Credit Statistics In Canada

So a poll was recently completed and involved 77 people who applied for credit in February. The statistics were quite alarming. Here’s the breakdown.

  • 77 people applied for credit
  • 53 males 
  • 24 females
  • 16 males between 18-25 years of age. 16 males between 26-30. 7 males between 31-35. 6 males between 36-40. 7 males between 41-50. 1 male 51+
  • 9 females between 18-25. 5 females between 26-30. 4 females between 31-35. 3 females between 36-40. 3 females between 41-50. 0 females 51+
  • 23 out of the 53 males had a beacon score between 300-499. 8 Males with a Beacon score between 500-549. 9 Males between 550-599. 10 males between 600-649. 1 male 650-699. 2 males between 700-749.
  • 4 females had a beacon score between 300-499. 3 females between 500-549. 3 females between 550-599. 4 females between 600-649. 6 females between 650-699. 4 females between 700-749.

We can break this down even further and state

  • 10 males had a one(1) collection reported on their credit bureau. 16 males had a repossession reported on their credit bureaus. 12 had one(1) written off trade line reported on the credit bureau. 9 males had a bankruptcy reported on the credit bureau. 3 males had a judgement reported on the credit bureau. 33 males had multiple collections reported on the credit bureau. 8 males had multiple written off trade lines. 2 males had multiple repossessions reported to their credit bureau.
  • 3 females had 1 collection on their credit bureau. 2 females had a single repossession. 2 females had 1 written off trade line. 4 females had a bankruptcy reported to their credit bureaus. No females had judgements. 4 females had multiple collections showing on the credit bureau. 3 females had multiple written off trade lines reported on their credit bureaus. no females had multiple repossessions.

This can all be broken down into age brackets as well, but it appears as if males between 18-30 are leading the race in less than perfect credit. 65% of males that had a credit score under 499 were under the age of 30 years old. 25% of females that had a credit score under 499 were under 30 years of age or younger.

We can break this down either further but the point to this exercise is to show that we need to be educated in credit far before we are 18 years old. It seems that we are almost getting educated about credit after we default. We could assume from the statistics that females manage their credit better than males, but that is not the point in this exercise. I am merely pointing out the facts. I will keep running this exercise in hopes that credit awareness gets brought into our education system.

Just my 2 Cents

-M

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