Louisiana already has the 2nd lowest credit scores compared to the rest of the country, but a recent study shows that scores have not been improving.
Last year, Louisiana had the second-worst average credit score across the country, at an average of 677. That number was based on data over a full year, but a new study from the same research group has looked into how the average credit score changed from quarter to quarter.
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From this time last year, Louisiana’s average credit score has dropped -0.62% from an average of 644 in quarter 3 of 2023 to an average of 640 in quarter 3 of 2024.
Though that might sound like doom and gloom, many other states had a similar decrease. States like West Virginia dropped -0.61%, and states like Texas, Georgia, North Carolina, and Missouri all dropped -0.60%.
Sitting at a 640 credit score, Louisiana as a state has a fair credit score, which is good enough to qualify for things like auto loans, credit cards, or home loans but not at ideal interest rates.
Ideally of course a perfect credit score would be the best but reaching that 850 number would definitely take some work, but moving up from a score like 640 to 680 would place you in a fair credit rating and allow much more attractive and affordable interest rates.
WalletHub analyst Chip Lupo this advice for anyone looking to raise their credit score, “The quickest and best way to improve your score is to use a credit card regularly and pay the balance on time and in full every month.”
You can read the full study from WalletHub here.
