Louisiana has the 2nd worst credit scores in America

In 1989, according to Capital One, credit scores as we know them became the standard across the United States. Louisiana has been revealed to have the 2nd worst credit scores in the country, on average.

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• The average credit score in Louisiana sits at a "Fair" rating
• Louisiana's average score sits 30 points lower than 17 other states

2nd Lowest in Study

WalletHub's new study shows the average credit score of each state, analyzing financial data to find the highest and lowest scores in the country. As a whole the average credit score in the United States sits at 701 points.

Louisiana has an average credit score of 677, which sits at a fair rating according to WalletHub. 13 points off from what is considered a good rating, Louisiana's average score sits below where many desire to have their score.

A score of 677 puts someone behind where they would likely want to be when it comes to loans and financial assistance, making it difficult to be approved for things such as a car loan or a mortgage. According to WalletHub, only 25-30% of all approved mortgages go to borrowers with a similar score, and only 40% of approved auto loans go to similar score holders.

How to Grow Credit

WalletHub offers advice from financial advisors and experts for those who might want to improve their scores. Assistant Professor of Business Analytics, Asit Bandyopadhayay offers the following advice on the best way to build credit, "Get a secured credit card: A secured credit card requires a cash deposit as collateral, which makes it easier to get approved if you have no/limited/poor credit history."

"Use Credit Cards Responsibly: If you already have a credit card, aim to keep your credit utilization (the amount you spend compared to your credit limit) low - ideally under 30%. Pay off your balance in full whenever possible to avoid interest charges and keep your credit score healthy." - Asit Bandyopadhayay, Ph.D., Assistant Professor of Business Analytics, Austin Peay State University.

Associate Professor of Fashion Business Management, Shawn Grain Carter says the best strategy to minimize the impact of inflation on credit scores is to "minimize the impact of inflation, develop financial literacy as part of your education. For example, interest rates were high for CD's where your money could earn a higher percentage vs. a bank savings account."