men in financial matters. This year 72 percent of women had a credit score of 700 or above. On the other hand, the number of men with such a credit score is 66 percent.
Better understanding of financial transactions has resulted in 40 per cent of women having a credit score above 800. If we talk about men, then only 35.6% scored above 800.
During the Corona epidemic, a massive change has been seen in the case of home loans. The average home loan size increased to Rs 28.43 lakh in the first quarter of 2021 from Rs 27.7 lakh in the fourth quarter of 2020.
Although there was a slight decrease in this case during the second wave of the Kovid epidemic after this. But it started improving from the third quarter of the year.
Due to less panic of Corona, the demand for home loan of more than 1.5 crores is coming out in the country. There are indications from this report that during this disaster, half of the country’s population is progressing rapidly on the financial literacy front.
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